What comes to mind when you consider workplace diversity and inclusion? Typically, one would concentrate on criteria that categorise people into specific groupings, such as race, gender, age, cultural background, and similar demographic designations. We should, however, broaden our knowledge beyond checking off certain boxes.
People are nuanced, one-of-a-kind, and complex individuals who offer a variety of services based on their identities and experiences. When your teams are diverse, your organisation has the opportunity to crack the code to a lockbox full of insights and new views.
Statistics on workplace diversity and inclusion
We must first examine the current situation before moving forward. National data are highly informative about the realities of today's workplace diversity.
Stat #1: There are fewer female CEOs than men named David. Women account for less than 5% of Fortune 500 companies, representing a 25% decline from 2017. We grasp the gravity of the situation when one name outnumbers half of the US population.
Stat #2: By 2025, millennials will make up 75% of the American workforce. This will necessitate a change in the way our workplaces operate in the near future.
Stat #3: Hispanics or Latinos with ancestors from any place other than Mexico, Puerto Rico, or Cuba made up 26% of the Hispanic or Latino work force, demonstrating the need of looking beyond surface level ethnic diversity.
The Advantages of Workplace Diversity and Inclusion
In this day and age, everyone understands that their workplace should be diverse, but they often struggle to understand (or believe) how valuable workplace diversity is to company. It isn't just the proper thing to do. Here are a few reasons why you should encourage workplace diversity in order to get everyone on board:
Start the creativity wheels turning: Teams with diverse backgrounds and work experiences come up with more inventive ideas and solutions to issues. During a brainstorming session, one kernel of an idea can turn into a gloriously full bag of popcorn.
Attract candidates (and keep them): People are drawn to companies that demonstrate a commitment to diversity and inclusion. Less diverse environments can likewise be unpleasant to persons who do not feel at home. People stay when they feel cared for and see that their peers are cared for (and they refer others). It's a lovely cycle.
Improve employee performance: Companies that are ethnically diverse are 35% more likely to outperform their peers. This could be linked to the fact that in an inclusive atmosphere, employees are more likely to feel at ease, joyful, and confident in themselves.
Increase your market: While the internet has brought the world closer together, a varied workplace allows you to access this huge array of expertise in person. Your organisation has a potential to sell to a bigger group of clients, including individuals who identify as LGBTQ or are differently abled.
Highly inclusive firms earn 2.3x more cash flow per employee, 1.4x more revenue, and are 120% more capable of fulfilling financial targets, according to a Josh Berlin study. Revenue = inclusivity. Those are stats that should not be overlooked.
When it comes to diversity in the office, the workplace has made strides, but there is still a long way to go. Companies, for example, are still learning how to negotiate inclusion, which is a critical component of any effective workplace diversity strategy. If you're not sure where to begin, look into D&I recruitment solutions like Greenhouse Recruiting, which will help you minimise unconscious bias in hiring and empower your team to make objective, data-driven hiring decisions.
So, if you want your organisation to boost retention, stimulate innovation, recruit top performers, increase income, and be more effective in general, you know what to do.