A company’s commitment to diversity, equality, and inclusion (DE&I) is an essential feature of business success. Not only is a diverse workplace proven to improve a company’s profits and innovation metrics, but a focus on DE&I improves the lives of employees, the general public, and is a way to adjust for structural inequalities.
The profitability is proven—out of 3,000 publicly traded companies analysed in one study, those that fulfilled all nine positive diversity requirements proved to be more innovative for three reasons:
- A wider group of people pulls a broader set of ideas, interests, and experiences.
- More diverse companies attract more and additional diverse talent.
- With a ‘halo’ effect, diverse companies are more attractive to women and underrepresented groups, plus individuals who are not in those groups but want to work in more enlightened organisations.
With a growing focus on these initiatives within the business, ‘Diversity,’ ‘Equality,’ and ‘Inclusion’ have become ‘buzzwords’ of today—here is a quick breakdown of what each word in the phrase means:
- Diversity: The presence of difference and variety within a given setting.
- Equality: An approach that ensures everyone has a chance to access the same opportunities, recognising barriers that exist and working to correct that imbalance.
- Inclusion: Ensuring that people with different identities and experiences feel valued and welcomed within a given setting.
A user guide, for you
With financial, business, social, and human arguments supporting DE&I efforts, and a growing expectation from employees that DE&I will be a priority, companies that do not pursue this area may fall behind and lose social credibility. But, adjusting for social inequalities within the workplace is indeed a large task.
Here are seven of the key strategies that a company or organisation can implement to commit to diversity, equity, and inclusion.
- Assess the company’s starting point
- Hire and establish a diversity, equality, and inclusivity manager and team
- Adjust hiring and candidate search practices
- Manage bias within the organisation
- Establish equality within pay
- Seek ongoing feedback from employees
- Tracking progress over long periods of time
To download your user guide with further details on the seven key strategies, please click the button below.
Higher Level Skills Match, part-funded by the European Social Fund, is a project designed to support local small and medium businesses to grow. Interested in learning more?