In fact, Harvard Business Review found that more diverse companies report 19 percent higher revenue. Additionally, businesses that are in the top quartile for racial, ethnic, and gender diversity have a 25 percent greater likelihood of being more profitable than the national median for their respective industry.
This is especially true during times of crisis. Great Place to Work assessed hundreds of publicly traded companies before, during, and after a recession. Highly diverse, inclusive companies experienced a Of course, creating a diverse and inclusive workplace is easier said than done. There will always be growing pains when attempting to change your company culture on such a broad scale.
Below are some of the top challenges that organizations face when it comes to leveling up their diversity and inclusion strategies. Diversity and inclusion initiatives must align with your organizational goals and company values. Organizational change begins at the top. Oftentimes, these questions bring about tough conversations, but those conversations are necessary in order to drive true change. These groups should receive training to understand new HR policies and practices.
This means you need the right tools in place. Use this feedback to think of new ways to incorporate people-centric initiatives and build a trustful relationship with employees to foster better overall performance. To determine whether or not your strategies are working, look at the change or lack of change in metrics.
Coming up with diversity KPIs is relatively simple. You can break down your workforce by gender, race, geography, etc. Inclusion is tougher to measure, but there are two key ways to do it. The first is to look at the Inclusion Climate —the equitable employment practices, integration of differences, and inclusion of decision-making.
The second measure is the Perceived Group Inclusion Scale. Remember: Gathering data is just one piece of the puzzle. For instance, if your employees or data tells you there is a noticeable lack of employee appreciation in a particular department, identify the obstacles and provide resolutions.
Consider creating a campaign to increase activity in your employee recognition program to ensure everyone feels appreciated by their peers and managers. Find out how to fuel your HR team with data and properly measure. Bias training is especially important for hiring managers. Every manager should build an inclusive team environment by listening to their employees and recognizing them for their everyday efforts.
Many organizations struggle with silos, within departments or throughout the organization. Silos become dangerous because they encourage exclusivity rather than inclusivity, decrease productivity and productivity, etc. Before deploying a recognition program, Meijer, a family-owned superstore based out of the U.
Midwest, was aware that silos between teams or groups within an organization can severely hinder collaboration. After implementing their recognition program, mteam , the strength of networks in each Meijer store location increased. Discover how to strengthen connections across your organization.
One of the chief employee benefits of diversity correlates to the notion that diverse teams and companies provide a variety of ideas, perspectives, and learning opportunities that offer employees a richer experience. Employees enjoy collaborating with diverse co-workers and learning about their backgrounds. Another benefit diversity brings is an increase in innovation and creativity.
This can help motivate employees, foster camaraderie, and ultimately promote team unity. Diversity in the workplace can also lead to faster problem-solving. A study published by the Harvard Business Review found that higher cognitive diversity correlates with better performance.
Additionally, workplace diversity leads to better decision-making. Finally, diversity in the workplace may increase employee engagement. Employees are more likely to be engaged when they feel included.
Companies that claim to support diversity typically fail to meet the unique needs of specific individuals, such as females, employees of color, and LTBQ individuals. Diversity measures for female employees include parental leave for adoption, child-care options, and flexible work programs. Diversity measures for employees of color include implementing a bias-free day-to-day experience, offering appropriate healthcare coverage, and blind screening and diverse interview panels.
LGBTQ employee measures also include implementing a bias-free daily experience and offering appropriate healthcare coverages. Among other things, these elements can help you develop great new products and new ways to cater to customers. Looking at statistics on the impact of diversity and inclusion initiatives, the benefits of workplace diversity include higher revenue, more innovation better decision making, equal access, being treated fairly, higher rates of job acceptance when you make offers to qualified candidates, and better performance than competitors.
Therefore many execs have no problem embracing policies, initiatives, and tools designed to increase levels of diversity among employees. A diverse workforce, however, is just the first step. Yes, making diversity a priority is important; but so is the next logical step: creating a culture where people from all backgrounds feel included.
Inclusivity is the key to maintaining not just creating workplace diversity. When it comes to establishing and following through on a commitment to diversity and inclusion, however, you can have a big impact. Here are the top 15 ways you can support inclusion and diversity in your workplace. Diversity is about representation or the make-up of an entity. Inclusion is about how well the contributions, presence, and perspectives of different groups of people are valued and integrated into an environment.
Or the breastfeeding mother just returning to work who has no space to pump her breast milk. Or the Muslim employee who feels insecure about maintaining his daily prayer routine on company grounds. Inclusive cultures make people feel valued and proud of their culture.
Diversity in the workplace statistics shows that inclusive companies are more likely to create a workforce that reflects a variety of backgrounds and experiences. By first acknowledging the differences that may exist in your workforce, you can more consciously introduce inclusion efforts and diversity initiatives in your organization. The makeup of your executive team is a huge signifier to the rest of your workforce not to mention your customers, partners, and other stakeholders. The top management of a company speaks volumes about your culture.
Accordingly, it is essential to have a diverse top management team. This includes gender diversity, ethnic diversity, sexual orientation, and more. Are men and women equally represented? What about people from various cultural and religious backgrounds? The same report pointed out that, among the CEOs, only three are black, another three are openly gay, and one identifies as a lesbian. You may not have much control over your executive team; but if you do have the means to make a case about diversity and inclusion to the C-suite, you should.
And you can help your executives communicate with employees authentically and transparently and attract diverse talent at the same time. Creating an inclusive culture is important to the success of diversity efforts and will benefit engagement and productivity.
You can do this by focusing on holidays and celebrations. This Forbes article suggests designating a special refrigerator to keep Kosher food items separate, for example. And while some companies still give Christmas Day off, most offer floating holidays to accommodate the religious preferences of all employees.
Again, when employees perceive their organization as committed to diversity and inclusion, the company benefits from higher employee retention.
Most often many employees quit jobs when they feel that their authentic self and uniqueness are not appreciated or valued. When companies recruit and retain a diverse pool of people, it brings about different benefits to the company as well as its employees. Think of the human race as a whole; we are a very diverse species across the globe, with many different cultures, languages and beliefs.
Why then, in this age of globalisation, should we not focus on ensuring our workforces are just as diverse? Do you know that a diverse company can lead to greater productivity? Diversity brings in different talents together, all of them working towards a common goal using different sets of skills. Thus, they are able to bring fresh ideas to the project by thinking out of their comfort zone.
Remember that a diverse workplace combines employees from different backgrounds, ethnicity and experiences, and together breed a more productive environment.
Another benefit of cultural diversity in the workplace is the increase in creativity among teams, and the ability to have a more diverse set of solutions to specific problems. With so many different and diverse minds coming and working together, many more solutions will arise as every individual brings in their personal way of thinking, operating and solving problems and making decisions.
Companies that encourage diversity in the workplace inspire all of their employees to perform to their highest ability.
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