DEI Is Not Charity. It’s About Profitability

Diversity, Equity, and Inclusion (DEI) initiatives aren’t just nice-to-have; they’re directly tied to profitability. Research shows that DEI drives better business outcomes, enhances customer service, lowers risk, and improves employee retention and innovation.

When employees feel included and part of a team, they’re less likely to take excessive sick days or leave the organisation, leading to costly turnovers.

A sense of belonging motivates employees to contribute to the company’s mission.

The financial impact of not retaining employees is significant; onboarding a new team member can cost between $7,500 and $28,000, according to Bamboo HR. This highlights how DEI can be a strategic antidote to high turnover and the associated costs.

Fresh Perspectives Drive Growth

Diverse teams bring varied perspectives that foster creative problem-solving and innovation. This isn’t just about gender equity; it’s about embracing diversity in all its forms, including race, sexual orientation, disability, age, and the intersections of these identities. Companies that actively nurture these differences gain fresh approaches to challenges, staying relevant and competitive in an ever-changing market.

However, creating meaningful change requires commitment.

DEI cannot be a side project or a checkbox exercise. It demands a full-time, focused effort led by someone who understands and represents the experiences of marginalised groups.

Building Sustainable DEI Practices

Sustainable DEI initiatives start with strong leadership. CEOs must champion DEI from the top, ensuring that it becomes embedded in the organisation’s culture and governance structures. This involves:

• Clear Policies: Implementing guidelines on behaviour that address microaggressions, covert racism, and implicit bias.
• Tracking Progress: Measuring employees’ well-being and comparing outcomes across different demographic groups to identify disparities.
• Inclusive Promotion Practices: Evaluating upward mobility and ensuring diverse candidates are considered for leadership roles.

While the desire for immediate transformation is understandable, too much change too quickly can trigger resistance. Change should be incremental, planting seeds and fostering growth over time.

Inclusion Reflects Society

Organisations are a microcosm of society, and the biases and challenges outside the workplace are often mirrored within it.

Creating a culture of inclusion means fostering an environment where employees feel safe to express themselves, knowing their voices will be heard and valued.

Diverse teams don’t just benefit internal operations; they also attract diverse clients.

Customers want to feel seen and understood, and companies with diverse workforces are better equipped to meet those needs. Instead of seeing differences as obstacles, businesses should embrace diversity as a strength that sets them apart.

Beyond Diversity: The Next Step

Being pro-diversity and pro-inclusion is no longer enough.

To truly stand out, organisations need to commit to being anti-racist.

This means actively dismantling systemic barriers and addressing hidden forms of discrimination within the workplace. Diversity is the starting point, but being anti-racist is a deeper, more impactful commitment.

Diversity, at its core, isn’t just an initiative; it’s a mindset. It must be woven into every aspect of an organisation, from its internal culture to its interactions with customers. To truly thrive in today’s world, companies must reflect the rich diversity of the societies they serve.

As businesses, we have a responsibility to recognise the unique needs of our employees and customers. When we embrace diversity, equity, and inclusion as integral to our mission, we unlock the potential for growth, innovation, and long-term success.

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About the author of this article:

Gloria Tabi's family consists of white and Black ancestry by marriage, which gives her a broad understanding and lived-experience of both sides of the spectrum. She brings well-grounded knowledge and experience of the impacts presented by race and gender identities.

Gloria is a high-degree researcher specialising in social analysis on race, racism, inequalities, anti-racism, and gender within Humanities, Communications and Arts at Western Sydney University.

Gloria is the author of Inclusive Teams & Workplaces: Everyone Wins!! She wrote this book to help leaders become aware of the unique racial barriers faced by some of their staff and how to fix them.

Gloria established EVERYDAY INCLUSION to work with leaders to achieve diversity, equity, and inclusivity in their workplace.

Gloria is also co-founder of VoiceEverydayRacism which gives a platform for those on the receiving end of workplace exclusion to voice these issues for leaders to learn about.

Gloria is passionate about helping businesses reach inclusivity by supporting people and future-proofing their businesses.

Gloria curates these articles to generate discussions about how to be strategic with your workplace DEI efforts and achieve anti-racism. They are?FREE to subscribe.? Visit her website to learn more about services that can be tailored to your specific needs, or book a FREE 30-minute consultation call to see how Gloria can help you elevate your workplace diversity, equity, inclusion, and anti-racism efforts.

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Gloria's?utmost and real desire is to see your business succeed in inclusivity. That comes before anything else, and that’s her promise to you.

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