DEI: To Be or Not to Be?

By Roda Ogunpehin - Principal Consultant | RQ Consult - For workplace inclusion

In today's interconnected world, Diversity, Equity and Inclusion (DEI) isn't just a corporate buzzword; it's a crucial element for thriving businesses, whatever the size. Yet, many organisations still ponder: DEI, to be or not to be?

Why DEI matters

Let's start with the basics. DEI isn't just about ticking boxes or meeting quotas. It's about fostering an environment where everyone, regardless of their background, feels valued and can contribute their best. Studies consistently show that diverse teams are more innovative, make better decisions and outperform their less diverse counterparts.

The benefits of DEI

1. Innovation and creativity: Diverse teams bring varied perspectives, driving innovation. According to a study by Boston Consulting Group, companies with above-average diversity produce 19% more revenue from innovation.

2. Employee engagement and retention: Inclusive workplaces see higher employee satisfaction and lower turnover rates. Research by Deloitte indicates that inclusive companies are 8 times more likely to achieve better business outcomes.

3. Market reach and reputation: A diverse workforce understands a diverse customer base. McKinsey's research found that companies in the top quartile for ethnic and cultural diversity on executive teams were 36% more likely to have above-average profitability.

The expectations of future professionals

The importance of DEI is not lost on job seekers either. Today's professionals are increasingly prioritising DEI when considering potential employers. Here are some telling statistics:

1. Job preferences: According to a survey by Glassdoor, 76% of job seekers and employees report that a diverse workforce is an important factor when evaluating companies and job offers.

2. Company commitment: LinkedIn's Global Talent Trends report states that 78% of talent professionals and hiring managers say that diversity is the top trend impacting how they hire.

3. Workplace culture: A study by PwC found that 85% of CEOs whose organisations have a diversity and inclusion strategy say it has enhanced business performance.

4. Millennial and Gen Z expectations: Research by Deloitte indicates that 83% of millennials are actively engaged when they believe their company fosters an inclusive culture and 69% of Gen Z are more likely to stay with a company for more than five years if it is inclusive.

The Challenges

Implementing DEI isn't without its hurdles. It requires genuine commitment of leadership first and a shift in organisational culture. Resistance can stem from unconscious biases, fear of change or simply not knowing where to start.

The Way Forward

1. Leadership commitment: Change starts at the top. Leaders must be vocal and visible in their commitment to DEI. McKinsey found that organisations with diverse leadership are 21% more likely to outperform their peers on profitability.

2. Education and training: Regular training helps in recognising and overcoming biases. It's not a one-time fix but an ongoing process. 

3. Inclusive policies: Ensure that your policies reflect your DEI goals. From recruitment to promotion, every process should be inclusive.

4. Listening and adapting: Create platforms where employees can voice their experiences and suggestions. Be ready to listen and adapt accordingly.

So, DEI: to be or not to be? The answer should be clear. Embracing DEI is not just the right thing to do but of strategic importance for any forward-thinking organisation no matter the size. Everyone in the organisation has a role in DEI, not just one person or a diversity department. By fostering a truly inclusive environment, we not only build better workplaces but also a better society. 

To find out how we can support your organisation with diversity and inclusion, reach out to us at info@rq-consult.com. www.rq-consult.com.