25 Feb The Value of Diversity Beyond Numbers
Diversity and inclusion, while often discussed as a matter of social progress, is additionally an essential part of remaining a competitive, relevant business. Diversity provides a strong advantage in an ever more competitive landscape and inclusion is a critical factor in driving innovation and creativity.
The innovation of diverse organizations outpaces less inclusive environments. This has been demonstrated in countless studies; according to a 2020 survey conducted by Deloitte and Fortune, 96% of CEOs consider diversity and inclusion to be a strategic priority. Another study found that a sense of inclusion led to a 17% increase in perceived performance, a 20% increase in the quality of decision making, and a 29% increase in team collaboration.
Inclusive environments also translate into higher employee retention and engagement. Organizations with strong diversity and inclusion policies attract more talent, keep more talent, and are better able to develop that talent, leading to greater innovation and success.
Employees who feel uncomfortable or unwelcome in their workplaces are not only more likely to leave their jobs, but they are more likely to take unnecessary sick days. According to current estimates, absenteeism contributes to $6 billion in annual losses in Canada alone. By creating a truly inclusive environment, organizations can help mitigate discomfort, engage their employees, and limit unnecessary absenteeism.
The importance of diversity and inclusion to success is well known to employers. In a study by the Canadian Center for Diversity and Inclusion, 95% of senior leaders agreed that diversity contributes to more innovation, creativity, and better problem-solving. In the same survey, 82% of senior leaders believe that diversity resulted in better marketing success in both local and international contexts. Additionally, 100% of respondents in this survey indicated that diverse viewpoints added value to their organizations.
What all of these studies tell us is that diversity is a clear competitive advantage – and yet many organizations struggle to find and maintain diverse representation. So the next obvious question is: how does an organization translate their desire for strong diversity into appropriate representation? How does an organization work to improve their diversity?
The first step is to improve inclusion. Diversity without inclusion cannot thrive and inclusive environments are more likely to attract diversity. By understanding diversity and inclusion together, organizations can better analyze their strategies and adjust their practices to attract and retain the talent they need for success.
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