Benefits of Diversity & Inclusion in the Workplace
According to the U.S. Department of Labor, diversity in the workforce refers to “the infinite range of individuals’ unique attributes and experiences such as ethnicity, gender, age, and disability”.
They also add that “By fostering a culture of diversity — or a capacity to appreciate and value individual differences — employers benefit from varied perspectives on how to confront business challenges and achieve success”. This demonstrates that diversity and inclusion programs actually work to achieve not only community fulfillment but also business goals.
At 9Dot, we implemented a Diversity and Inclusion committee in order to create an inclusive workplace promoting and sustaining a sense of belonging, encouraging value amongst staff, and elevating the rich diversity that exists within our companies. We host company events, share newsletters, enact policies, and overall — celebrate the diversity of our valued staff.
Because we find value in diversity. Here are some examples of benefits of diversity and inclusion in the workplace:
- Financial Performance
According to Harvard Business Review, “companies with above-average total diversity, measured as the average of six dimensions of diversity (migration, industry, career path, gender, education, age), had both 19% points higher innovation revenues and 9% points higher EBIT margins, on average.”
2. Innovation and Creativity
In addition to financial performance, diversity in the workplace brings immense creativity to the team. With different backgrounds, cultures, and perspectives, companies around the world have benefited from a diverse workforce.
3. Employee Retention
According to Ziprecruiter, the top reasons for high employee turnover are lack of development and communication. This is typically due to management dismissing employees and not demonstrating strong leadership in the organization. By including employees in your conversations, understanding their perspectives and values, and being inclusive of all persons, employees are more likely to stay with the company.
4. Employee Engagement
According to Deloitte, their high engagement is an outcome of diversity in the workplace. At 9Dot, we encourage our employees and clients to boost engagement through fun events and interactions such as holiday parties, fundraisers, and more. This not only shows that your organization is actively engaged with their employees, but also boosts the overall morale and reputation.
5. Knowledge Sharing
With diverse backgrounds comes diverse knowledge and perspectives. Fortune 500 companies like Johnson & Johnson believe that their diversity is their strength. With that, they’ve implemented great knowledge-sharing initiatives like employee resource groups, mentoring programs and their ‘Diversity University’.
Diversity is not only great for the inner workings of your company, but it brings a greater reputation among the public. Millennials and Gen-Z today are careful to select organizations that represent their various backgrounds and the communities they live and support.
Today, one can argue that diversity is a necessity for your company to succeed in the long-term. Organizations with a lack of diversity in their workforce demonstrate a deficiency in initiative, understanding, and awareness of the world around them.