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At the forefront, a study by McKinsey & Company in partnership with The Society for Human Research Management (SHRM) evaluated the performance of companies with different levels of workplace diversity. They found that companies that exhibit gender and ethnic diversity are, respectively, 15% and 35% more likely to outperform less diverse peers. The same study found that organizations with more ethnic and gender diversity “bring in more sales revenue, more customers, and higher profits.” That’s not all.
Diversity, Equity and & Inclusion (DEI) programs are an essential aspect of building engaged and happy employees who understand their customer base. This translates into increased productivity, better talent pool, higher profits, and an ability to stay relevant in an ever-changing and highly competitive world.
It also leads to more innovation because, naturally, innovation comes when people can view problems or a concept from an entirely different perspective. And the core concept of DEI is to bring people of different backgrounds, skills, perspectives, etc. to work together without one feeling inferior to the other.
But as important as this initiative is to an organization’s growth, it could be done wrongly. You will hear some organizations claim that they have undertaken it, but it is ineffective. That is what happens when you focus too much alone on the D aspect of Diversity, Inclusion, and Equity because it is easier for people to see the “D.” Oftentimes, organizations will make their recruitment program accommodate people of diverse cultures without making adequate provision for how to make them feel inclusive and equitable.
Sometimes an organization may delegate their DEI initiative plan to a leader who is ill equipped in; capability, capacity or resources, who will eventually burn out trying to balance it with other responsibilities.
Organizations can also fail to include their C-level executives in their DEI plan. Making the plan self-destruct from the initial stage. How can a plan that does not bring in the decision-makers succeed? Don’t have to be a victim of a failed DEI initiative. Why XX Matters is here to help.
At Why XX Matters, we are a group of professionals committed to helping organizations achieve a Diverse, Inclusive, and Equitable workplace by applying different strategies that work.
We have worked with many firms to actualize their DEI plans, and we can help yours too.
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