One concept that has gained momentum in the corporate world of late is Diversity and inclusion, also known as D&I. All major companies across the globe are incorporating D&I policies at all workforce levels to become diverse.
The way companies do business now and how they used to do it over the past decades has changed both politically and socially. This has resulted in leading companies taking steps to increase equity, diversity, and inclusion. Most companies think making company D&I is a matter of ethics. Contrary to this belief, making a company diverse and inclusive is much more than a matter of ethics. It also drives the force of revenue, growth, and profit.
Diversity and inclusion (D&I) are more than programs, policies, or headcounts. Businesses outpace their competitors by acknowledging and respecting the perspectives, potential, and unique needs of all their employees, including those involved in the sales recruitment process..It is because of this reason, diverse and inclusive workplaces receive more commitment and deeper trust from their employees. One of the key workplace trends in 2020 was workplace diversity. The pandemic caused by Covid-19 forced companies to work as a global workforce. As a result, many companies started hiring more and more diverse teams while working remotely.
Diversity and Inclusion refer to the set of policies, strategies, and missions a company adopts to create and encourage an inclusive workplace that helps them attract a pool of talent from various cultural backgrounds.
D&I acts as a business advantage to the companies. Companies that have D&I practices and policies are more creative and supportive of different voices. It helps them attract top talent from the industry. Here they are clubbed together but diversity and inclusion are two different terms.
Diversity in the workplace refers to a company’s workforce composed of people from different genders, ethnicities, religions, sexual orientations, races, ages, etc. Lori George Billingsley, Chief Diversity Officer for the Coca-Cola Company defines diversity as “the differences you can see or describe in people.”
Inclusion in a company’s workplace means the company ensures that every employee feels included and a part of the team. An inclusive workforce will feel seen, valued, heard, and respected. Because of Inclusion, you will notice higher cooperation, a boom in innovation, and increased employee engagement, which can positively impact sales cycle length.
The 2018 Gallup Report said that if an organization has to start creating D&I, the first step is acknowledging the fact that diversity and inclusion are two different concepts.
Companies must not confuse the two terms. Both the terms are not synonymous and hence it is important to know the difference between the two
According to an article in Harvard Business Review , “when it comes to the workplace, diversity equals representation, without inclusion, it would be difficult to attract diverse talent, encourage participation, foster innovation, and grow the business”
Workplace diversity and inclusion is a very broad topic to cover in a single article. It covers many themes like leadership, discrimination, unconscious bias, and groups like women, men, veterans, people of color, people with disabilities, LGBT professionals. If a company confuses diversity for inclusion, there is a high chance it will lead to ill consequences. Below are some of the consequences for the same:
As per the US Bureau of Labor Statistics estimates more than 38 million people will enter the labor force between 2016 and 2026. During this decade, the composition of the labor force will become racially and ethnically diverse and also older. Companies across the world are coming up with initiatives to remove barriers and combat biases to ensure marginalized and underrepresented groups get what others are having.
Research over the past decade has shown many benefits of a diverse and inclusive workplace. Below are the top three benefits, and utilizing tools like a saas commission calculator can further enhance these advantages:
The research also tells when employees trust that they, and their colleagues, will be treated fairly regardless of their sexual orientation, race, gender, or age, they are:
Cultural diversity in the workplace leads to an increase in creativity among teams, and the ability to come up with a more diverse set of solutions to specific problems.
In a recent article, the writer points out “It has been proved that when individuals are exposed to experiences with multiple perspectives and worldviews, their potential to remain consistent with creativity and innovation improves. The cocktail of various perspectives in their respective novel ways result in new ideas “popping up.”
In this competitive business world, companies that remain “for some” workplaces will earn less, risk losing money and may fall behind their competitors. On the other hand, companies that succeed with D&I will cultivate tremendous value from their employee's differences and will excel.