In an inclusive workplace culture, the norms, behaviors and decisions are consistent with respect for all our differences, visible and otherwise. In such an environment, diversity, equity and inclusion are key priorities that are celebrated and team members feel comfortable calling out anyone or anything that is to the contrary.
Benefits of building diverse and inclusive workplace cultures are well-documented by reliable sources, including the following:
• Top quartile diverse and inclusive companies are more likely to financially outperform their national industry medians, by 35% for ethnic diversity and 15% for gender diversity (McKinsey).
• Diverse management teams deliver 19% higher revenues from innovation compared to their less diverse counterparts (BCG).
• Companies with a diverse set of employees enjoy 2.3 times higher cash flow per employee (Bersin).
• Employees in highly diverse and inclusive organizations show 26% more team collaboration and 18% more team commitment than those in non-inclusive organizations (CEB/Gartner).
• Employees who feel their voice is heard at work are 4.6 times more likely to feel empowered to perform their best work (Salesforce).
• Diverse and inclusive workforces demonstrate 1.12 times more discretionary effort, 1.19 times greater intent to stay, 1.42 times greater team commitment, and 1.57 times more collaboration among teams (CEB / Gartner).
• Inclusive companies are 3 times more likely to retain millennials for 5+ years (Deloitte).
With tightening markets, global competitive forces in almost every industry and the race for out-performing peers, you may wonder why more companies are not building inclusive workplace cultures to take advantage of the benefits.
The answer is simple. It’s hard!
Check Out: Ultimate Guide to DEI