Diversity, equity, and inclusion, or DEI, is more than just developing policies, programs, or headcounts. Equitable employers outpace their competition by respecting all their team members’ unique needs, perspectives, and potential. For this reason, diverse and inclusive workplaces see more trust and commitment from employees. Here are a few of the reasons DEI is essential.
Higher Revenue Growth
Time and time again, companies focused on diversity and equity have higher revenue growth than their counterparts. Why? The reason is two-fold. People feel more productive and innovative when welcomed and included in the company culture. Equity in the workplace also directly translates to the customer. As representation matters, a company that better reflects the community will invite more business.
Increased Innovation
Diversity isn’t just about more people from different ethnic backgrounds. With more diverse employees, you also have more varied mindsets, which can help solve problems or develop new ideas. Companies with better DEI programs see increased innovation as more ideas are presented.
Better Access to Talent
When you pull from a homogenous pool of employees, you may find that you’re running out of potential candidates. By increasing your recruiting areas, you’ll find that your access to talent is expansive. You’ll be able to find more people for your open jobs. Reaching out to more diverse communities can help you hire great new talent who may not otherwise have access to similar opportunities.
Higher Employee Retention
DEI also drives employee retention. Studies have shown that equity and inclusion are so crucial to incoming employees that they would turn down an offer from a company without a clear DEI program. Employees feel more valued and able to express their thoughts and ideas and be rewarded in the workplace.
Do you want to make diversity, equity, and inclusion a part of your organization? Call Hutco to learn more today.