Inclusive and diverse companies are at the forefront of innovation. However, many companies today still struggle to provide equal opportunities to all and fail to attract talent from different economic backgrounds, cultures, ethnicities, and religions.
However, for those organizations willing to take up the challenge, the outcome can be very rewarding.
Establishes a Sense of Belonging
When an individual feels a sense of connection to their workplace, it results in greater engagement and creativity. Wanting a sense of belonging is an innate psychological need, and if it is fulfilled, it can help employees become more vested in the success of the organization.
Diversity and inclusivity are not just the domain of HR. To cultivate an environment of inclusivity, even C-suite executives have to step up and make others’ stories their own.
They need to remember a time when they were excluded, dismissed, or shamed so that they can identify with others’ emotions. When true empathetic connections are formed, it can boost workplace relationships and performance.
Minimizes Distrust and Suspicion
People react with fear and suspicions when their beliefs are challenged. This can create narrow-mindedness and rejection to change or different attitudes, which is the opposite of an inclusive workplace.
When organizations add diversity and inclusivity, it can result in shared experiences and the celebration of differences. This can create more room for improvement and a better possibility for positive change. Moreover, it can create effective teamwork, which is crucial to success.
Ensures Greater Profitability
According to McKinsey, workplace diversity can result in better value creation and productivity. Companies that are on the top quartile for racial diversity at executive levels are 33% more likely to perform better than companies that do not have diverse teams.
In terms of gender diversity, the same survey stated that companies in the top quartile are 21% more likely to have better profitability than companies in the bottom quartile.
Provides Developmental Opportunities
When you discuss every employee’s personal strengths and career goals, you make them feel valued. By assigning diverse employees new assignments to develop their skills, you can develop better, more knowledgeable talent for your company.
In addition, you will also increase employee engagement.
Encourages Idea Sharing
Diversity and inclusivity mean taking into account every employee’s feedback about their work environment, their jobs, and job satisfaction. When you promote sharing of ideas, your employees feel valued and feel more committed to the organization.
Remember, though, that you shouldn’t just collect feedback — you should also take action based on your team’s suggestions seriously to show them you care about them — and reap the benefits of the commitment.
Creating a diverse, inclusive, and equitable workplace is not just the right thing to do, but it is crucial for your company’s success in today’s competitive environment. That’s because an inclusive team helps generate innovative ideas, more engagement, and increased productivity.
Remember, though, that establishing diversity is not a one-off process. It is an ongoing process that requires individuals to learn and create new habits over time. Only then is real change possible.