DE&I Programs and Their Importance

DE&I programs and their importance

While diversity, equity, and inclusion (DE&I) programs are imperative to improving workplace productivity, creating a more positive work culture, and sustaining long-term success for your business, it’s essential to understand what each concept means individually, as well as how they work together.

While each component can stand on its own merits and add value in the workplace, a successful DE&I program must be built upon understanding the relationship between diversity, equity, and inclusion.

Diversity describes the presence of differences within a given setting. Equity describes the process of ensuring impartiality, fairness, and equal possible outcomes for every individual. Inclusion is the practice of making sure that people feel integrated into the workspace.

At the same time, a genuinely inclusive business increases the opportunity for participation of people with a variety of ethnic and racial identities, ages, physical and learning abilities, gender identities, and sexual orientations.

Why are DE&I programs relevant

Diversity in the workplace is a topic that has been discussed among employers for years. Companies must have a diverse workforce that includes all different individuals to be successful.

 In fact, research suggests that diversity in the workplace brings many positive results to the business, such as:

·        Revenue growth;

·        Greater openness to innovation;

·        Increased top talent retention rates;

At the same time, surveys demonstrate that diverse and inclusive workplaces drive tangible results:

·        Higher representation of women in C-suite positions generate 34% higher returns;

·        Organizations with higher diversity had 19% higher innovation revenues;

·        Companies with above-average employee engagement and gender diversity outperform competitors by 46-58%.

Another research showcased that when employees trust that everyone in the company will be treated with fairness regardless of race, gender, sexual orientation, and race, they are:

·        more likely to enjoy going to work;

·        more likely to take pride in their work;

·        more likely to stay with the company for a longer time.

Diversity and inclusion are particularly important for the younger generation. Millennials are 83% more likely to be engaged at work within inclusive and diversity-oriented companies. 74% of them believe an organization is more innovative if it has an inclusion-focused culture, while 47% actively consider diversity and inclusion essential criteria when sizing up potential employers. Furthermore, inclusive companies are nearly twice as innovative and earn more than double the cash flow per employee than their non-inclusive counterparts.

The bottom line

The actual value of a Diversity, Equity, and Inclusion (DE&I) program lies in the company’s ability to achieve the best workplace culture possible. Properly implemented and maintained, a robust DE&I initiative can create a more inclusive, productive, and positive environment for your entire workforce.

Your chance to create a positive could start with establishing a DE&I program that drives creativity, innovation, and better business results. Diversity, equity, and inclusion foster a healthy company culture at all levels of your organization.

To learn more about DE&I issues, check out ISO 30415:2021, it includes critical information about governance bodies, leaders, workforce, and recognized representatives.