In today's corporate landscape, the value of diversity and inclusivity in the workplace cannot be overstated. According to a 2021 CNBC survey, 80 percent of respondents said they wanted to work for a company that valued diversity, equity and inclusion efforts.
In striving for innovation, global reach, and employee satisfaction, many organizations recognize that long-term success will come if they nurture an environment that embraces diverse perspectives and welcomes the different experiences of their employees.
According to a 2021 report by business analyst and thought leader Josh Bersin, more inclusive companies were 1.7 times more likely to be innovation leaders in their market and 1.8 times more likely to be ready for change. Bersin concluded that more diversity equaled more innovation.
Inclusivity, on the other hand, ensures that every employee's voice is not only heard but valued. When individuals feel included, they are more likely to share their insights, participate actively, and collaborate freely. This sense of belonging ultimately enhances overall employee morale and engagement. But implementing and sustaining diversity and inclusivity requires the commitment of the entire organization and is not something that is nurtured overnight.
In an interview, JobStreet Philippines Country Manager Philip Gioca said, “Creating an inclusive workplace takes a whole organization, from leaders at the highest level to the junior team members to have a deeper understanding and commitment towards the brand values and culture and displaying authenticity and acceptance.”
Apart from ethical issues, diversity and inclusivity initiatives also make good business sense. A diverse workforce builds a wider customer base and allows a more refined understanding of the needs and preferences of customers. This can lead to more targeted marketing strategies, product innovations, and ultimately, improved business performance.
A global study released by Deloitte Digital in 2022 said 57% of consumers were more loyal to brands that commit to diversity and addressing social inequities in their actions
Implementing diversity and inclusivity requires a multifaceted approach that considers a wide range of backgrounds when hiring, promoting open communication, providing diversity training, and establishing employee resource groups to foster connections.
