Seven Ways Diversity and Inclusion Can Help Your Business

Embracing diversity and inclusion efforts at your business can provide benefits for team members, customers, and your bottom line. Here are seven ways D&I efforts can help your business:

1. Bringing new voices to the conversation can encourage creativity: None of us have a monopoly on good ideas. So, it’s not shocking that a recent study from Forbes[1] notes that “the best way to ensure the development of new ideas is through a diverse and inclusive workforce.”
2. Highlighting D&I is key to recruiting and retaining top talent: Regardless of industry, every business wants its team to be built of the best and brightest. Highlighting the diverse backgrounds of your employees and inclusive workplace policies can help attract top-tier talent and build a culture inside your organization.
3. Your culture has an impact on customer experience: Diversity and inclusion efforts yield results outside the office, as well. Studies show[2] that diversity of ideas and decision making teams improves customer service and experience.
4. Building your business’ brand: Workplace diversity helps solidify businesses as forward-thinking organizations and good employers. Share your efforts to encourage diversity and inclusion so your customers, clients, and community know its part of your DNA.
5. Diversity correlates to better financial performance: The numbers speak for themselves. Check out these statistics from international consulting company, McKinsey[3]: “Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry median. Companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians.”
6. Deepen your business’ connection to diverse communities: A wide range of backgrounds not only can help you better identify and serve the needs of diverse communities, but can also help break down language or cultural barriers to deepen relationships.
7. Encourage personal growth through cultural insight: Every interaction between individuals has an impact. Developing a diverse, inclusive, and equitable team can open employees to new cultures and ideas, while dissolving stereotypes and misconceptions.