DEI Isn’t a Dirty Word
Our differences are our strengths
Some companies, in their attempt to appease our fascist government have cut their diversity, equity, and inclusion (DEI) initiatives. Those that have done so and declared it openly are suffering from a consumer backlash.
For example, Target. In the summer of 2023, they fumbled the ball when they pulled Pride merchandise from shelves when conservative consumers complained. And now, in the wake of publicizing that they were going to end their DEI programs, they are facing a $15.7 billion drop in shares and getting sued by their shareholders.
Ending DEIA initiatives is short-sighted and misguided. People like DEIA programs. Just ask Costco.
DEI Is Good For Business
Diversity, equity, inclusion, and accessibility initiatives in corporate America ramped up in 2020 after the murder of George Floyd and the outbreak of Black Lives Matter protests. As we are seeing now, a lot of those programs were mere lip service. Many companies are probably glad they can end DEIA.
However, a diverse, equitable, and inclusive environment has many positive effects for a workforce and its organization. Three big areas that benefit from DEI initiatives are employee well-being, marketplace advantage, and the bottom line.
For employees, true diversity and inclusion lead to less stress, less burnout, and less turnover — resulting in more productive teams, and less money spent recruiting and training replacement workers. Fostering a sense of belonging among employees creates cohesion and makes employees feel supported. A 2020 survey discovered that millennials, the largest generation in the current U.S. workforce, said they would stay longer with a company that valued diversity, and one-third would change jobs to be part of a more inclusive team.
In the global marketplace, being an organization that transparently values DE&I gives a business a competitive advantage. Seventy percent of job seekers consider diversity when they are looking at employers, so embracing DEI means businesses have access to a vast pool of talent. Consequently, a diverse and inclusive workforce is more likely to make decisions that benefit its customers. When a organization reflects the larger world, it can better provide its customers the products and services they need.
Finally, companies that practice diversity, inclusion, and equity enjoy greater financial success. As companies adapt to new trends and challenges, a diverse workforce can identify and innovate creative solutions because of the deeper collective lived experience of its people. Gartner discovered that 75 percent of companies with a diverse culture exceed their financial targets. In addition, gender-diverse and inclusive teams outperform gender-homogeneous, less inclusive teams by 50 percent on average. Research has shown organizations with diverse teams are 33 percent more likely to outperform their competition in profitability.
In conclusion, it should be clear that diverse organizations where people feel included and like they are treated equitably are more stable and have less turnover, plus they are more innovative and creative, which leads to more financial success and security. Diverse spaces are good for people and good for businesses — they lead to stronger connections where people of all walks of life can succeed and thrive.
(Sources)
https://insightglobal.com/blog/why-dei-is-important/
https://insightglobal.com/blog/types-of-diversity-in-the-workplace/
https://www.getimpactly.com/post/lack-of-diversity-in-the-workplace
