Everyone knows that diversity and inclusivity in the workplace are good. Creating a culture where individuals feel valued and respected is crucial to having a positive workplace. Still, the impact that a culture of DEI plays on your company goes far beyond simply making your team feel welcome.
There are countless benefits that organizations will see when they embrace and implement measures to promote DEI in their work culture. From increasing your profit margins to enhancing the engagement and productivity of your existing employees, DEI has a strong role to play when it comes to the world of business in 2022 and beyond.
Still not convinced?
Take a look at these 4 benefits that organizations will see when creating a strong culture of DEI at their workplace.@IQTalent Partners breaks down why organizations need to embrace a culture of #DEI in their #workplace in order to thrive. Read more on their latest blog:Click to Tweet
1. Higher Engagement Rates
Something that is consistent among companies with an excellent reputation for upholding DEI measures is listening to their employees' questions, concerns, and comments. Today’s employees are interested and concerned about more than just their salary, causing many employees to rethink their company culture.
According to research, having a highly diverse culture and a highly engaged workplace culture go hand-in-hand. Part of that level of engagement stems from having a job they care about with an employer who cares about making a difference. That difference involves creating a more welcoming and diverse culture that supports all kinds of individuals.
2. Better Retention Rates
When employees feel welcomed, respected, and valued, they are more likely to stay within their role for a longer period of time. Having a strong culture of diversity in your organization can help minority populations overcome many of the barriers they feel each day. Not only do minority populations have higher rates of unemployment compared to their White colleagues, but these individuals often face a harder path towards career advancement.
Currently, there are only 4 Black CEOs of Fortune 500 companies. Despite the fact that Black working professionals make up around 12% of the total working population, there is a clear lack of diversity at the executive level.
When an organization doesn’t provide opportunities for individuals to advance in their careers and climb the ladder, those employees are likely to feel unsupported, prompting them to look elsewhere for employment. Therefore, it’s crucial that your company prioritizes creating a culture of DEI so that employees will want to stick around for a long time.
3. Enhanced Revenue Streams
The impact that having a strong culture of DEI has on your organization goes far beyond simply attracting the best talent. When companies embrace true DEI, they often see big leaps in their revenue streams and profit margin.
Companies with diverse leadership and executive teams can see their profits increase by up to 33%. Having a diversity of thought, background, and opinions helps drive change within your organization. These diverse leadership teams collaborate better, have higher rates of innovation, and even have been known to make better decisions.#DEI impacts more than your bottom line. It also helps you make better decisions hire more effectively, and #retain your current staff. See why @IQTalent Partners says building a culture of DEI should be a top priority:Click to Tweet
Diversity in gender also impacts your bottom line. In companies with a high level of gender diversity in leadership positions, profit margins have been seen to increase by 21%. The bottom line is that diversity in your workplace helps you to find opportunities to create more efficient processes and opens your mind to the unique ideas of others.
4. A Better Ability To Hire
Today’s job seekers are in more control of the hiring process than ever before. It’s a candidate-driven market, meaning that top talent is being sought after by multiple companies, making it challenging for you to attract and land that best candidate.
Recruiters and employers need to focus on what aspects of the hiring process they can control to help create a more attractive and successful hiring strategy. One thing that stands out to many candidates on the market is a strong employer brand committed to DEI.
78% of people believe that DEI offers a competitive advantage. On top of this, 80% of surveyed job seekers say that a commitment to DEI is vital when choosing between employers. Modern job seekers want to work for a socially responsible company committed to making a positive change in the world around them. By focusing on fostering a strong culture of diversity and inclusion and broadcasting your efforts as part of your employer brand, chances are you’ll attract and score more top talent than before.
The focus on DEI is here to stay. Beyond recruiting, companies need to focus on creating a culture of DEI for many additional reasons: build out better processes, collaborate more effectively, and elevate more voices from minority populations to leadership roles. And when it comes to recruiting, companies need to find measures to weave a culture of DEI into their workplace to better compete for top talent on the market and more effectively retain their existing talent.
Are you looking for ways to hire more diverse talent? IQTalent Partners can help! Our Diversify by IQTalent Xchange ™ platform helps organizations identify and hire talent from minority populations to ensure you’re building a strong, diverse team. To learn more about our solutions or see how we can help you reach your goals, contact our team today.