Despite the political and cultural pushback against DEIB, diversity hiring remains the right thing to do. It’s not only an ethical responsibility but also makes sound business sense.
Numerous studies show innovation, divergent thinking, and problem solving are increased through applying the insights and lived experiences of more diverse teams, particularly teams with a broader mix of racial, gender, and other identities represented.
Organizations that devote time and resources to implementing DEIB initiatives are also 2.6 times more likely to increase employee engagement and improve retention, due to a higher sense of belonging and connection among employees.
As a reminder, here are some benefits of building diverse, equitable, and inclusive workplace environments:
Better Employee Performance. Workplaces that prioritize DEI are statistically proven to be more productive. A study conducted by McKinsey found that ethnically diverse companies are 35% more likely to have financial returns above their respective national industry medians. Gender-diverse companies are 15% more likely to outperform their respective national industry medians.
Improved Employee Engagement. Diverse teams are rich in varying perspectives and a wide range of knowledge which is likely to engage employees. 83% of millennials report being actively engaged when they believe their organization fosters an inclusive workplace culture, according to Deloitte. That percentage drops to 60% when their organization fails to foster an inclusive culture. (A Gallup study has revealed that employees who are engaged or who are actively disengaged cost the world $7.8 trillion in lost productivity.)
Higher Employee Retention. DEI has been proven to build a safer and happier working environment. Recent research by Great Place to Work shows that when employees trust that they will be treated fairly, they are 9.8 times more likely to look forward to work and 6.3 times more likely to take pride in their job.
Employer of Choice. According to Glassdoor, 67% of job seekers view a diverse workplace as an important factor when evaluating and considering job offers. You don’t want to be the employer that everyone avoids.
Final Thoughts
While many companies have implemented DEI programs to prioritize and improve workforce diversity, it is important to understand how well DEI programs are working and how employees and employers rate the quality of these initiatives.
This Recruiting Leader’s Belonging Checklist seeks to uncover how DEIB impacts hiring throughout the entire recruitment lifecycle — from the initial hiring phase through long-term employment from both an employer and employee lens.
Inclusive Leaders Group’s strategic advisory services help employers implement DEIB best practices for talent management to create a more inclusive and equitable workplace that benefits all employees. This includes implementing inclusive recruitment practices, supporting ERGs, providing unconscious bias training, and implementing mentorship and sponsorship programs. By continuously improving their belonging culture efforts, organizations can create a more inclusive work environment that benefits all employees
At Inclusive Leaders Group, we are positioned to meet your organization wherever you are on your DEIB journey to help create a more inclusive employee experience. Contact Inclusive Leaders Group today!
