What are diversity and inclusion?

Welcome to the topic “What are diversity and inclusion”

Diversity and inclusion can be defined as the mission, business strategies, or practices of a company to support diverse workplaces. It also involves leveraging any effects that diversity may have on competitive advantage in order for them to succeed. Companies or businesses that have diverse and inclusive work environments are more adjustable, user-friendly, creative, and act as magnets that entice top candidates and talents.

What diversity means in the workplace?

Diversity in the workplace is all about understanding, accepting, and appreciating differences between individuals, including those who have different views or opinions including those:

Who belong to different races, backgrounds, genders, ages, disabilities, and sexual orientations.

Have differences in education, characters, skills, experiences, and knowledge level.

Furthermore, according to a detailed study about diversity and inclusion published by Deloitte, diversity is not the same in all generations, and all of them perceive it differently. For Millennials, workplace diversity is the combination of various backgrounds, experiences, and viewpoints. Millennials believe in taking benefit from these differences, and they think it leads to novelty.

On the other hand, older generations such as Gen Xers and Boomers think about diversity as equal and rational representation irrespective of demographics. Besides, these generations don’t think that there is any relationship of diversity with business results.

What is inclusion?

Inclusion in any organization or workplace is a combined, supportive, and respectful atmosphere that encourages and increases the involvement and contribution of all staff members. In fact, true inclusion eliminates all hurdles, discrimination, and prejudice. If applied correctly in the workplace, everyone in the organization will feel involved and supported.

Priorities Of Diversity and inclusion

A survey conducted by Forbes with 300 senior executives from different companies showed that priorities of diversity and inclusion are as follow:

Around 65% stated that recruitment of diverse employees.
Around 44% stated retention of diverse talent.
Around 35% stated ensuring diversity in the organization or workplace is the key to success.
Around 29% stated they are developing a strong pipeline of diverse talent and employees.
Around 28% stated handling cross-generational issues timely is necessary.

Why do you need Diversity and Inclusion at your organization?

It is vital for companies to allocate adequate resources and training so that they can entice the best talents with the best decision-making skills and minds. In today’s war for acquiring the best candidates and talent, you will have to think outside the box and beyond the traditional recruitment approach and pool. This is what diversity represents at the workplace.

As globalization continues to spread worldwide, an inevitable demographic shift is taking place: people are moving more freely between countries for career opportunities. As a result of this increased mobility and need for talented workers in all industries across different parts of the globe. Diversity has become one key driver that will help drive economic growth everywhere.

Diversity in the workforce is a must for any company to succeed, but its benefits don’t stop there. As organizations get closer together and put more focus on productivity through increased profitability – they will also become better able to compete with other businesses around them.

Benefits of Diversity & Inclusion in the Workplace

Diversity is a great way to build morale and creativity. A healthy workplace has been shown, time after time again, as crucial for any organization’s success rate. Thus here are some profound benefits of diversity and inclusion in the workplace that you cannot afford to overlook:

Racially diverse businesses are 35% more likely to generate a higher revenue than the others, while gender-diverse organizations are 15% more likely to generate higher returns.

In the US, businesses that have racial and ethnic diversity have a 0.8% increase in their revenue before interest and tax. While in the UK companies have a 3.5% increase.

A recent study by a BCG found a powerful, statistically positive bond between diversity and corporate innovation. The researcher explained the study and findings in a TED Talk, and the topic went viral among the public and organizations.

As per Glassdoor, around 57% of employees and 67% of job hunters think diversity is a vital element of their future workplace. Hence it impacts recruitment and retention.

D&I businesses are 70% more likely to detain a new marketplace or audience.

When employees observe that their workplace is committed to diversity and inclusion, and they feel involved, workers are 80% more likely to recommend their company to others.

Best Practices Of Diversity and inclusion

A survey of 330 HR executives revealed best practices of diversity and inclusion. The practices are:

Fair and wise treatment.
Equal opportunities.
Teamwork and collaboration
An emphasis on innovation and creativity among workers.
Organizational flexibility, receptiveness, and liveliness.
Collaborative conflict and resolution processes.
Proof of leadership’s commitment to diversity.
Demonstration of diversity at all organizational stages.
Demonstration of diversity between internal and external participants.
Training and programs about diversity and inclusion.

Diversity and inclusion strategies

Below are the key diversity and inclusion strategies as per Deloitte’s diversity and Inclusion framework:

Developing a focus and strategy at the higher organizational levels such as CEO/COO/CHRO.
Assigning a high-level executive the responsibility for developing and sponsoring the diversity and inclusion workshop or training.
Creating various behavioral standards and holding relevant people accountable for results.
Training employees at all levels on various subjects like unconscious bias.
Integrating diversity and inclusion practices and strategies in employment, performance management, leadership, assessment, and trainings.
Developing result oriented employee networks.
Holding your organization answerable to compete and win in third-party awards and programs.
Recognizing and honoring various religious and cultural events and practices.
Solidifying anti-discriminatory policies.
Reporting business goals and tracking progress.
Creating and maintaining externally visible reports to measure business progress, including various metrics for recruitment, promotion rates, compensation levels, business turnover, and supplier diversity.

How we can help:

At HR Opportunity, we help businesses and organizations implement the best diversity and inclusion policies that will help you build respect and appreciation across your staff members and workforce.

Have any questions regarding the topic “What are diversity and inclusion?” feel free to comment below.

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