We are progressing into a global business society that is finding the advantages of having differences along with the essential commonalities. The differences in the individuals allow for a wide range of perspectives and bring the overall best contribution to the situation. A well planned out diversity and inclusion strategy will result in increased dividends through multiple avenues.
The benefits of a good diversity and inclusion strategy can be discussed on three levels: the organizational level, the team level and the individual level. The benefits on each level travel both upwards and downwards and result in a progressive organizational climate and culture. On the organizational level the benefits are higher innovation, increased profits, reduced employee turnover, improved hiring outcomes, better company branding. On the team level the benefits are the variety of different perspectives, increased creativity, quicker problem solving and better decision making. On the individual level there is higher employee engagement, higher quality of interpersonal relations among the employees, higher employee satisfaction and even increased commitment towards the organization.
The issue many large-scale organizations face today is talent gap. These individuals do not possess the holistic range of skills and competencies that are required for their job roles. This issue can be mitigated by widening the pool of candidates that they recruit from by addressing the unconscious biases that exist within the organization. Focusing on diversity and inclusion allows meritocracy to thrive in an institution.
Employees will be rewarded and given opportunities based on their demonstrated abilities and performance. This prevents employees from getting opportunities or rewards through influence or popularity, a recognition they did not work for. Diversity and inclusion can also help reach out to a larger consumer base and also bring in high profile stakeholders since it contributes largely to company branding.
Delving deeper into the importance of a good diversity and inclusion strategy in an organization, we can discuss the impact diversity has on economic growth both locally and globally, and this in-turn improves the stability and provides more growth opportunity to the institution and the industry it prevails in. Emphasizing inclusion in the organization plays a major role in the reduction of turnover rates since the lack of cohesion is one of the main contributors low commitment towards the company.
With the changing times and industry trends, the lack of improvement in diversity and inclusion in any organization will lead to the loss of competitive advantage that they may otherwise benefit from. Research indicates that employees who feel like their voices are heard and who can be their authentic selves in the workplace are four times more likely to perform their best at work. It also shows that those who believe that there is equality at the workplace are four times more inclined to express their positive association with their organization.
The majority of innovative businesses understand the importance of equity and equality that plays a large role in inclusion and how it contributes to the societal and business worlds, on a global scale. It is slowly progressing into a phenomenon that is mutually beneficial to all those who invest in it wisely.