What is Diversity, Equity and Inclusion (DEI) and why is it Important?
Posted on 9th November 2021 at 10:39
Diversity, Equity, and Inclusion are rising on the agenda of many businesses, and for good reason!
Your people are the heartbeat of your business. Creating a workplace where your employees can thrive both personally and professionally, will in turn, mean your business will thrive too!
So, what do we mean by DEI?
Dr. Robert Sellers, Chief Diversity Officer at the University of Michigan, has a great way of breaking down and simplifying the distinction between the three terms:
Diversity is where everyone is invited to the party.
Equity means that everyone gets to contribute to the playlist.
Inclusion means that everyone has the opportunity to dance.
How does that translate to your business?
Diversity means actively recruiting people of all backgrounds – such as gender, ethnicity, age, and education. – to join your workplace.
Equity is about ensuring all your people have equal opportunities within the business and that bias, harassment, and discrimination are not tolerated.
Inclusion means recognising and embracing those differences, so every employee feels accepted and comfortable, ready to share their opinions and thoughts without hesitation.
What are the benefits of a positive DEI culture?
Increased competitive advantage – your business will have a much broader perspective for problem-solving and developing creative solutions. This will translate into producing quality products and services for your clients. With engaged workplaces seeing, increased customer satisfaction (according to Harvard Business Review, A Winning Approach to Employee Success Report).
Improved attraction and retention rates - we all know the current challenges when recruiting top talent… if you want a workplace where you attract people who stay, you can’t afford to ignore DEI.
Increase employee engagement:
o Engaged employees simply put more effort into their work. This leads to increased productivity and desirable business
outcomes, as your employees will champion your company's missions and push ideas to be as good as they can be.
o Engaged organisations enjoy (according to Gallup), up to 59% lower employee turnover, with engaged employees staying
where they are longer, contributing their cumulative knowledge and expertise to businesses they value.
o Highly engaged workplaces (according to Gallup), see 41% lower absenteeism.
How can we help?
There’s no quick fix but focusing on Diversity alone will not create a positive DEI culture in your business.
Don’t underestimate the importance of Inclusion and Equity.
Without those two pieces, your business will not achieve true Diversity.
Contact us if you would like support building or re-evaluating your DEI strategy.
We are here to help you gain that competitive advantage.
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