Definitions aside, a key takeaway is that Diversity and Inclusion are a double act and it’s short sighted not to recognise that. They’re separate concepts but they should be considered equally important.
What’s in it for me?
Few would argue against business being more diverse and inclusive. Research proves that it’s good for your business’ bottom line. More diverse and inclusive businesses perform better financially, they are more innovative and more productive. A 2018 study by Harvard Business Review found that businesses with above average diversity had 19% higher innovation revenues, being able to conceptualise and bring to market a far superior range of products to their consumers. Improving Diversity and Inclusion makes perfect business sense. But improved output or financial reward isn’t where it ends.
Diversity and Inclusion shouldn’t be considered in isolation or as a short-term piece of work. The reality is that yes, phase one of your diversity strategy will likely focus on how you can get ‘diverse’ talent through the door. But it’s not as easy as setting quotas and targets, actively pursuing female talent or making job descriptions gender neutral. That’s not where it ends. There’s a bigger and arguably more important piece of work to be done. Diversity and Inclusion offers the opportunity for businesses to reflect on, to iterate and to enhance their EVP, their values and essentially, change things for the better.
So, who’s leading the way?
Glassdoor consider companies such as Visa, Nestle, Bristol-Myers Squibb, Siemens and Microsoft as Diversity and Inclusion trailblazers.
If you want something to really aspire to, take a look at the work Microsoft are doing. Diversity and Inclusion is right at the top of their board room agenda. It’s a clear initiative across the business and has been for the last 20 years. There’s a hefty investment into research, programs, partner agencies and everything in between. Microsoft’s annual report on their progress offers full visibility into their commitment to creating a more diverse and inclusive workplace and how they’re performing against their own objectives as a business. It makes for interesting reading.
What to consider
When you think about Diversity and Inclusion, ask yourself these questions:
How do you become more attractive to diverse talent?
How do you create an environment in which diverse talent can flourish?
How you ensure that diverse talent stays within your business?
If you’re looking at Diversity and Inclusion as part of your wider talent strategy, take a look at how we can help.
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