Diversity And Inclusion Can Help Firms Get Talent

The modern workforce is more about quality of living than anything else. Workers today focus more on the kind of opportunities that their employer offers them, how their employer helps them pursue their passion, and what their organization does for the greater good of society. Success for millennials doesn’t necessarily have to do with money and status alone. A successful life for this generation of people depends on several factors. Some of these may not impact their lives directly but influence what they do, the relationships they have, and the growth they experience. A successful company also focuses on diversity and inclusion as much as it does on making money and other aspects.

A company that can provide inclusive growth to its employees and follow ethical operational practices is also considered successful. That doesn’t mean organizations should compromise on their financial performance and direct all their energies towards diversity and inclusion. It is the other way round. Companies that emphasize diversity and inclusion see a considerable improvement in employee productivity and business profitability over time. 

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The discussion on the connection between business performance and diversity and inclusion in the workplace has occurred several times over the years. It is a fact that people coming from different locations, cultures, and backgrounds will always bring with them different experiences, stories, and skills, to name a few things. When all those people work in the same team, ideas flow more naturally, and innovation comes to life collaboratively.

According to a McKinsey study in 2017, the financial performance of a business and the gender diversity in the workforce are indeed correlated. The study found that companies with more female executives had a much better chance of succeeding than those with no or very few women in the executive team. In the same way, companies in which board of directors come from different cultures have a better chance to do well than the rest.

Companies that choose diversity and inclusion are doing the morally correct thing and something right from the business perspective. Diversity and inclusion have become a priority that they aren’t prepared to compromise with when it comes to millennials. Unlike those that came before them, these people don’t like to work in an environment that doesn’t promote diversity and inclusion in one or the other way.

Employees feel left out when their opinions are not as valuable as others. This disrespect can often lead to exclusion in some employees, which is not suitable for the work culture. Organizations can better deal with such instances with inclusive leadership and ensure that they don’t repeat. A diverse and inclusive workplace is beneficial for every employee. The work environment is healthier, and employees feel more motivated to perform.

Reference: Why inclusive growth has become a non-negotiable priority for businesses | Forbes India | Saugata Gupta | Dec 14, 2021

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