The benefits of Diversity Equity and Inclusion in the workplace

Diversity, equity and inclusion are the pillars of every successful organisation. With strong DEI, everyone in your company can thrive and reach their full potential.

Here are some of the benefits of prioritising DEI in the workplace.

Remove bias from your decisions

Without clear and transparent processes, bias can easily skew things. The best opportunities might go to the most visible employees or those who already “look the part”, rather than the best performers.

With clear systems to guide managers’ decisions, you can ensure that every employee receives equal treatment. Whether it’s objective criteria for promotion and pay, or running structured interviews, all employees benefit when you have systems for equity in place.

Unlock the power of diversity

Diversity can’t thrive on its own. An equal and inclusive environment is the key to unlocking the potential of diversity.

Diverse teams synthesise multiple perspectives and play off of each other’s strengths. Studies show that diverse teams can increase sales revenue, market share and profits, but only when they’re supported by an inclusive environment.

Embed inclusive behaviours in your workplace so that everyone feels welcome and able to contribute.

Hold on to your talent for longer

Businesses that embrace DEI are more likely to keep their employees for longer. An average of 55% of tech professionals say that a company’s DEI initiatives are very important when considering a role.

In another survey, 39% of workers said they would leave their current employer for a more inclusive one. So if attrition is a concern for you, focus on DEI to build a workplace where people stick around.

Build innovative teams

Research shows that diverse and inclusive teams are more innovative. In order to innovate, people need to feel safe experimenting and taking risks. It’s the only way to reach creative solutions. And psychological safety is the key to innovation.

Outsiders, or people who don’t fit the typical mould, are more likely to think of creative, unexpected solutions to problems. That’s because they don’t come to the table with preexisting assumptions — they bring a new set of expertise and experience.

So to think outside of the box, embrace diversity and inclusion.

Improve your bottom line

There’s no arguing against the numbers – DEI is good for your business’s bottom line. Companies with high diversity, equality and inclusion are:

• 70% more likely to capture new markets
• 87% more likely to make better business decisions
• Up to 39% more likely to outperform their competition financially

Why are diversity, equity and inclusion important in the workplace?

To solve the problems of today, businesses need to be innovative. To get an edge against your competitors, you need the best talent on your team. With a focus on diversity, equity and inclusion, companies can broaden their pool of talent and give everyone the chance to reach their full potential.

The global workforce is increasingly diverse. With the rise of remote work, businesses are no longer restricted by geographical boundaries when hiring. Yet the race for talent (especially in the tech world) has never been fiercer. Businesses need to find, win and nurture the top talent out there if they want to keep up with the competition. DEI isn’t a nice-to-have, it’s a necessity.

Don’t rely on the business case

It’s not enough just to focus on the business case for DEI. Employee wellbeing isn’t just a means to more revenue. If you only make the business case, people will see through it. The workers of today want to see an authentic commitment to DEI.

So how can you make a commitment to DEI?

1. Show people what you’re doing to improve DEI in the workplace. What specific actions are you taking? What processes are you putting in place?
2. Set goals for diversity, equity and inclusion. See this guide for how to set successful, data-driven goals.
3. Create a culture of openness and regularly seek feedback from employees. To improve inclusion, you need to know how people feel.

A strong strategy for diversity, equity and inclusion is personalised and data-driven. There’s no one-size-fits-all formula that works in every context.

Backing it up

Herring, C. (2009). Does diversity pay?: Race, gender, and the business case for diversity. American sociological review, 74(2), 208-224.

Hunt, V., Layton, D., & Prince, S. (2015). Diversity matters. McKinsey & Company, 1(1), 15-29.

Jeppesen, L. B., & Lakhani, K. R. (2010). Marginality and problem-solving effectiveness in broadcast search. Organization science, 21(5), 1016-1033.