By Lisa Marie Desanto
•
26 Jun, 2024
The concept of diversity, equity, and inclusion (DEI) has become a growing topic of conversation in business markets: why it’s important, best practices to consider when designing an effective program, and the benefits to both employees and employers when a DEI program is implemented effectively. This blog post will examine each of these considerations – as well as some areas where DEI and intercultural training intersect with talent acquisition and global talent mobility. Why focus on DEI? As the world becomes increasingly complex and advancements in technology grow at surprisingly exponential rates, global workforces and markets are becoming more diverse across cultures and borders. How can organizations best keep up? By tapping into the rich, diverse experiences, skillsets, and perceptions of the workforce they already have – and keeping DEI in mind when recruiting their employees of the future. After all, what better way to compete in today’s market than to build a diverse , inclusive and engaged workforce that mirrors the varied demographics of the global markets businesses serve? Focusing on DEI benefits employees by making them feel seen, heard, and valued, but all of that increased well-being also translates to increased innovation and productivity for businesses. A recent McKinsey Diversity Matters report showed that companies committed to diversity show “a 39 percent increased likelihood of outperformance for those in the top quartile of ethnic representation versus the bottom quartile.” What’s more, the more diverse and inclusive a company is, the more attractive it becomes to talented job candidates, which expands an organization’s talent pool. Diversity alone isn’t enough Too often, organizations assume that simply having a diverse employee population will be enough. But to reap the benefits mentioned above, employees need to be truly invested at work: they need to feel that their perceptions and skills are both valued and welcome, and to believe that they’ll have every opportunity to reach their greatest potential. To accomplish this, a focus on all three DEI pillars should be prioritized. Put simply, focusing on diversity without also fostering equity and inclusion isn’t just counterproductive, it can also be harmful. According to Forbes , global market spend for DEI is projected to hit USD 15.4 billion by 2026 . Yet with all that investment, 65% of employees don't believe their organizations value diversity and inclusion. When employees don’t feel seen and valued, morale may drop significantly, resulting in workplace burnout, feelings of being undervalued or unsafe, and/or a lack of workplace engagement – reversing the very impacts that the company is hoping to achieve. We’re all capable of doing great things. Incorporating diversity, equity and inclusion into every aspect of a company just ensures that everyone has an equal opportunity to contribute their best and reach their highest potential. At the end of the day, that benefits employees and their employers. -- Saloni Lakhani, Associate Director, Global Mobility, Kimberly-Clark