Diversity, Equity and Inclusion (DEI). You’ve probably seen this acronym many times over the years. After all, DEI is critical to any organization, regardless of industry, niche, location or size.
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Defining diversity
But what is diversity? It can be defined as the unique differences between people including race, ethnicity, gender, age, social class and so on. However, in an organizational setting, diversity goes beyond demographics. Diversity also relates to unique skills, such as life experiences and education.
Building a diverse workforce requires equity and inclusion. Equality refers to ensuring that employees of all backgrounds have access to the same opportunities. And inclusion refers to a work environment where everyone feels welcome, supported and celebrated regardless of differences.
While DEI is important for all organizations, research suggests that many companies are not taking steps to drive meaningful change. According to an recent study from Culture Amp, 81% of HR and DEI practitioners said they believed DEI initiatives are beneficial to their organizations. However, only 34% of respondents reported having sufficient resources to support DEI initiatives, and only 49% said they had a strategic diversity plan.
These statistics point to an unfortunate fact: while DEI has grown in importance, it is not yet a priority. And this means that many organizations are missing out on the benefits of a diverse workforce.
Three key benefits of a diverse workforce
Diversity in itself is extremely valuable. It breaks down barriers, improves our view of the world and opens doors to opportunities for many that would otherwise be overlooked. And this is just the beginning. The benefits of embracing diversity within your workforce are many.
1. Fresh ideas
Innovative ideas are priceless for any organization. And when individuals with different worldviews, experiences, backgrounds, and perspectives come together, new ideas emerge. How? Different people think, well, differently.
For example, if a problem arises, each individual will have a different approach to solving it based on their unique experiences. This often leads to better solutions than without a diverse team. The same goes for generating everything from new product ideas to innovative marketing methods.
2. Increased morale
What do employees want in an employer? Think of money or remote work. However, one study completed by Citrix discovered that employees like to work with a diverse team. About 86% of employees in the survey claimed that a diverse workforce will become even more important as roles, skills and business requirements change.
Creating an environment that your current and future employees are proud to work in is crucial for morale and motivation. And high morale is necessary to increase productivity, protect your culture, and best serve your customers.
3. Higher retention levels
You know it costs more to find and hire new talent than it does to keep the incredible talent you already have. You may also know the pain of losing some of your coveted team members during what is now called the Great Resignation. One of the factors driving employees to look elsewhere is a lack of diversity.
In a study completed by Deloitte, 39% of respondents said they would leave their current organization for a more inclusive one. And 80% of respondents said inclusion is important when selecting an employer.
Organizations need to prioritize DEI to ensure happy, healthy and thriving employees who stay. DEI is no longer (and never should have been) an option. Fortunately, you can take the initiative using these two TechRepublic Premium resources.
Limited time offer on TechRepublic Premium subscriptions: Get 30% off an annual subscription to TechRepublic Premium by using code bf22-30. This great deal ends December 7, 2022, so act now and access hundreds of ready-to-use IT and management policies, hiring kits, checklists, and more.
Hiring Kit: Chief Diversity Officer
To promote diversity within your organization, someone must be responsible for developing, implementing and monitoring DEI-based initiatives, such as diversity training and multicultural events. You will also need someone to oversee the hiring process to ensure that diversity remains at the forefront.
Most organizations will benefit from hiring a Chief Diversity Officer to fulfill these critical responsibilities. In this recruitment package you will find a job description, sample interview questions and a basic job description that you can use to improve your search for the right person for this position.
Diversity and Inclusion Policy
Prioritizing diversity within your organization takes planning. If you have a policy, you can create and communicate guidelines for DEI to help you achieve your goals. A DEI policy sets out appropriate recommendations and expectations for all members of your team, regardless of employment status.
This sample policy will help you build a strategy for promoting DEI within your company. Just download, edit and print.
Limited time offer on TechRepublic Premium subscriptions: Get 30% off an annual subscription to TechRepublic Premium by using code bf22-30. This great deal ends December 7, 2022, so act now and access hundreds of ready-to-use IT and management policies, hiring kits, checklists, and more.
