Diversity and inclusion have been a hot topic in recruitment for quite a while now. For some employers, implementing DE&I is a point of social justice or compliance with the new norms. For example, 54% of Robert Walter’s report say diversity is vital to ensure they’re doing business ethically. Others simply regard it as a strong competitive advantage.
Regardless of the reasons, developing a diverse and inclusive workforce yields many benefits. And as a matter of fact, those benefits are there for both sides.
This blog post will discuss how both employers and employees can benefit from implementing diversity and inclusion into organisational structures.
What DE&I Benefits Can Your Organisation Get?
In 2017 alone, there was a 59% increase in interest in D&I among executives surveyed by Deloitte. And it’s not for the lack of reasons.
Organisations with a diverse workforce and inclusive culture can experience many advantages as compared to those that don’t have a diverse workforce. Here are the most commonly quoted benefits you can gain.
#1. Improved Hiring Results
We all know that attracting, recruiting, and hiring the best talent is the no.1 goal. And currently, employers are facing the most challenging time in many years when it comes to talent acquisition. Currently, 3x more organisations globally are reporting talent shortages – and that’s compared to 2020 alone.
For many, diversity is THE watchword now. It matters to people through many dimensions, and 67% of those surveyed by Glassdoor consider diversity an important factor when seeking jobs.
You’re bound to be more attractive to top talent by delivering on candidates’ expectations, and DE&I is there to help. Embracing its principles improves your employer brand, turning it into a desirable workplace.
Are you struggling with getting a diverse talent pool? Consider trying a more alternative recruitment method, such as anonymous case-based screening, that can boost your diversity up to as much as 62%!
#2. Better Retention
Turnover is a plague undermining all your recruitment efforts. Unfortunately, as reported by Work Institute, in 2020 alone, voluntary turnover increased by 8% – and by a whopping 88% since 2010!
Just like people somewhat demand diversity from their employers, they also need it to stay. For example, the Human Rights Campaign Foundation found that 25% of LGBTQ workers have stayed at a company thanks to its inclusive environment.
#3. Performance & Innovation Boost
What does your company’s success depend on? To a great extent, it relies on your employees’ performance. Research shows that racially diverse teams are 35% more likely to perform better than their competition. If you add to it gender diversity, your likelihood of outperforming others will increase by 15%!
Better performance can be linked to the fact that diverse teams also prove to be more innovative. As everybody brings various and fresh ideas to the table, it allows your teams to come up with creative solutions to drive sales.
#4. Increased Financial Profitability
With better employee performance & innovation come better financial results. For instance, the data from the McKinsey study highlights that gender-diverse organisations have a 35% higher chance to achieve above-average financial returns and the overall business performance increased by 31%.
The financial gains may be connected to another benefit of having a diverse workforce. Namely, inclusive and diverse companies are 70% more likely to increase their business reach by expanding into new markets.
What About Your Employees? How Can They Benefit From DE&I?
The perfect recruitment is a two-way street where both sides give and receive enough to be satisfied. Implementing DE&I does precisely that, so it’s only natural that also your employees and candidates can greatly benefit from it. Let’s have a look at some of them.
#1. Enhanced Sense of Belonging
A sense of belonging is one of those feelings that we all crave, as it makes us thrive and feel happy. Since many of us spend more time at work than outside of it, a workplace where people feel included is very sought-after.
As shown by research, when employees feel they belong in a workplace, they’re:
All of the above is the exact reason for the performance boost we mentioned previously. If one works at a place where they can’t openly express themselves and their ideas, why would they stay?
DE&I, when implemented right, provides your workforce with a place where employees can be themselves and thrive, enhancing the quality of their lives and your business. Most importantly, too, it’s a place worth staying at.
#2. Trustworthy Relationship
Fairness is where employee trust begins. So far, only 1 in 5 HR leaders believes their employees deeply trust their company leaders. If your workplace isn’t just for all, it won’t be a comfortable place in the eyes of many workers – existing and potential ones.
When implementing DE&I correctly, everyone has fair chances on all stages – from recruitment to the last day of employment. Giving everyone equal treatment will surely build a solid and trustworthy relationship between you and your employees.
Don’t forget to ensure that your recruitment process is fair from the get-go. The previously mentioned case-based screening is an excellent alternative to the current hiring strategies that can, unfortunately, be biased. And bias, even if unconscious, has little to do with fairness.
#3. Employee Satisfaction
40% of the surveyed by IBM admitted to quitting their jobs because they weren’t satisfied with it. Employee dissatisfaction can stem from many reasons, some of them hard to grasp, but a sure way of minimising it is by embracing DE&I.
Modern workers want to work not only for companies that don’t discriminate but also accept and encourage everybody’s differences.
An inclusive and divisive place is welcoming as it helps everyone feel more fulfilled by the work they’re doing – something we strive for at Innoflow. If there is no job satisfaction, there is no value.
The data from Deloitte shows a distinct correlation between nurturing company culture and one’s satisfaction. In such a workplace, 86% of the respondents admitted to feeling valued, and 84% felt happy at work.
#4. Personal & Professional Growth
If you were to give one personality trait shared by all exceptional employees, what would that be? The need to grow. As it seems, as much as 74% of high potentials leave their jobs searching for better career opportunities.
In a fair, inclusive, and diverse workplace, everyone gets a chance to grow, both personally and professionally. In such an environment, your employees can:
- Learn from their colleagues from different cultures and backgrounds,
- Openly share their perspectives and opinions,
- Learn to understand others better and cooperate.
Moreover, a company genuinely embracing DE&I is also fair and transparent about promotions. As most people seek meaningful jobs where they can advance, an employer that is open about how promotions are judged is seen as more valuable to them.
DE&I Will Help You Grow. But It Also Helps the People Working For You
Organisations dedicated to building and embracing DE&I into their structures are seen as more humane, fair, and trustworthy. At the same time, their employees can benefit from higher job satisfaction, learning opportunities, and an inclusive environment. It’s a win-win for both sides.
Position yourself on the winning side to benefit from all the important aspects of DE&I to be the employer of choice for many.