Until recently, we were prioritising the wishes and needs of institutions and focusing on the question of which people institutions wanted to work with. That’s changed. First, we need to focus on what employees and candidates want, what kind of institution they expect. Now teams see their work not only as a source of income, but also as a phenomenon that adds meaning to their lives. They want to feel that their priorities are valued and they expect that the work they do will create meaning for their own lives and for society.
Research shows that employees who are satisfied with their organization’s commitment to diversity and inclusion (D&I) are twice as engaged as dissatisfied employees. Changeboard notes that diverse and inclusive organizations work 12% harder, are 19% more likely to stay longer with the organization, and collaborate 57% more effectively with peers.
Culture is directly proportional to income
Diversity is more than just gender, race and ethnicity. Today, many organizations employ a multi-generational workforce that includes differences in sexual orientation, physical ability, experience, religion, education, politics and socio-economic status; thus, creating multi-cultural working atmosphere. Companies with this kind of diversity can also improve their financial performance with the corporate culture they have created. There is evidence of a direct link between a diverse workforce and organizations with improved financial performance, engagement and high performance. The message is clear: Employers can build engagement by optimizing the employee experience and enjoy increased loyalty and employee retention benefits.
Let’s draw your attention to four points:
- Underrepresented employees often face micro aggressions and are more likely to be critiqued unfairly for their work contributions or passed over for mentorships and promotions.
- McKinsey reports that women in unbalanced environments are more likely to have their judgement questioned and face unprofessional or demeaning remarks.
- Studies show that diversity increases innovation, so it follows that a lack thereof would reduce innovation and impact product development.
- The Boston Consulting Group reports that businesses with above average diversity in their leadership teams earned nearly half of their revenue from innovative products and services, which is nearly 20 percentage points more than businesses with below average diversity in their management teams.