Despite offering higher than average wages, an attractive benefits package, and several development opportunities, your business still struggles with retaining key talent. What is missing?
Perhaps the answer lies in your company’s efforts to embrace diversity, equity, and inclusion.
What is workplace diversity?
Workforce diversity refers to the individual characteristics that employees have that make them unique. This includes the full spectrum of human differences, such as race, religion, gender, sexual orientation, age, disability, lifestyle, background, personality traits, experience, and education. Their overall uniqueness in the workplace can allow for innovative ideas and creative solutions to help your organization grow.
What is workplace equity?
Equity in the workplace refers to the fair treatment employees experience in the areas of opportunity and advancement. While it is often confused with “equality,” which implies sameness, equity refers to fairness. Equality, or sameness, means everyone is treated the same, regardless of their individual contribution. Equity, or fairness, is when you treat each employee appropriately and individually, based on the quality of their contributions towards your organizational goals.
What is workplace inclusion?
Inclusion refers to a feeling of belonging, or how welcome, comfortable, and valued an employee feels at work. When employees do not feel safe to be themselves or comfortable enough to share their creative ideas, their unique skills and knowledge may not be utilized to their full potential.
Why do diversity, equity, and inclusion matter?
Having a diverse, inclusive workplace means many different perspectives are welcome. In return, employees have more trust and are more deeply committed to your organization, which directly impacts your bottom line.
Studies show that when diverse staff members trust they will be treated fairly, they are:
- 9.8 times more likely to look forward to going to work
- 6.3 times more likely to have pride in their work
- 5.4 times more likely to want to stay a long time at their company
In some cases, diversity, equity, and inclusion not only impact your culture or the comfort of your workplace, but they also lead to measurable financial growth. Overall, your company has greater revenue, higher employee retention, more innovation, and a positive brand reputation with the public.
What is driving workplace diversity, equity, and inclusion?
In addition to increasing awareness and education, the following three influences play a significant role in shaping today’s workplace diversity, equity, and inclusion efforts.
While remote work existed prior to the pandemic, many workplaces now operate with at least a few fully remote or hybrid employees. This change in landscape broadens the talent pool and creates more opportunities for hiring diverse employees and cultivating an inclusive working culture. Remote work also removes any barriers related to geographic location or the ability to travel to a job.
In the United States, there are now four generations active together in many workplaces, ranging from baby boomers (those born between 1946 and 1964) to the newest workers, Generation Z (those born between 1995 and 2010). Each generation has their own set of values, experiences, and expectations that impact workplace culture.
More employees may be inspired to call out injustice at work as they become educated and learn how to be better allies and advocates for themselves and others. Some employees may also be more likely to call out or report discrimination in the workplace rather than be forced to tolerate unacceptable treatment.
For ideas to help your company proactively embrace diversity, equity, and inclusion, please contact your certified HR expert. Not a current Stratus HR client? Book a free consultation and our team will contact you shortly.