Companies which are diverse and inclusive drive innovative results. Companies which have diverse teams outperform those teams which have a homogenous workforce. According to 2018 research from McKinsey, a diverse workforce leads to greater profitability and value creation.
There is a correlation between diverse leadership and better financial performance. Companies which are ethnically diverse are 33% more likely to have above-average profitability. Companies which have gender diversity are 21% more likely to have above-average profitability than other companies.
8 Best Practices Diversity and Inclusion
1- Create a sense of belonging in the company
To help employees to bring their best foot forward, it is important for them to feel valued in the organization. Leaders have to be open and encourage new ideas from everyone. This will make them feel valued and as part of the company. It also helps in fostering social bonds and generate creative ideas.
2- The leader has to be empathic in nature
Each leader has to understand or put themselves into other’s shoes. This will help in understanding the experiences of others. For driving a successful change, leaders have to believe in the sense of belonging- both logically and emotionally. When leaders are empathetic, the diversity and inclusion practices of the company will be in place and will be accepted.
3- Be fair towards every employee
If the employees are fairly treated, they feel more valued and accepted. This increases the satisfaction and productivity. If employees are treated unfairly and get salaries based on their backgrounds, this will lead to unhealthy workplace culture and lack of diversity &inclusion.
4- There should be equal growth opportunities for everyone
Growth opportunity is one of the crucial factors which attracts and sustain the talent. Employers should provide equal opportunities to each employee. There should be no discrimination based on gender, community, background, region, etc.
5- Educate employees on diversity and inclusion
It is important to educate employees about diversity and inclusion. Why it is important and what benefits it can bring to the company. After getting an understanding, employees will support the management in the initiatives taken for diversity and inclusion.
6- Encourage teamwork and collaboration
Diverse workforce expects collaboration and support from employees and employers. If employers encourage teamwork and collaboration, this will motivate employees to open up and keep their viewpoints without any fear. Employers should also work with employees so that they feel valued and enhance collaboration in the team. When employers don’t discriminate, employees will model it and accept other people easily.
7- Change the recruitment process
The recruitment policies have to be inclusive where people from all region, communities, etc should be provided with equal opportunities to apply. Recruitment should focus on candidate’s personality traits, skills, motivation, etc. This will make the selection process a fair play for everyone and those who truly deserve will get selected. Fair recruitment process attract talent from diverse places and backgrounds.
8- Communicating Diversity and Inclusion
The leader should communicate the diversity and inclusion strategy to the employees clearly so that everyone knows that company supports everyone and believes in equality.