To further elaborate on the benefits of diversity and inclusion in the workplace, it is important to note that it can also lead to increased productivity, profitability and better financial performance. Companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above the national median of their industry. In addition, companies in the top quartile for gender diversity are 15% more likely to have financial returns above the national median of their industry.
One example of a company that has reaped the benefits of diversity and inclusion is IBM. IBM has a long-standing commitment to diversity and inclusion, and has implemented a number of initiatives to promote diversity and inclusion in the workplace. This includes offering employee resource groups, training programs, and mentoring opportunities. As a result, IBM has been recognized as one of the most diverse and inclusive companies in the world. A study by Forbes in 2017, ranked IBM as the number one company for diversity and inclusion in the United States.
Another example is the financial firm, Credit Suisse. The company has a strong focus on diversity and inclusion, which includes the creation of various networks and initiatives to support diverse employees. In addition, the company has implemented a number of programs to support the professional development of women and people from underrepresented groups. As a result, the company has seen increased productivity and profitability, and has been recognized for its commitment to diversity and inclusion.
In addition, it's important to note that diversity and inclusion are not only beneficial for the employees but also for the customers and the communities that the companies serve. For example, a diverse and inclusive workforce can lead to better understanding and catering to the needs of diverse customers, which can lead to increased customer satisfaction and loyalty. Additionally, companies that are committed to diversity and inclusion are better equipped to understand and serve the needs of diverse communities, which can lead to increased social impact and community engagement.
In other words, diversity and inclusion in the workplace are becoming increasingly important. The ability to tap into a wider range of perspectives and ideas , improve decision-making and problem-solving, retain top talent, increase productivity and profitability, and better serve diverse customers and communities are just some of the benefits of having a diverse and inclusive workforce. Companies such as IBM and Credit Suisse serve as great examples of the positive impact that diversity and inclusion can have on an organization.
It is important for organizations to actively create a culture where diversity and inclusion are embraced and valued. This means going beyond just having a diverse workforce, but also creating an inclusive environment where all employees feel comfortable sharing their unique perspectives and ideas. This can be achieved through various initiatives such as employee resource groups, training programs, mentoring opportunities, and actively seeking out and valuing diverse perspectives in decision making.
In today's globalized business world, diversity and inclusion are not just nice-to-haves but a must-have. As Ola Joseph said, "Diversity is not about how we differ. Diversity is about embracing one another's uniqueness." Organizations that fail to recognize and embrace diversity and inclusion risk falling behind their competitors, and missing out on the many benefits that come with having a diverse and inclusive workforce.
About the Creator
Meet Lawrence Luke, Founder and CEO of 360 Thinking Consultancy, an expert in Research and decision making. He helps organizations and individuals make better decisions through research and analysis. Follow him on WhatsApp +265996655810.