After centuries of struggle, we have finally started acknowledging the need for Diversity and Inclusion at the workplace. Successful organizations are prioritizing Diversity and Inclusion to make everyone associated with them experience a sense of belonging and CEOs consider this one of the most addressable issues of the decade.
But is Diversity and Inclusion at the workplace only a concept in the air or does it have a deeper, tangible, and more meaningful impact on the business as well?
Here are three key benefits of Diversity and Inclusion at the workplace that may answer this question.
What does a business need more than revenue?
WhatToBecome statistics say 43% of companies with diverse management exhibit higher profits. 80% of CEOs with diverse and inclusive cultures have also reported increased profits. Not only that, diverse and inclusive companies are more likely to capture new markets which directly translates to more money.
Employee retention is as important as customer retention and D&I just makes them both better. Diverse and Inclusive culture helps your employees feel a sense of belonging which in turn increases their performance. Similarly, customers wish to relate to brands they choose to buy from. Inclusive and diverse companies that communicate their values through their marketing are more popular among customers.
Creativity and Innovation
People coming from different backgrounds, with different skills, abilities, and life experiences bring diverse ideas to the table which enable your teams to be more creative. When such different pieces from the different puzzles are put together, they definitely make a masterpiece.
In short, Diversity and Inclusion make all the things important for business better.