Updated: Oct 18, 2022
New energy and commitment to diversity, equity and inclusion came with the COVID-19 pandemic and the numerous social justice movements that brought issues of inequality and injustice to the forefront of our minds. Leaders are becoming increasingly committed to meaningful – and measurable – organizational change in the area of DEI, and there is a distinct difference in those companies who have committed to this work, and those who have not.
The data doesn’t lie: diverse companies are stronger and more successful. Still not quite convinced? Let’s allow some leading experts in the corporate world to weigh in. Here are a few of D5 Consulting Group’s favorite points of view on the benefits of embracing DEI in the workplace.
1. Catalyst, “Why Diversity and Inclusion Matter (Quick Take)”
A team that’s rich in diversity achieve higher levels of innovation and group performance. These companies attract a wider client base, and make better decisions that represent all of their customers. For 60 years, global nonprofit Catalyst has been supported by many of the world’s most powerful CEOs and leading companies to help build workplaces that work for women. In this article, Catalyst explains that homogenous groups have the tendency to “groupthink”, a single-minded approach that’s detrimental for clients and companies. Conversely, diverse teams have the ability to leverage a greater variety of perspectives and are likely to consider information more thoroughly and accurately.
Do what you’ve always done, and you’ll get what you’ve always had. Take it from Forbes, a global media company that publishes eight magazines a year focusing on finance, industry, investing and marketing subjects. This hot-off-the-press article explains that a bigger bottom line doesn’t come without creating the actionable change that is only possible when you hire from outside your network. According to Forbes, complacency isn’t the only concern – the best and biggest brands are diversifying, and if yours doesn’t change with the times, you run the risk of falling behind the competition.
3. Harvard Business Review, “What Inclusive Companies Have in Common”
Harvard Business Review conducted research, asking 18,000 readers to rate the diversity and inclusivity of their organizations. Researchers found that one distinct trait separated the diverse and inclusive organizations from those that were not: a learning-oriented culture. Organizations with learning-oriented cultures will actively recruit and retain individuals who bring unique and varied perspectives and experiences to the table. Creating a more diverse workplace requires a shift away from the status quo — a challenge that organizations with learning cultures are uniquely qualified to conquer. Meanwhile, those companies without a learning culture are more likely to stick to the status quo, resist change and progress, and ultimately, impede their own growth.
Ready to get serious about bringing diversity, equity and inclusion to your workplace? D5 Consulting helps public organizations, private companies, school districts, places of worship, and beyond build for the future. Contact us today for more information about our trainings and programs!