How Do You Define DE&I?
Diversity, Equity, and Inclusion (DE&I) in the workforce refer to hiring talent from all walks of life, across the entire spectrum of ethnicity, genders, and abilities.
In the words of Verna Myers, Inclusion Strategist at Netflix, Verna Myers:
- Diversity is being invited to the dance (regardless of the differences)
- Equity is being asked to dance (closing the gaps for all)
- Inclusion is allowing you to choose the music (acknowledging the thoughts, opinions, and facts)
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DE&I allows me to … make sure that I’m giving a voice to the voiceless. I’m making an impact in a positive way and using my platform to make a difference.
Audra Jenkins
Chief Diversity & Inclusion Officer, Randstad
McKinsey found that higher gender diversity companies reported a 15 percent above-average profitability. They also found a positive correlation between executive-level gender and ethnic diversity and financial performance.
Diversity is a path to a successful future if it is pursued and implemented correctly.
In a global economy, companies that strive to find and keep top talent will dominate the future. DE&I should be a critical component of your plans to make sure your organization is one of them.
Diversity and inclusion aren’t just the right thing to do – it’s good for business and our economy.
Joyce Beatty
Congresswoman from Ohio
Does DE&I Increase Innovation?
Companies with above-average diversity among their leaders earn almost half of their revenue from innovative products and services, beating homogeneous leadership teams by nearly 20 percent.
For example, when the trait is ethnicity, the team is 152 percent more likely to understand that potential client. Also, diverse teams deliver better knowledge, when discovering the value in new markets.
When leaders create a “speak up” culture their employees are 3.5 times more likely to deliver their full innovative potential.
The best innovations can only come if our people reflect the world’s full diversity of individuals, opinions, and approaches.
Alex Gorsky
Chair and CEO of Johnson & Johnson
Does Success with DE&I Depend Upon Leadership?
Undoubtedly! Inclusive behavior can drive up the feeling of inclusion and empowerment among diverse employees by 70 percent. Inclusive teamwork empowers all employees to thrive, innovate, and adopt an attitude of ownership.
So, what's holding them back?
Many studies say leadership has not overtly and openly embraced DE&I in practice. As per HBR Study, though 93 percent of leaders agreed that DE&I is a “top priority,” only 34 percent implemented it.
This only changes when DE&I efforts are measured and tracked in those metrics in existing employees' performance evaluations.
DE&I is an exercise in team-building in the pursuit of excellence, that reflects on financial, competitive, and innovative benefits.
Does DE&I Increase Employee Engagement?
Doubtlessly! Employees in a DE&I culture are twice as engaged as dissatisfied employees. They are 12 percent more productive, they are 19 percent more likely to make a long-term contribution, and their collaboration with their peers is 57 percent more effective.
Companies with diverse teams take better crisis management decisions than their homogeneous counterparts.
Therefore, a strong DE&I program can create a resilient and adaptable workforce in alleviating the management during a crisis.
Besides, the post-Covid world has highlighted the importance of tapping global talent like never before. Businesses have learned how diverse teams are far superior to homogeneous ones.
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Millennials comprise 75 percent of the workforce by 2025. In their opinion, an inclusive organization is more creative ad innovative, and that’s where they want to be.
As such, staffing industries should ensure a merit-based and bias-free hiring process, reflecting their DE&I goals. AI-based hiring technologies can make a difference as they can minimize unconscious bias towards candidates during assessments.
A diverse and inclusive workforce helps everyone enjoy going to work, no matter who they are, and they can feel equally involved in supporting the organization’s mission and vision.
Ken R.Taunton
President and CEO, The Royster Group Inc
Staffing companies and hiring executives have several ways to deliver the perfect candidate:
- Customized assessments that match the real-world tasks and responsibilities will prepare the candidate for the expected skill-sets.
- Also, behavioral assessments can determine how creative and adaptable the candidate is.
- Further, proctored tests can detect cheating and prevent fraud during candidate assessments.
DE&I's effort is all about finding the right talent, not the right resume. Dashboards and analytics will help to create access and culture for all those who deserve representations that are long overdue.
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Embracing DE&I into the workplace means more creativity and more engaged workforce, which in turn translates to an improved bottom-line.
Satish Kumar
Co-founder and CEO, Glider AI
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Building diverse teams that effortlessly span the globe has become crucial to the success of many enterprises, small or big, especially in post-Covid work situations.
What Gets Measured, Gets Managed
Equitable hiring, compensation, and promotions can boost employee morale and confidence to a great extent, so do an “open-door policy”. It can increase employee recommendations multifold.
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