Diversity, Equity, and Inclusion (DE&I) are typically viewed as buzzwords in today’s business world, amounting to little more than an obligatory annual training. But the reality is that prioritizing DE&I benefits every aspect of your firm, including the bottom line. While there is no “one-size-fits-all” roadmap for implementing a successful DE&I programme at your firm, you can start by knowing what DE&I is and what value it may provide to your organization.
• Equity: it ensures that everyone receives the same treatment, benefits, and opportunities. Equity entails identifying and removing barriers that prevent some groups from fully participating. Barriers can take many different forms. A real-life example: researchers invited faculty scientists to assess a candidate’s application papers, which were given a male or female name at random. Faculty scientists considered the male applicant to be substantially more competent and employable than the female applicant, and they offered him a larger starting pay and additional career coaching.
• Inclusion: it refers to how people of various identities feel as if they are a part of a greater group. Inclusion does not occur spontaneously as a result of variety, and having a varied team of talent does not imply that everyone feels welcome or respected; within an organization, the concepts of diversity, equity, and inclusion are mutually reinforcing. Because an employee’s sense of belonging (inclusion) and experience of fairness (equity) are extremely important, a focus on diversity alone is insufficient.
The value of diversity, equity, and inclusion in the workplace
Organizations that do not use DE&I procedures miss out on opportunities to maximize the potential of their employees. In collaboration with The Society for Human Research Management (SHRM), McKinsey & Company assessed the performance of organizations with various levels of workplace diversity and came up with the conclusion that: “varied teams are more innovative and make better judgments, and diverse businesses produce higher shareholder returns.”
They also discovered that organizations with a higher gender and ethnic diversity outperform their less diverse counterparts by 15% and 35%, respectively. “Organizations with more racial and gender diversity bring in more sales income, more consumers, and higher profitability,” according to the same report.