How Can You Improve Your Company’s Performance Through Diversity And Inclusion?
Recent research by researchers from the International Labour Organization and consulting firms McKinsey and Deloitte have found that firms that demonstrate diversity through Inclusion have better results.
So, what exactly do Diversity and Inclusion mean? And how can you profit from it?
What are diversity and Inclusion?
The Diversity Council of Australia describes diversity as a mixture of people and Inclusion as making a space that permits this mix to function for customers, businesses, and employees.
In the context of diversity, it is a term that refers to how we differ (like ethnicity, age, education level, gender, sexuality, gender, or occupation). Inclusion can only be achieved when all employees within your company feel valued and appreciated. Since they go hand-in-hand with diversity and Inclusion, they are frequently identified with the abbreviation “D&I.”
What is the significance of this for my small company and me?
Diversity is a method that helps develop talents and boost your business’s competitiveness to increase expansion. If you are open to bringing in different kinds of individuals, you can bring new ideas and experiences to your company. In essence, it’s great for your business.
There is also an increasing demand from customers for companies and brands to be more responsible and inclusive. If you can provide a warm and welcoming environment for your clients, you will position your company for expansion, innovation, and resilience to future challenges.
What are the ways you can help D&I within your company?
We’ve put together five strategies that can help you ensure Inclusion and diversity in your company.
No matter if you’re part of a team of employees or you can be a leader in D&I by identifying any subconscious bias you might have. Our unconscious bias can affect our decisions, the words we employ, and the way we conduct ourselves, which could affect us all in a significant way on your company and the experience of employees and customers. If you are a role model for your employees, customers, network and colleagues, you’re setting an example and helping drive the most effective approach to your company.
If you can ensure that your employees feel valued and energized by providing that all employees feel valued and motivated, you can drive more innovation and improve business results. The best way to beat the fight for talent is by looking at ways to hire inclusively, including outside your traditional networks, and looking at the staff roster and employees using fresh eyes.
The research of McKinsey has shown that teams with diverse backgrounds are “stronger at anticipating shifts in consumer needs and consumption patterns that make new products and services possible, potentially generating a competitive edge.”
Additionally, The Diversity Council of Australia’s Inclusion@Work Index 2019-2020 found that people who work in inclusive workplaces or organizational cultures have three times the likelihood of reporting that their team can provide exceptional customer/client service and a three-fold lower chance of quitting their employer of choice.
It is possible to think about the following:
- Revising job descriptions to ensure that they job description can be modified according to different ways to allow for flexible working hours
- CVs that are blindly screened to prevent stereotypes and preconceptions
- Talking about Inclusion on the day that a new employee joins
- changing your HR policies to make them inclusive
- Making use of inclusive language, which includes making pronouns more common using inclusive language, such as the use of pronouns
- They were celebrating staff members bringing their best selves to work.
By being more welcoming to a wide range of customers, you will aid in accelerating the expansion of your business. Begin by considering how you can interact with your existing customers differently and attract new customers with diverse products, marketing, and branding.
Be aware of how you communicate with your customers. Is there a spot on your website, social media profiles, or the front of your business or reception that indicates you’re an inclusive small-scale company? Do you have the Pride Flag on your window? Do you go to expos or community fairs open to all organizations to demonstrate your solidarity? Do your social media postings include alternative text to images and descriptions of images?
If you own bricks and mortar store, is it accessible for disabled people? Would you be benefited from ramps to help those with mobility issues to get into your store? Do you think about ‘quiet shopping’ with dim lighting and low volume for those with sensory sensitivity or autistic? Should you and your employees be fluent in multiple languages or are familiar with AUSLAN, would you advocate this to attract diversifying customers who might otherwise feel disengaged due to communication barriers?
4. Suppliers and partners
Please look at your business connections and how they approach inclusiveness and diversity. Suppose your business is positioned as one that promotes those in the Aboriginal and Torres Strait Islander communities. Is it appropriate to have one of your vendors publically exhibit racist behavior? Customers might not believe that way.
What can your supply chain do to influence the Inclusion of people? Are you buying products from trustworthy companies with an established track record of being inclusive and ethical in treating people? Are they displaying this through their leadership and hiring practices?
Create strategic alliances with businesses that are a part of your commitment to Inclusion and diversity to increase your profit and attract more customers to your company.
5. Significant Days
It is also a good idea to look at ways to mark and celebrate important days important to you and relevant to your company. Look over the Diversity Council of Australia’s Diversity and Inclusion Calendar and consider recognizing certain dates.