The Biggest Vulnerability in Your Company: Ignoring Diversity, Equity, Inclusion and Culture
It's no secret that the world is becoming more and more diverse. The days of a "one size fits all" mentality are long gone. In order to stay competitive, your company must embrace diversity, equity, inclusion and culture (DEIC).
Diversity is about more than just skin color or gender identity. It encompasses all the ways that we are different from one another.
Equity refers to giving everyone an opportunity to succeed, regardless of their background or circumstance.
Inclusion means welcoming everyone into the fold, and respecting their differences.
And culture encompasses the shared values and beliefs that define a group of people.
DEIC is more than just a buzzword or trendy topic. It's a business imperative. And ignoring it can have serious consequences for your company.
The first consequence is that you will miss out on top talent. For years, women, African Americans, Native Americans, Latino Americans, Asian Americans and Immigrants with immense talent have been ignored, overlooked, and subjected to unconscious bias.
The best and brightest employees want to work for companies that are DEIC-friendly. If you're not, they'll simply take their skills elsewhere. This has alot to do with why African American women are the fastest growing segment of entrepreneurs.
Also, if your customer base is diverse but your workforce isn't, you're going to have a hard time connecting with them.
Second, you will alienate your current employees. A lack of DEIC can create a toxic work environment where employees feel unwelcome, unsupported and even unsafe. This leads to high turnover rates and low morale - both of which are costly for your company.
Third, you risks damaging your reputation - and losing customers as a result. In today's climate, consumers are increasingly interested in supporting companies that share their values. If you're not seen as a DEIC-friendly company, you could lose out on business.
For example, LGBTQ+ people have an estimated buying power of $884 billion. And according to a study by Nielsen, 66% of LGBTQ+ consumers are willing to pay more for products and services from companies that are supportive of the LGBTQ+ community.
Finally, you risk your company becoming irrelevant. In today's increasingly diverse world, companies that don't reflect society are quickly becoming obsolete.
The bottom line is this: DEIC is no longer something you can afford to ignore. It's a business imperative that will help you attract top talent, retain your employees, and build a strong reputation with consumers. So what are you waiting for? It's time to start making DEIC a priority in your company.
What are some steps your company can take to foster a more diverse, equitable, inclusive and culture workplace?
Here are a few suggestions:
- It starts with leadership. Company leaders must be committed to DEIC and setting the tone for the rest of the organization. This means creating policies and practices that support diversity, equity and inclusion - and making sure that employees are held accountable if they don't uphold these standards.
- Conduct an audit of your current DEIC practices. Where are you falling short? Are you paying lip service to DEIC or are you truly committed to creating change?
- Create a task force or working group on DEIC. This group should be responsible for developing and implementing a plan to improve DEIC at your company.
- Educate yourself and your employees on DEIC. There are a lot of resources available on this topic. Take the time to learn about the different ways you can make your workplace more inclusive for everyone.
- Evaluate your hiring practices. Are you only hiring people who look like you? Make an effort to reach out to underrepresented groups when you're recruiting new employees.
it's important to build a diverse workforce - and this starts with recruiting. In order to attract and retain top talent, you need to create a workplace that honors all of humanity. Make an effort to reach out to underrepresented groups when filling open positions. And once they're hired, provide them with the resources they need to succeed.
It's not enough to simply put up a few posters or hold an occasional training session on DEIC. You need to make a sustained commitment to creating a workplace where everyone can thrive. Otherwise, you're going to end up with a homogeneous workforce that is uninspired, unengaged and unhappy.
- Promote DEIC in your company's policies and procedures. Incorporate DEIC into everything from your performance review process to the way you handle customer complaints.
- Provide employees with resources on DEIC. There are a lot of great books, articles and websites on this topic. Make sure your employees have the information they need to be allies and advocates for DEIC in the workplace.
- Encourage employees to get involved in DEIC initiatives. Whether it's participating in a mentorship program or attending a workshop on implicit bias, there are many ways for employees to get involved. The key is to create opportunities for employees to learn and grow - both personally and professionally.
When it comes to DEIC, there's no such thing as "doing too much." The more you can do to foster a diverse, equitable, inclusive and culture workplace, the better off your company will be. So what are you waiting for? It's time to start making DEIC a priority in your organization.
What are some steps your company can take to foster a more diverse, equitable, inclusive and culture workplace? Share your thoughts in the comments below!
