Diversity Within Corporate Culture
Diversity and inclusion have become buzzwords in the business world, but they are certainly more than just trendy phrases. A diverse and inclusive corporate culture is essential for the success and competitiveness of any organization. Not only is it the right thing to do, but it also makes good business sense.
Diversity is not a polarizing word that pits two people groups against one another. Inclusion is not an opportunity to shame and condemn others. Diversity and inclusion, especially as it relates to corporate culture, are made up of the visible characteristics that we can see, as well as the invisible characteristics that we can’t. A truly diverse workforce brings all the different perspectives and approaches together to solve problems, leading to more creative and effective solutions. An inclusive culture, on the other hand, ensures that all employees feel valued and supported, leading to higher levels of employee satisfaction, engagement, and productivity.
In this article, we will explore the importance of diversity and inclusion in the corporate world and how your company can foster a more inclusive culture.
Diversity and Inclusion: Top 3 Benefits to Consider
Diversity and inclusion serve as catalysts for many beneficial workplace elements. They are not easily cultivated, but their rewards are well worth the effort. By embracing diversity and inclusion, organizations can further tap into the potential of their workforce and position themselves for greater success in today’s global business environment. Here are the top 3 benefits of diversity and inclusion in the workplace, in order of importance;
1. Systematic Diversity & Inclusion Helps Current Leaders to Model Inclusive Behaviour and Encourages the same in Future Leaders
When everyone in a group or organization comes from similar backgrounds and experiences, it can be easy to get stuck in a narrow way of thinking. However, when people with diverse perspectives are included, it can help to challenge and broaden the perspectives of others and lead to more creative and innovative solutions for your organizational challenges.
Having a group of leaders who are supported by a strategic plan for systematic diversity and inclusion is a major contributor. When leaders with different backgrounds, experiences, and perspectives begin to model inclusive behaviour, it can amount to greater innovation, better problem-solving, and better decision-making because it allows for a wider range of ideas to be accurately represented and considered.
Finally, once a more positive and inclusive work environment is established, not only does it help increase morale and job satisfaction among employees, but it can also stimulate the development of new leaders who grow to model the same inclusive behaviours. This desired result is continued within the organization as the next wave of leaders emerge, creating a sort of compounding effect on the environment that was achieved through a carefully executed DIBE strategy in conjunction with the organizations team of leaders.
2. The Resultant Effect of Leaders Modelling Inclusive Behaviour is a Diverse, Equitable and Inclusive Environment with an Atmosphere where Employees Feel Like They Belong
One of the key benefits of diversity and inclusion in the workplace is that it helps to create a space of emotional and psychological safety for employees. When individuals feel accepted and valued for who they are, they are more likely to feel secure and comfortable in their work environment.
Emotional and psychological safety is essential for the well-being and success of any individual. When employees feel safe, they are more likely to speak up, share ideas, and collaborate with their colleagues. They are also more likely to feel invested in the success of the organization and willing to go the extra mile to contribute to its goals.
On the other hand, a lack of emotional and psychological safety can have serious negative consequences. Employees who feel marginalized or unsupported may become disengaged, leading to lower levels of engagement and an overall negative impact on the work environment.
3. An Atmosphere Where Employees Feel Like They Belong Can Lead To Improved Business Performance, Results, and Profits
Improved business performance can occur in many ways. Companies may find improved business performance through greater innovation, greater market research, an improved reputation, and a more confident and engaged workforce, just to name a few.
As mentioned earlier, diversity and inclusion promote a wider range of ideas and perspectives. This can be especially important if you have a fast-paced, competitive business environment where the ability to come up with new and creative solutions is key to success. Employees who feel safe to share their ideas, who would have otherwise kept quiet due to their fear of rejection, tend to bring much more to the table under more favourable circumstances.
Moreover, companies that are able to effectively reach and serve diverse customer bases may have an advantage over those that are not. When a company is able to draw nuance knowledge of cultural preferences about their product or service from their employees, they can better tailor their offerings, customer support and marketing towards those culture groups. Their internal diversity can help them better understand the needs and preferences of their customers, which can lead to more effective customer support, marketing and sales efforts.
Lastly, companies that are seen as being diverse and inclusive may also have an advantage in terms of their reputation. This can be especially important for attracting key talent and building strong relationships with customers, vendors, and other stakeholders.
High-Level Case Study: Strasity
As for the requested confidentiality of our client, we will call the client “company ABC”. Company ABC had reached out to Strasity eliciting our efforts to create and implement a strategic approach to incorporating EDI systems within their organization. To begin, we gathered key information from internal stakeholders to better determine targets that would align with their organization’s business strategy. This was a comprehensive process that required our team to connect, collect and analyze all available data, including;
- Information from key stakeholders and project leads
- Employee and community demographics
- Internal systems that impact equity seeking groups
- Current EDI data from similar organizations
- EDI status and current gaps
How We Used the Compiled Data to Develop and Execute an EDI Strategy Working with Key Stakeholders
After the internal audit was complete, having a comprehensive understanding of company ABC’s EDI landscape, we developed a custom roadmap specific to their strengths, weaknesses, opportunities and threats associated to EDI. Our recommendations were tailored according to the benchmarks from their internal data, local marketplace data, feedback from stakeholders, as well as our team’s EDI expertise.
Based on our findings, we determined that a 3-year time period with associated practical and measurable targets for each strategic mandate would produce the most ideal outcomes to meet company ABC’s EDI vision. With continuous partnership with our client, the organization has seen positive changes; ABC’s employees and external stakeholders have expressed that the language and behaviour of their leaders have become much more inclusive than ever before. Additionally, the EDI programs and structures that were implemented to ensure the longevity of these outcomes have been well received by their key stakeholders. In implementing this EDI strategy, ABC is continuing to see many of the same benefits being highlighted in this article!
Taking the Next Step Towards a More Diverse Workplace
Diversity and inclusion are increasingly important in today’s business environment. A diverse and inclusive workplace can bring a range of benefits, including greater innovation, improved decision-making, increased productivity and a greater market reach.
We recommend taking steps within your current capacity to clarify and promote your organizations diversity and inclusion strategy within your workforce. Our hope is that these articles convey enough value for you to move towards a more equitable environment in the way that’s most feasible to you. We also provide free 30-minute consultations! At no cost to you, we will help you to clarify your DEI goals and offer fresh perspective that could make all the difference.
To better promote diversity and inclusion in your organization, it’s important to develop a clear strategy that includes measurable goals and actions, gather data and input, create a timeline and budget, and engage with employees and stakeholders. By making diversity and inclusion a priority, you can create a more positive and successful organizational culture.