Diversity, Equity, and Inclusion (DEI) in the workplace are often used as buzzwords when they are anything but. DEI in an organisation promotes creativity and innovation, fosters a positive work environment and culture, and promotes a stronger brand among other advantages. Companies are increasingly understanding this and making it part of their organisational strategy for holistic and sustainable long-term growth.
Even though the three terms go hand-in-hand and are dependent on each other to work effectively, they cannot be used interchangeably. This article will highlight why diversity in the workplace matters and the strategies that can enhance DEI.
Defining Diversity in the Workplace:
“Diversity is often used as a blanket term to denote persons of different backgrounds, cultures, demographics, and experiences.”1 It also includes but is not limited to people from different genders, races, ethnicities, ages, and so on.
Defining Equity in the Workplace:
A diverse workforce brings with it different backgrounds and cultures and doesn’t have the same resources and experience. Having equity in the workplace is acknowledging this and crafting policies such that all employees have an equal finish point even if they did not have the same starting point.
Defining Inclusivity in the Workplace:
Inclusivity is a set of practices that organisations adopt to ensure that their diverse workforce feels seen and heard in the workplace. An inclusive workplace helps in higher employee happiness, job satisfaction, and ultimately employee retention.
Benefits Of A Diverse Workforce –
- Access To A Larger Talent Pool
Going beyond traditional hiring practices and embracing diversity hiring gives employers a larger talent pool to hire from. This hiring is based on the skills candidates possess and not their gender, age, and ethnicity.
- Brand Strengthening
At the end of the day, every employee of the company is a marketing asset. Companies doing diversity hiring are seen as more progressive and socially responsible which ensures a stronger and more positive brand. It builds trust in the company and attracts better talent.
- Improved Customer Base
A diverse workforce can better understand the different demographics and cultures and help strategize and cater to each one accordingly. This opens up new customer bases and increases customer satisfaction, loyalty, and ultimately market share of the company.
- Employee Retention:
Seeing themselves being represented in the workforce makes employees feel valued, heard, and cherished. This leads to higher morale and engagement in the team and helps in increasing employee satisfaction and retention.
- Strategic Thinking And Innovation
Different people in the workforce come from different backgrounds and experiences and bring different ideologies and perspectives to the table. This leads to more innovative and creative thinking and problem-solving and helps the company make better strategic decisions.
Overall, having a diverse workforce ultimately leads to exponential and sustainable growth of the company. “Companies embracing DE&I practices tend to see a 35% hike in financial returns, a 70% greater probability of tapping into new markets, and attract 67% more job seekers.”2
Strategies To Enhance DEI:
- Know Your Diversity
To formulate an effective DEI strategy, the organisation must know the kind of diversity that exists in its workforce. It is also important to know what their employees want and how the office can become a safe space for everyone. Some of the ways this can be achieved are by speaking to the employees and rolling out surveys.
- Customise Your DEI Strategy
Every company is different, with different kinds of employees, work cultures, and values. DEI strategy that suits one company may not be the right fit for another. Companies need to evaluate their goals, culture, and ethos and lay down strategies accordingly.
- Hiring Through Referrals
Even though hiring through referrals grants the candidate more credibility, it also tends to make the process more biased and limits the talent pool. Hiring through referrals should be regulated in organisations to ensure that people are hired based on skills and that everyone gets a fair chance.
- DEI Committee
Organisations should form a DEI committee that ensures the successful implementation of DEI policies and keeps reviewing and revising them periodically. It should also conduct regular DEI training sessions and act as a grievance cell for employees in the company.
- Include Majority Groups
Often, in a bid to make the minority feel comfortable, the majority may start feeling uncomfortable or even blamed in the office environment. To ensure that that doesn’t happen, policies should be made keeping in mind both the majority and the minority in the company, and giving them more opportunities to interact and mingle.
- Show Leadership Commitment
In any company, the leadership sets the tone that employees inadvertently follow. The higher-ups must be sensitised and committed to diversity, equity, and inclusion. One of the ways to show this commitment is by having people from diverse backgrounds as decision-makers in positions of power.
These are just a few ways in which organisations can enhance their DEI strategy and make it more holistic.
WisdomCircle has also been playing a crucial part in spreading awareness about age diversity in the workforce. We are providing organisations with a way to get a multigenerational workforce by helping them leverage the WisGen* on our platform. Just by partnering with WisdomCircle, organisations are becoming a part of disrupting the traditional recruitment market and showing their commitment to DEI.
References:
- https://www.ndnu.edu/workplace-diversity-examples/
- https://goodera.com/blog/diversity-inclusion-examples
- https://nectarhr.com/blog/dei-strategy-best-practices
*Senior professionals above the age of 50, with a lifetime of experience.
