How Diversity and Inclusion Can Benefit Your Workforce and Drive Innovation

To stay ahead of the competition, businesses must embrace diversity and inclusion in the workplace. A diverse workforce can bring new perspectives to a company and lay the groundwork for fresh ideas, driving innovation and enhancing overall customer experience.

Studies have shown that companies with more diverse and inclusive workplaces are better able to attract and retain top talent, as well as improve their bottom line. For example, a study by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians.

When everyone feels like they have a stake in the company, they’re more likely to be invested in its success; an inclusive workplace culture often leads to increased creativity, collaboration, and productivity.

Diversity and inclusion are two of the most important concepts in business today. And while they are often used interchangeably, they are actually quite different.

A company can be diverse but if the perspectives of some groups are valued more than others, then the company is not inclusive.

Diversity is about increasing the representation of underrepresented groups within an organization. This includes factors like race, gender, ethnicity, sexual orientation, and disability. The goal is to create a more diverse workforce that is better able to reflect the diversity of the customer base.

Inclusion, on the other hand, is about creating an environment where everyone feels welcome, respected, and valued. It’s about promoting a workplace culture where people can be their authentic selves and feel like they belong. It’s ensuring that employees with different backgrounds and perspectives are respected and have an equal opportunity to succeed.

While more and more companies are making an effort to promote diversity and inclusion in the workplace, we still have a long way to go. A survey report from Boston Consulting Group found that only 5% of the CEOs from Fortune 500 companies are women. Fewer than 1% (three in total) are openly gay or lesbian, and fewer than 1% (five in total) are Black.

How to Foster Diversity and Inclusion in the Workplace

There are a number of ways companies can foster diversity and inclusion in the workplace. Here are a few suggestions:

• Educate employees on unconscious bias and its impact on the workplace.
  The first step is acknowledging that unconscious bias exists. We all have it—it’s human nature. But when left unchecked, it can have a negative impact on the workplace. Unconscious bias can manifest itself in many ways, from who we hire and promote to how we interact with our colleagues. By educating employees about unconscious bias and its impact on the workplace, companies can help create an environment where all employees feel comfortable and respected.
• Implement anti-discrimination and anti-harassment policies.
  In addition to educating employees about unconscious bias, companies should also implement anti-discrimination and anti-harassment policies. These policies send a clear message that discrimination and harassment will not be tolerated in the workplace.
• Encourage employees to share their ideas and perspectives in an open and respectful manner.
  Encouraging employees to share their ideas and perspectives in an open and respectful manner is another way to foster diversity and inclusion in the workplace. When employees feel like their voices are being heard, they’re more likely to be engaged and invested in the company.
• Provide training on how to create an inclusive environment for all employees.
  Providing training on how to create an inclusive environment for all employees is another important step companies can take. This type of training can help employees understand the importance of diversity and inclusion and how they can play a role in promoting these values in the workplace.

By implementing policies that support diversity and inclusion, companies can create an environment where all employees feel comfortable sharing their ideas and contributing to the success of the organization.

Lagarde is a woman-owned small business. We believe in diversity, promote a culture of inclusivity, and embrace unique perspectives. Contact us to learn more.