The Advantages of Diversity
Did you know that minorities will be the majority population in the U.S. by 2044? What’s more, 67% of employees seek out diverse companies and 60% of employees want their employers to improve diversity in the workplace.
Beyond the statistics, there are many reasons to diversify your employees:
- An organization’s ability to attract talent (especially millennials) increases (by 2025, millennials will make up 75% of the U.S. workforce)
- The decision-making process is enhanced
- Higher organizational commitment to diversity leads to higher retention
- Increased innovation
- Higher team performance
- Higher profitability (revenue and cash flow)
- Higher customer satisfaction and ability to enter new markets
- Increased shareholder value
Diversity alone isn’t enough to drive performance. In fact, diversity can increase conflict and reduce performance if it isn’t valued within an organization. The differentiating factor is a culture that fosters inclusion and belonging as well.
Diversity, Inclusion & Belonging
What is diversity?
There are two types of diversity, which are interrelated:
- Demographic diversity (culture, gender, age/generation, sexual orientation, disability, veteran status, etc.)
- Cognitive diversity (differences in thought, education, experience, etc.)
Often demographic diversity leads to cognitive diversity. Baby Boomers and Gen Xers see diversity as differences in demographics. Millennials, however, believe in cognitive diversity as something that brings value to an organization.
What is inclusion?
Inclusion is valuing differences and building an organizational culture where all people, regardless of background, feel welcome and can express their thoughts/differences. Inclusive organizations foster a sense of belonging.
What is belonging?
Giving employees a sense of belonging means they clearly understand the ways in which their talents, beliefs, thoughts and experiences contribute to the organization’s success.
How Blue Can Help
We achieve cultural diversity by:
- Assessing the cultural competence of your organization at different levels
- Building a workforce plan that aligns your short- and long-term business and diversity, inclusion and belonging strategies
- Creating experiences that connect employees and help your organization celebrate individual and collective differences together
- Focusing on the connection between diversity, inclusiveness and belonging and well-being — for employees to bring their best selves to work, they have to know they can be themselves at work
- Empowering leaders to be empathetic, create inclusive teams and foster high-quality relationships with their team members
- Developing a change management plan (communications, training, analytics and DIB support network) that can foster the cultural shift and sustain the change over time
- Tailoring strategies to meet your organization where it is
- For global companies, our strategies are multi-level, focusing on globally-applicable strategies, as well as those that are locally-relevant
A true cultural shift takes time. And when all of the pieces come together, it activates true joy, passion and commitment to foster innovation within the workplace.