The Rising Importance of Workplace Diversity in HR
Recently, workplace diversity has become a powerful phenomenon in the HR world. Efforts to make the recruitment process and employee experience more inclusive have been seen through the use of diversity hiring software and updates to company policies and corporate strategies. The efforts of HR professionals in DE&I (Diversity, Equity, and Inclusion) are numerous, but let's start by explaining the basic concepts.
Understanding Diversity, Equity, and Inclusion (DE&I)
Workplace Diversity: This can be defined as the employment of people from different backgrounds and demographic characteristics. A diverse workforce can include individuals of different genders, ages, religions, languages, ethnicities, nationalities, educational backgrounds, and socioeconomic statuses.
Equity: This refers to the effort to understand and meet the unique needs of employees with different demographic characteristics. Equity can involve providing various meal options to accommodate employees’ religious, health, and ethical needs.
Inclusion: This means treating all employees equally, regardless of their different backgrounds and demographic characteristics. Inclusion involves ensuring that every employee has access to the same opportunities, such as promotions and learning opportunities.
According to Forbes' article "3 Benefits of Diversity in the Workplace," the most significant benefits of having a diverse workforce are:
1. Enhanced Creativity and Innovation: Diverse teams bring different ideas from various experiences and backgrounds, fostering creativity and innovation.
2. Greater Opportunities for Professional Development: A diverse workplace creates more opportunities for professional growth. Being part of a diverse team exposes individuals to different cultures and perspectives on life and work, offering greater opportunities for both professional and personal development.
3. Improved Decision-Making: A diverse team possesses a broader perspective and more knowledge to bring to the table, which enhances the decision-making process.
A mix of diverse voices leads to better discussions, decisions, and outcomes for everyone." — Sundar Pichai
A diverse workforce not only benefits the employees within the company but also impacts job seekers.
According to Glassdoor's research "What Job Seekers Really Think About Your Diversity and Inclusion Stats," an inclusive workplace is a powerful factor for job seekers when deciding on their next career steps.
Among job seekers and employees, 4 out of 3 (76%) reported that a diverse workforce is an important factor when evaluating companies and job offers.
According to McKinsey's 2019 analysis, companies in the top quartile for ethnic and gender diversity are 36% more profitable than those in the bottom quartile. Additionally, the 2022 report "The Diversity and Inclusion (D&I) - Global Market Trajectory & Analytics " highlighted that diverse companies generate 2.5 times more cash flow per employee and that inclusive teams are over 35% more productive. These studies show that the benefits of diversity extend beyond employee or candidate experience. Diversity also impacts company performance and profitability.
Deloitte found that 83% of Millennials are actively engaged in their work when they believe their company fosters an inclusive culture. The research indicates that Millennials are less engaged in their jobs compared to older generations, possibly due to insufficient efforts by organizations regarding diversity and inclusion.
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In summary, we need diverse perspectives to develop and grow professionally. One of the best ways to gain unique viewpoints in the workplace is by having a diverse team with different backgrounds. Diversity might seem daunting for some traditional companies, but in the future, with Gen Z entering the workforce more, diversity will become an even more pressing issue for companies. Therefore, it’s a good idea to start implementing more practices around diversity and inclusion.
Creating psychological safety in the workplace is a crucial step in managing a diverse workforce effectively. To read more about psychological safety , check out our blog.
If you are looking for diversity and inclusion training for your company or struggling to manage diversity, feel free to contact us!
Referances;
Deloitte - The Radical Transformation of Diversity and Inclusion The Millennial Influence https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-inclus-millennial-influence-120215.pdf
Diversity wins: How inclusion matters https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters
Forbes- 3 Benefits of Diversity In The Workplace https://www.forbes.com/sites/ashleystahl/2021/12/17/3-benefits-of-diversity-in-the-workplace/?sh=5a5022cf22ed
Glassdoor - What Job Seekers Really Think About Your Diversity and Inclusion Stats https://www.glassdoor.com/employers/blog/diversity/
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