6 Benefits of diversity and inclusion in companies
19 de May, 2022
The concepts of diversity and inclusion have been gaining prominence in the organizational world. This is because many leaders and managers have woken up to the benefits that a diverse and inclusive workplace can have.
According to McKinsey, companies with gender diversity on their executive teams are 19% more likely to perform better than those without. And companies with gender diversity and ethnic diversity are 27% more likely to perform better in terms of revenue and profit.
When we talk about diversity and inclusion, we might only think of ethnic, racial and gender issues. But diversity should be understood as something broader.
So let’s take a closer look at what diversity and inclusion are. And then let’s see what its benefits are for organizations.
What is diversity and inclusion?
Diversity refers to differences in gender, race, ethnicity, culture, nationality, sexual orientation, religious and political beliefs, among others. It refers to the unique and singular characteristics of each person.
Inclusion means that all these different individuals feel welcomed, involved, appreciated and respected at the same level. In the workplace, this means that all employees are integrated and feel an integral part of the teams and the company culture.
Diversity and inclusion should be seen as two related elements. Inclusion is fundamental for diversity to exist and be successful. If an organization has diversity, but it is not embraced or valued, then the full potential of that diverse environment is not achieved.
Benefits of diversity and inclusion in the workplace
A diverse and inclusive workplace, made up of people with different backgrounds and life experiences, generates different perspectives, ideas and approaches. And this has a very positive impact on companies on many levels.
1 – More innovation
With more diverse teams and employees, new ideas and perspectives are much more likely to emerge.
The most diverse companies are usually the most innovative. People who have had different life experiences will have different approaches to challenges and problems, as well as more creative and disruptive ideas.
2 – Greater capacity to attract and retain human capital
Expanding the horizons in recruitment processes and opening the door to the possibility of hiring more diverse people will increase the chances of finding the best candidates.
What’s more, when companies are diverse and inclusive, employees feel more integrated, satisfied and motivated. As a result, turnover in these companies tends to be lower.
3 – Greater employee engagement
The more employees feel welcomed, respected and valued, the greater their engagement with the organization will be.
People become more proactive, more interested in the company’s different themes and more participative in its initiatives. In some cases they may even take on the role of ambassadors for the organization with friends, family and on social media, for example.
4 – Better decision-making processes
Having diverse employees who feel that their voice is heard within the organization means that different opinions and points of view that might not have arisen in the first place can be taken into account in decision-making.
Managers and decision-makers should encourage all employees to share their opinions and convey that their contribution can make a difference.
5 – Better performance and better results
All of the above ultimately make companies more profitable and boost good results.
Diversity is considered a critical success factor. Several studies indicate that more diverse companies perform better and are more successful. According to McKinsey, organizations that promote values of diversity and inclusion are among the most profitable.
6 – Better reputation
Fostering diversity and inclusion in the workplace ultimately contributes to the organization’s reputation.
The issue of diversity is on the agenda and companies that are aware of its importance and take it into account in their organizational culture will benefit from more positive recognition.
Did you see how diversity and inclusion can contribute to better individual and organizational performance?
So deconstruct your prejudices, recognize that everyone is part of your company’s diversity and promote the inclusion of others. Be fair, open, available, cooperative and supportive. This is the key to success (at work and in life)!