From Tenshey, Inc. CEO & Founder Maggie Chan Jones
Having a diverse workforce is being proven to have more and more benefits to the success of the organization at large. In addition to increased productivity and employee retention, the most obvious and most important benefit of DEIB is an increased representation of the consumer base. Reflecting all parts of the population in the people who build your products, run your teams, and create your revenue lends itself to not only an image of trustworthiness but better equips your team to understand what consumers need. There is an increasing focus on diversity in the upper ranks of leadership (C-level and senior executives), but without a base foundation of entry and mid-level employees, reaching to the executive height is futile. As a company expands its commitment to building a DEIB focused workplace, they need to examine not just the individuals climbing the ladder, but the ladder itself.
The benefits of a diverse workforce extend past representation to impacting the innovation of a team and company at large. An innovative workplace develops solutions, creative projects, efficiency measures, and designs new ventures, impacting the critical profitability and growth of a company. According to the World Economic Forum companies leading their geography and industry for diversity, equity, inclusion and belonging have up to a 20% higher rate of innovation, up to 30% greater ability of spotting and reducing business risks, and are 25%-36% more likely to outperform on profitability. Diverse teams have a broader range of knowledge and skills and are better at identifying and solving problems that are often overlooked. We are starting to see more and more corporations commit to DEIB initiatives by setting lofty goals for hiring, committing to equal pay, and investing in their employee resource groups, this is no surprise, as companies read the literature detailing the benefits of a diverse workplace its makes economic sense to invest in these programs that will drive their success forward.
What are some ways to take your team in the right direction? To start, create space for the voices of diverse people. Set an intention to reduce interruption and echo new ideas, create discussion surrounding suggestions, and don’t let the voice fall wayside. Align yourself with the larger goal of the organization and set yourself up to support the belonging of all groups.