Look around your organization
- Do you believe you have equal gender representation of the workforce at senior positions?
- Are “male-dominated” buzzwords still dominate your job description?
- Do you think that you are giving unbiased performance reviews?
- Does your women workforce believe that they can make it to the top?
In 2022, diversity, equity, and inclusion aren’t settled subjects. Many organizations believe they are doing it enough. But when it comes to the ground reality, everything looks “cool” only on paper.
Unlike what companies and hiring managers believe, DEI isn’t about hiring a few women workforce for entry-level jobs. It’s about bringing people of all backgrounds while giving them equal opportunities and making them feel included.
- Does your workforce feel “I am an insider?”
- Do your employees feel included?
- Do you retain employees long enough?
If that’s the case, congrats! You hit the bullseye. But this has just begun! Sadly, not every organization understands the true value of workplace diversity. Whether you are a startup, an MSME, MNC, or a Fortune 500 company, you are losing your strength and competitive advantage without workplace diversity.
This is why your organization must have a diversity program to create a more robust environment and a more profitable company. Are you still wondering if it will be beneficial in the long run? Keep reading and find out by yourself.
Decoding the advantages of embracing and celebrating differences
You will create an innovative, positive environment when you have a diversity program up and running. In fact, companies with cultural and ethnic diversity teams are 33% more likely to have profitability. If you lack diversity in your workforce, you are 29% less likely to achieve profitability. Can you afford losses amidst the growing concern of the pandemic?
The best part of having a diversity program is that:
- Your employees will feel they have a voice, making them feel respected and valued.
- Your employees will feel trusted and get a feeling of belonging.
Combining these two emotions will enhance their creative imaginations, making them more productive than ever.
That’s not all! There are numerous benefits of including a diversity program in your organization’s day-to-day operations. Want to know more? Keep scrolling down!
Including a diversity program:
- Improves employee engagement and reduces conflicts. Since there are improved relationships, the chances of conflicts reduce considerably. This further promotes efficient exchanges of information, deepens empathy, and boosts trust. Moreover, it reduces stress since the workforce works in tandem with each other to buffer the impact of burnout.
- Enhances the culture of learning, resulting in better performance outcomes. Thus, increasing the levels of resilience.
- Contributes to the improvement of the health of your workforce. This is because they finally believe that they belong, which increases their happiness. Thus, decreasing isolation further increases their zeal to do better at work.
Research also shows that a diversity program improves around 5 times higher employee retention, increases the ability to hire diverse talent pools, and accelerates the chances of higher revenue growth.
Another study found that adding a diversity program helps improve company culture, which further allows organizations in the following ways:
- Employees feel happier about going to work.
- Feeling more pride in the work they do.
- Staying more at their company.
Even you know that retaining an employee will cost you much less than recruiting a new one. So, why not give your company a chance to improve productivity retention while increasing revenue without losing much money in return.
Now that we have talked enough about a diversity program and how is it beneficial for your company, you must be wondering, “what does a diversity program look like?” Let’s talk about it more!
Diversity Program Essentials
Companies that include diversity programs face a lesser number of financial risks, and that includes acquiring and retaining employee talent. However, if you don’t have an effective program, it will do more harm than good. This is what your diversity program must look like:
- Establish clear goals and monitoring tools to stay accountable for your progress. This will help you encourage key decision-makers to keep diversity a priority. For instance, companies like Slack and Accenture publish their diversity scorecards.
- Your diversity program must have mentoring programs that will allow you to address and acknowledge workplace and managerial diversity issues. This mentorship program will allow you to increase the representation of the skilled workforce at managerial positions. This will further level the playing field, disallowing any influential person to make recommendations according to their perceptions of effective leadership
- A diversity program must also include a targeted recruiting plan where you mindfully increase the representation of minorities in managerial roles by almost 10% in the next 5 years.
- It should include diversity and inclusion leadership training that will educate everyone in your organization and not just managers. This approach will reinforce the importance of inclusion to your company culture. Thus, allow your staff to identify red flags surrounding discrimination before it can cause further damage.
- Including a diversity mentor or manager or outsourcing them can help you find someone monitoring and enforcing corporate standards regarding diversity, inclusion, and tolerance. By doing so, you can develop an inviting space.
Even if your diversity program is perfect for today, who knows if it will be sufficient for tomorrow? This is why you must update your policies and review all your diversity programs.
Include diversity program, introduce a culture of positivity
The first step to success is recognizing that differences are special and unique attributes that bring innovation and creativity. In short, it allows you to become the best version of yourself. Much research in this area shows that creating a diverse environment receives recognition and a sense of belonging. Is your DEI action plan ready? If you want to:
- Amplify your employee voice
- Avoid bias
- Build empathy
- Align employees on shared core values
Including diversity, the program will provide you with a powerful roadmap to achieve your DEI goals.