Benefits and Characteristics of DE&I

Diversity, equity, and inclusion are three parts of the whole. Value is leveraged only by working from a definition of diversity that enables everyone- employees, management, customers, prospects, and collaborators-to feel that they are included and accepted, have a valued place in the organization, and are equally able to contribute to the fullest extent they can. This also keeps it from being "us" (the majority) and "them" (the minorities). Everyone has a perspective to offer- and their own preconceptions about others to deal with.

Given that, making the organization and the workplace more diverse and inclusive is not only the right thing to do; it is also driven by a common sense that a diverse workforce strengthens the organization. The types of perceived benefits can vary,

however:

· Improved creativity and innovation. Diverse views make for better business decisions and drive a high-performance culture. This benefit derives from having groups with multiple perspectives, life experiences, and learning and problem-solving styles. This generates more ideas, but the experience of working in a more novel group with different behaviors and norms also fosters increased openness and flexibility. As Columbia Business School Professor of Leadership and Ethics Katherine Phillips explains, the discomfort caused by diversity in and of itself helps promote innovation. Knowing that members of a group have a different background and are likely to bring a different perspective increases both the depth to which group members critically examine their own assumptions and their openness to alternative ideas.

· Recruitment and retention. Demographic changes and local labor markets have driven employers to develop diverse workplaces. Here, as with so many aspects of DE&I, principles must be applied to local needs. Recruitment gaps and challenges may be very different for each local subsidiary of an organization. Developing an inclusive and diverse workforce enhances the employer's ability to attract high-potential talent in minority groups. Creating equal opportunities for everyone is also simply the right thing to do.

· Market strengths. Having a diverse workforce improves an organization's ability to understand the perspectives and needs of its customer segments, to identify and reach new market segments, and to develop new products that anticipate and meet those needs.

· Branding. The positive image of being a diverse, inclusive organization can be a marketing advantage and selling point, helping the organization to connect and identify a brand with diverse markets.

· Global integration and local differentiation. Local employees add greater awareness of local laws and regulations and business models and practices. They also bring potential entry into social networks, sources of information, and influence. Robust workplace diversity in an organization has a positive impact on the economies and societies in which the business operates.

· Increased revenue. Diversity, equity, and inclusion are good for business and can yield "a diversity dividend" of quantifiable improvements in market share, a competitive edge in accessing new markets, and a stronger bottom line. Each of the above benefits of DE&I ultimately contribute to an organization that can create greater long-term value and profitability, as they are able to draw on a more diverse, engaged workforce made up of top talent.

 

The rapid pace at which the workforce is changing across the globe poses a significant challenge for HR leaders and the organizations they work for. Generational turnover, cultural evolution, widespread immigration, emerging markets, and evolving technologies have all played and will continue to play a major role in creating an increasingly complex organizational and business environment.  

Workplace DE&I is a prominent part of many businesses and a concern of the talent pools they pursue. With diversity, an organization has the foundation to develop a more cohesive, collaborative, and innovative work environment and the potential to drive continued growth. Without diversity, an organization will face a competitive disadvantage.

That, in turn, brings us to the strategic value of diversity. What makes diversity valuable to an organization is, first and foremost, the expanding range of perspectives and modes of thinking that it provides. Gardenswartz and Rowe describe that strategic value as "capturing talent, understanding markets, utilizing diverse perspectives for innovation, knowing how and how not to pitch products, and, ultimately, how to generate employee commitment."

The potential strategic benefits of workplace DE&I are enormous. These benefits  are most likely to be realized by a top-down, organization-wide effort, including a detailed process, supported by clear metrics, data gathering, and analysis ... and a clear definition of what constitutes diversity, equity, and inclusion and why they are important to the organization's core business strategy. In accordance with the importance of considering DE&I as a strategic imperative, DE&I requires the full-fledged, organization-wide efforts of a comprehensive strategic initiative.

Characteristics of Dynamic and Inclusive Workplaces

Dynamic and inclusive workplaces feature many common characteristics. They

are generally multigenerational, multicultural, multilingual, multitalented, and

multigendered. Each of these characteristics is described.

·       Multigenerational:

         I.            Different generations bring different skill sets and perspectives, each of which can provide value.

       II.            Partnering employees from different generations can help generate innovative and creative solutions and ideas.

     III.            Provides opportunities for cross-generational learning and mentoring, and knowledge transfer.

    IV.            Different generations require different engagement strategies (benefits, career path opportunities, management style).

·       Multicultural:

                                 I.            Multicultural organizations have access to a greater diversity of thought and experience and can therefore benefit from more innovation and creativity in decision making.

                               II.            Can gain valuable insights into other cultures for the purpose of market expansion and finding and appealing to new customers.

                             III.            Opportunities to appeal to diverse talent and customers.

·       Multilingual:

                                 I.            Multilingual environments can help foster greater diversity, equity, and inclusion, and therefore more innovation and creativity.

                               II.            Multilingual environments can attract top talent and new customers.

                             III.            Multilingual employees can provide opportunities for organizational growth and are able to bridge certain gaps in understanding and communication (with customers, vendors, other employees).

                            IV.            Multilingual employees can help provide language support in-house for example, in customer service or with overseas branches and offices.

                              V.            Encouraging multilingualism can also benefit the workforce, as they acquire new skills and ways of thinking, which in turn can help engagement and retention.

·       Multitalented:

                                 I.            Multitalented workforces are flexible and able to adapt to fast-paced, changing situations and work environments.

                               II.            Multitalented workforces can be more collaborative, which can enhance team building and engagement.

                             III.            Can lead to challenges with retention if multitalented employees feel dissatisfied or unchallenged.

·       Multigendered:

                                 I.            Gender diversity leads to more innovative thinking and encourages diverse idea exchange.

                               II.            Multigendered organizations are able to attract top talent (especially top non-male candidates).

                             III.            Can signify a forward-thinking organization and leadership, which can attract more and diverse customers.