Diversity and inclusion in the workplace should never be viewed as simply corporate speak. These words need to be taken seriously and embraced by all members of a company or organization. It’s also important not to confuse the terms as they’re often used interchangeably.
Diversity refers to achieving the right mix in the workplace, while recognizing the need for different perspectives. Inclusion is the notion that all individuals are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to the organization’s success.
“Communication is the number one issue we’ve noticed with clients. It’s important for the entire company or organization to embrace diversity and inclusion, not just the HR department,” said Shawn Baker, president of Cochran, Cochran and Yale.
“Retention and a lack of proper recruitment strategies and branding to attract diverse candidates also are common challenges that companies and organizations must improve upon to create a culture of inclusiveness,” adds Baker.
Improving Statistics, Implementing Change
Sadly, the statistics below reflect a negative trend and illustrate the importance of instilling a more diverse and inclusive culture. A company should hire employees from different backgrounds, and foster an environment that welcomes their opinions and ideas. The result will definitely lead to increased employee engagement, creativity, retention and innovation.
- Only four percent of Fortune 500 companies have women CEOs. – Fortune
- Only 13% of employers monitor how much time is spent discussing inclusion and diversity at senior management meetings. – Robert Walters
- Only 20% of C-suite roles are held by women. – Women in the Workplace in 2017
- 74% of Amazon executives are white men. That compares to 68% at Apple, 65% at Google, and 51% at Facebook. Recode
Ideas to Support Diversity and Inclusion in the Workplace
How does your company measure up to some of these statistics? Top talent are always looking to work in diverse and inclusive environments, but not providing one may result in not securing the ideal candidate for your team. Employees will leave your company if they feel they’re not heard or provided opportunities to advance in the workplace. Below are a few ways that companies can support diversity and inclusion in the workplace:
- Update internal policies to include diversity and inclusion training
- Celebrate holidays of all cultures
- Create mentorship programs
- Establish a culture that promotes different perspectives
Statistics That Inspire Change
According to a recent study by the McKinsey Global Institute (MGI), employee diversity is associated with better business results. In the study, titled “Diversity Matters”, 366 public companies were surveyed from different countries in the Western World. Two key findings:
- Gender-diverse companies are more likely to perform 15% better
- Ethnically-diverse companies are more likely to perform 35% better
Although being diverse doesn’t directly translate to more sales or profit, companies who have a diverse population tend to be more successful. Here are some other statistics to consider:
- Earnings before interest and taxes (EBIT) increased by 8% for every 10% increase in the ethnic and gender composition of senior executive teams in the United States.
- In the United Kingdom, companies have seen a 3.5% increase in EBIT for every 10% increase in gender diversity in the same senior executive team.
At Cochran, Cochran and Yale (CCY), we help your business embrace change, identify areas of HR improvement, and add value to the broader organization through these key services:
- HR Optimization
- HR Transformation
- Talent Management
- HR Outsourcing
- Change Management
- Organization Design
CCY has developed talent and trained leaders and managers for 40+ years. We propel business success by aligning human capital with organizational strategy. CCY’s services are custom-fit to any workforce performance need, capable of supporting both large industry and small start-up employers for the entire human capital life cycle. We deliver measurable results through 40+ years in the people industry.