Bottom Line: Diversity Makes Dollars & Sense

If HR ran the business world, would companies be more successful? Depends who you ask. When you talk to C Level Executives about HR initiatives, they want to know what the impact of any initiative is going to be in a business sense. I have learned over the last decade how to best preemptively go about creating the narrative around my ideas to include how they will positively affect our bottom line, AKA that magic word; “Revenue!”

This month serves as a poignant reminder of the importance of diversity and inclusion, not only in our communities but also in our workplaces. Since leadership teams and Executives want to hear about the bottom line, I’m going to share only a few of many statistics that prove how DE&I equates to driving revenue. Diversity is not just a buzzword; it's a strategic advantage that can drive significant benefits for organizations.

The statistics speak volumes:?

• Diverse teams make decisions leading to greater financial profit 87% of the time.?
• Racially and ethnically diverse companies are 35% more likely to outperform their respective national industry medians' financial returns.?
• Moreover, diverse companies were 45% more likely to report market share growth over the previous year, and 70% more likely to capture a new market.?
• Additionally, organizations in the top quartile for gender diversity show a 25% greater likelihood of financially outperforming their peers.
• Sources: McKinsey, D&I Global Market Report, Peoplemanagement

These numbers underscore the undeniable correlation between diversity and organizational success. Teams committed to actively hiring employees with different backgrounds, perspectives, and experiences, are better equipped to innovate, problem-solve, and adapt to an ever-changing business landscape by reducing group think, and offering a more comprehensive evaluation. Companies that are setting out to change the world, are going to need a ‘world view’ perspective in order to create and effectively promote a service or product that appeals universally, to more than one type of consumer.?

Black History Month provides an opportunity for organizations to reflect on their commitment to diversity and inclusion and to take meaningful action to foster a more inclusive workplace culture.

Here are some steps organizations can take to harness the power of diversity:

• Foster Diverse Leadership: Culture comes from the top. Promote and support the advancement of Black professionals and other underrepresented groups into leadership roles, where their perspectives and insights can drive meaningful change and visually represent your company commitment to diversity.
• Promote Inclusive Hiring Practices: Implement strategies to attract and retain diverse talent, including Black professionals, by actively seeking out candidates from underrepresented backgrounds.
• Create a Culture of Belonging: Encourage open dialogue, listen to diverse perspectives, and take proactive steps to address any instances of bias or discrimination.
• Provide Diversity Training: Offer training programs to educate employees about unconscious bias, cultural competency, and the importance of diversity and inclusion. Empower individuals to recognize and challenge their own biases and contribute to a more inclusive workplace environment.

If you are not a decision maker in the hiring process, or company initiatives there are still so many ways you can support diversity and inclusion:?

• Practice active listening to understand and appreciate diverse perspectives. Give your full attention to colleagues during conversations.?
• Foster an environment where employees feel comfortable sharing their experiences and perspectives. Encourage open and respectful discussions.
• Be mindful of the language you use, ensuring it is inclusive and respectful of different cultures, genders, and backgrounds.
• Regularly reflect on your own biases and challenge them. Consider how your actions and decisions may impact others and strive for fairness.
• Be mindful of cultural differences in communication styles and practices. Show respect for diverse cultural norms and traditions.

As current or future leaders and professionals in HR, or the Tech space, and the corporate machine in general, it's incumbent upon us to prioritize diversity and inclusion in our workplaces. We must actively seek out and amplify diverse voices, challenge our own biases, and advocate for policies and practices that promote equity and belonging to win in both the corporate race, and in the human race.