Diversity, Equity, Inclusion, and Belonging are more than just buzzwords. Actively implementing DEIB is critical to organizational culture & success.
Today, many firms have embraced the concept of diversity and inclusion. Globally, organizations place diversity initiatives at the top of their "must-do" lists. And while it is widely acknowledged as the moral thing to do, the benefits of diversity, equity, inclusion, and belonging extend far beyond that.
The more interconnected we appear to become in today's complicated, dynamic, and diverse globe, the more polarized or divided our communities seem to become. Consequently, it is conventional for HR policies to state, "We are an equal opportunity employer." We believe in diversity and establishing inclusive environments."
Although these buzzwords are casually employed in corporate parlance, actively implementing Diversity, Equity, Inclusion, and Belonging in the workplace is essential for the success of businesses.
"Diversity and inclusion, which are the real grounds for creativity, must remain at the center of what we do." – Marco Bizzarri.
When deciding whether or not to accept a job offer, around 78% of IT industry employees indicate that DEI initiatives are extremely significant. This rises to 88% for Black, Indigenous, and individuals of color (BIPOC). Companies can no longer afford to merely display claims of inclusivity.
Leaders must practice what they preach - establishing diverse workplaces, equal opportunities, and inclusive work cultures. Companies with more inclusive corporate cultures and policies experience a 59% rise in innovation and a 62% rise in profitability and productivity.
First, let’s understand diversity, equity, inclusion, and belonging.
Diversity: The concept of diversity refers to the acceptance of all of the ways in which we are unique (both in overt and covert ways), as well as the promotion of a wide variety of persons and points of view.
Equity: To have equity means to acknowledge that each person's circumstances are unique and that they may require a unique combination of resources and opportunities to achieve the same level of success.
Inclusion: To be inclusive is to recognize the value that individuals bring to the table in terms of their singular perspectives and life experiences, as well as to make sure that individuals are involved, respected, connected and that their voices are heard.
Belonging: Creating a culture where people may feel comfortable being themselves, have psychological safety, enjoy one another, and feel like they are a part of something bigger allows them to belong to that culture.
Benefits of Diversity, Equity, Inclusion, and Belonging
When working in a diverse and welcoming environment, employees are more likely to feel like they belong there. Employees who report feeling more engaged at work are more likely to work harder and better, leading to higher-quality output from the workforce. Because of this, companies who use DEI strategies see considerable benefits in their business performance, their ability to innovate, and their ability to make decisions.
– A Larger Talent Pool
If you do not alter the framework of your recruiting process, you will always attract the same types of candidates. Expanding your recruiting searches to include individuals from a broader range of backgrounds, ethnicities, ages, etc., broadens your talent pool and improves your chances of hiring the ideal employee.
In addition to the fact that diversity benefits your current company, 67 % of job seekers consider diversity important. 72 % of women, 89 % of black participants, 80% of Asians, and 70% of Latinos stated workforce diversity was essential to them, according to a Glassdoor study. A substantial majority of white participants believed that employment diversity is crucial. Employing more diverse people is vital to attracting more qualified and interested applicants.
"Inclusivity means not ‘just we’re allowed to be there,’ but we are valued. I’ve always said: smart teams will do amazing things, but truly diverse teams will do impossible things." – Claudia Brind-Woody.
– DEIB facilitates the recruitment of excellent personnel
When unemployment is low, it can be difficult to find talented, devoted employees. They desire more than remuneration benefits and packages. According to a survey by Glassdoor, diversity can determine whether or not someone wants to work for your company.
Researchers discovered that 67% of job-seekers viewed a diverse workforce as an essential criterion when selecting an employer. This was the case independent of the minority status of the survey respondents. This demonstrates that workers are not only receptive to the concept of a diverse workplace but are also beginning to anticipate it. The more you comply with this requirement, the greater your prospects of attracting and maintaining excellent people.
– DEIB enhances employee engagement
Numerous studies demonstrate that favorable workplace conditions result in increased achievement.
Happier employees that are happier are more engaged and productive. When businesses invest the time to have employees communicate the advantages of diversity, equity, inclusion, and belonging to them individually, you also build a happier and more relaxed workplace.
Employees that feel valued and respected are more collaborative and creative. Goodarzi adds, "If somebody ever has the bravery to go into the manager’s office and say, 'I want to drive change,' the manager's responsibility is to make sure they have everything they need because you can't simply say you want to create an inclusive atmosphere and make it happen." This emphasis on open communication among all employees, regardless of their rank, is crucial to a good and honest workplace.
Higher levels of employee engagement are closely correlated to improved job performance in inclusive environments. Gallup estimates that disengaged employees cost U.S. businesses between $450 and $550 billion annually in lost productivity. They also have a negative effect on the company's general mood, as enhancing employee engagement can increase earnings by an average of $2,400 per employee per year. Organizations with highly engaged employees experience 2.5 times the revenue growth of companies with poor employee engagement.
"D&I needs to be something that every single employee at the company has a stake in." – Bo Young Lee.
– Novel perspectives and innovations
With a more diversified workforce, your organization has a greater possibility of coming up with innovative ideas. The Harvard Business Review discovered a correlation between diversity, equity, innovation, and belonging outcomes. The most innovative businesses were also the most diverse in terms of migration, industry, professional path, gender, education, and age, as evaluated by their revenue mix. Each of the six aspects of diversity was connected with creativity, although industry, nationality, and gender had the most significant impact on businesses' revenue.
Additionally, diverse teams can better identify products and services that meet the requirements of new client profiles. Moreover, numerous people from varied backgrounds have suffered substantial difficulties throughout their lives. These obstacles encouraged employees from various backgrounds to sharpen their knowledge and acquire exceptional problem-solving skills.
– Increased efficiency
This result directly affects enhanced production and performance, which we have already described. Diversity provides a competitive advantage. McKinsey showed that EBIT increased by 3.5 percent for every 10 percent increase in gender diversity. Companies with substantially greater racial and cultural diversity are 35% more likely to beat rivals. Harvard Business Review also found that diversified organizations are 70% more likely to grab new markets, yielding superior performance.
Tips to make sure your job description attracts diverse candidates
– Avoid exclusionary language
You may repel candidates from varied backgrounds if your job descriptions use biased or "exclusive" terminology. Avoid using language that offends (or excludes) job applicants based on their:
• Race
• Gender, age, and sexual orientation
• Disability
• Criminal record
• Education
• Mental health
• Status as a veteran
– Use video to go beyond words
As previously stated, the narrative must transcend beyond third-person testimonials and into the first person. Also, in order to get credible first-person testimonials, it should be provided by your current diverse workforce in the employee's own words.
Rather than embedding a generic company film, publish an informal video of an individual outlining the team dynamic, location, and day-to-day job requirements. As you create additional content, market it across several job boards, and scale it across platforms, you build up a database of dynamic questions.
According to a 3M study, a story given through video is digested 60,000 times faster than one told through text. Another advantage of video content is its capacity to improve your SEO. According to Forrester Research, if your material includes video, it is 50 times more likely to appear on the first page of Google results.
– Engage Diverse Talent and Employees via Technology
Candidate connection and engagement are not a one-way street.
Diverse employees are ideally suited to answer the issues of diverse candidates. Insight into the day-to-day realities of diverse personnel is provided through exact information on a diverse JD conveyed through narrative and other media. Using social proof, you can make these dialogs more dynamic by linking your staff with prospective recruits from varied backgrounds in real time. It has never been easier than it is in 2022 due to the variety of HR technology options.
Historically, connections have been made through a sophisticated employee recommendation program. Your business benefits from the suggestions of your varied staff, who have firsthand knowledge of what it's like to work as a diverse employee. Similarly, candidates might learn about the organization through the same team.
– Utilize the Strength and Impact of Live Events
Linking employees and candidates is taken to a higher level by live online events, which also initiate interactive dialogs based on questions. Microsoft has implemented this feature, enabling the company to broadcast live events through their 365 platform and for their audience, team, and community to connect.
The most up-to-date candidate experience technologies make it possible for attendees to receive notifications and participate in real-time (through high-definition video or interactive conversation) utilizing the web, their mobile device, or their desktop computer.
When it comes to DEIB, don't just talk the talk- walk the walk.
The numbers are clear - DEIB is a critical component of your organizational culture that candidates and employees want and will demand in 2022 and beyond. As HR professionals, ensuring our organizations are living up to DEIB standards we set will be challenging but absolutely vital to employee retention, workplace culture, employee engagement, and company success.
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