Benefits of investing in D&I strategies

Written by Chris West

What is D&I? Well… D&I stands for Diversity and Inclusion. Diversity refers to political beliefs, race, culture, sexual orientation, religion, and/or gender identity differences. In the workplace, diversity means your staff consists of individuals who bring in new perspectives and backgrounds to the table. Inclusion means that everyone in the diverse mix feels involved, valued, respected, treated fairly, and embedded in your culture.

 

Diversity and Inclusion is becoming more and more important in the workplace for a number of reasons. What is more important is finding the right balance – Diversity without Inclusion can have a negative impact on the business in the form of a toxic culture, while inclusion without diversity can make the companies culture stagnant and potentially suffer from less innovation.

Here are the top 5 benefits of D&I in the workplace:

  1. Improved Employee Performance: Multiple studies suggest that companies have seen up to 30% increases in work rate/revenue after implementing new D&I strategies within their businesses.
  2. Market Extension: When employing a more diverse workforce you will be able to market your business to a larger group of customers/end users because you will have a better understanding/appreciation for different cultures and how business works best in these locations.
  3. Talent Acquisition: With millennials being the main workforce for many international businesses, they are naturally drawn to companies that value D&I due to the fact they will feel more accepted and valued for their individuality.
  4. Consumers respond to diversity: D&I doesn’t just affect the workforce but also the consumers. Travel is becoming more and more accessible which means that we are seeing an increase in the diversity of consumer audiences. By having a diverse workforce it allows people to relate to the business far more effectively.
  5. Faster problem solving: Employees from diverse backgrounds have different experiences and views, which is why they are able to will bring diverse solutions to the table. This allows for more varied solutions and increases the likelihood of coming to a decision quicker.

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