Diversity and inclusion efforts in the workplace are becoming increasingly less about a box that HR can check off, and more about how it can help drive business success.
“A diverse and inclusive workforce is necessary to drive innovation, foster creativity, and guide business strategies,” concluded a Forbes Insights survey of 332 senior executives. “Multiple voices lead to new ideas, new services, and new products, and encourage out-of-the-box thinking.
Diversity and inclusion have been a trending topic for several years now with HR industry expert Josh Bersin writing back in 2015 that “If you aren’t taking this topic seriously, you should be.”
Fast forward six years later and Bersin is calling diversity and inclusion the “challenge of the decade” for businesses while admitting, “Diversity and inclusion is not a simple topic.”
Companies that meet Bersin’s challenge may be rewarded.
There is no one definition for diversity and inclusion and you may find disagreements on what each word means inside any workplace.
In fact, Deloitte found in its “The Radical Transformation of Diversity and Inclusion: The Millennial Influence” report that there was “a generational gap that suggests that millennials view inclusion as having a culture of connectedness that facilitates teaming, collaboration, and professional growth. This is in stark contrast to prior generations who traditionally consider it from the perspectives of representation and assimilation.”
For definitions of diversity and inclusion we turn to Somen Mondal, co-founder and CEO of Ideal, a company that uses artificial intelligence to help companies make data-backed hiring decisions.
Writing in the Ideal Blog, Mondal says “Workplace diversity is understanding, accepting, and valuing differences between people including those:
He also says that “Inclusion in the workplace is a collaborative, supportive, and respectful environment that increases the participation and contribution of all employees.”
In March, the Houston Business Journal honored companies that promote and advance diversity in the workplace at its 2021 Diversity in Business Awards live broadcast.
“It is important to note that we do not do diversity and inclusion work for the praise or the points. We invest in this work and do our best to lead in the space because we think it is right—right for our company culture, right for the industry, right for the communities where we are honored to serve and right for the people whose lives we seek to enrich,” said Indria Hollingsworth, South Central Region Diversity, Equity and Inclusion Manager for JE Dunn Construction, one of the 2021 Diversity in Business Awards winner.
A total of 53 companies were honored by the Houston Business Journal including:
Outstanding Diverse Organizations
Outstanding Supplier Diversity
Outstanding Diversity Helping Hand
McKinsey & Company released a report in 2020 that shows that diversity and inclusion can have an impact on your businesses bottom line.
The report, based on 2019 research from 1,000 companies over 15 countries, found that:
“Our latest analysis reaffirms the strong business case for both gender diversity and ethnic and cultural diversity in corporate leadership—and shows that this business case continues to strengthen. The most diverse companies are now more likely than ever to outperform less diverse peers on profitability,” the report summarized.
The McKinsey & Company found that a common thread between the report’s most diverse companies was a systematic approach and bold steps to strengthen inclusion.
The report says five HR “best practices” for diversity and inclusion can be drawn from the research:
Contact Employer Flexible today to find out how we can develop a comprehensive HR plan that’s tailored to your unique needs.