Why Every Business Leader Should Care About DE&I

These days, many conversations we hear about diversity and inclusion in the workplace suggest that some managers think D&I stands for “difficult” and “internalized.” Many such leaders and managers struggle to talk about race, gender, and other aspects of diversity. And some think D&I means they should favor one group over another.

When we hear this line of thinking, our SIR experts usually find an absence of an organization-wide plan to make D&I a fundamental business strategy.

And that’s a mistake.

TWO FACTORS FOR YOUR BOTTOM LINE

In the past year, SIR has been helping organizations develop plans for more diverse and inclusive workplaces. We have found two strong reasons for committing to D&I initiatives.

First, when employees feel a part of a supportive workplace (no matter the group), they are far more engaged, productive, and satisfied. And they are more likely to stay with a company longer. Plus, the benefits of diversity often include improved creativity, innovation, and employee morale. Employees report that they will bring their best to the job when they know there will be a range of experiences and competing ideas in a diverse work team. 

Second, leaders across business sectors understand the demographic destiny of America. Tomorrow’s labor pool will be more diverse than ever as minority groups become the majority population in the U.S. within the next 15 years. At the same time, a worker shortage is pending, with little or no growth projected to occur in the 21- to 62-year-old age group. It is inevitable there will be increased competition for employees, and companies will need to expand their hiring sources.

If you’re not “all in” on D&I, then you’ll fall short on having a fully engaged workforce today — and in maximizing the success of the workforce tomorrow. 

“It is inevitable there will be increased competition for employees, and companies will need to expand their hiring sources.”

THINK: STRATEGIC SUSTAINABILITY

Yes, we hear leaders say they have diversity fatigue, after more than a decade of training driven by compliance mandates. But while rules and policies remain a fundamental part of achieving workplace diversity goals, the emphasis needs to be placed on the broader good for the company culture and your long-term success.

The best companies make D&I plans an integrated part of management development and practices. They do this with strategic plans that are supported by the CEO, accepted as an organizational core value, and included in performance management.

There’s more to the story about how D&I is good for business. Let us know when you’d like to chat about it.