In today’s business environment, diversity, equity, inclusion and belonging (DEIB) initiatives are often discussed within the context of social justice and equal opportunities. However, the impact of DEIB practices extends beyond creating more inclusive workplaces and strengthening societal values.
DEIB is a strategic imperative that advances the overall health and wealth of organizations in three critical areas: their people, their customers and their products or services. By prioritizing the development of a DEIB framework with supporting initiatives and training, organizations can unlock the full potential of their workforce, cultivate stronger connections with customers, and drive growth and innovation within their products or services.
Utilize a DEIB framework to recruit and retain top talent
Companies with an authentic commitment to DEIB are more likely to attract and retain diverse talent. “If you want to attract the best talent, you need to be reflective of the talent in that market,” said Eileen Taylor, previously CEO and global head of diversity at Deutsche Bank, in Forbes Insights’ report on Global Diversity and Inclusion: Fostering Innovation Through a Diverse Workforce.
Standardizing DEIB-focused talent acquisition and development strategies can help your organization answer “yes” to these questions:
- Are we attracting and hiring the best talent?
- Are we building high-performing teams?
- Are we developing and retaining high-potential employees?
Organizations that were proactive in adapting to the post-Covid 19 hybrid workforce also learned they could no longer separate the “person” from the “professional.” They recognized that an investment in the emotional and mental well-being of their workforce was as imperative as employees’ underlying skillsets. Developing a more holistic approach to employee development resulted in elevated engagement and inclusion.
Ultimately, when employees are in inclusive and engaging environments, they bring their best selves and ideas to their jobs. And when that happens, companies stand to hit a trifecta of key performance indicators: increased retention, high-performing teams and organic development of future leaders within the organization.
Leverage a DEIB Framework to expand your customer base
When considering your customers, ask:
- Does our organization reflect the community and customers we serve?
- Do our interactions build trust?
- Are we retaining and expanding our customer base?
The adage of people doing business with people they know and like isn’t a foundational principle by accident. When a company retains its workforce, it also creates continuity within the organization and for its customers. Embracing DEIB initiatives enables organizations to build loyalty and trust with their customer base while also attracting new customer segments. A diverse workforce fosters different perspectives and insights into market needs and trends, which can lead to more tailored customer business development solutions and growth strategies.
Implement a DEIB framework to drive innovation
When thinking about your organization’s unique products or services, ask:
- Are we viewed as the market leader?
- Are we leading with innovative thinking?
- Are we maintaining and/or enhancing our competitive advantage?
Telle Whitney, a senior executive leader and recognized expert on diversity and women in technology, once said, “Diversity drives innovation–when we limit who can contribute, we in turn limit what problems we can solve.” Organizations that embrace a growth mind-set encourage innovation, creativity and collaboration. Diverse organizations bring a range of insights, ideas and original thinking that may uncover their competitive advantage or increase market share.
Reframing organizational success using DEIB initiatives
The McKinsey & Company 2020 report Diversity Wins: How Inclusion Matters states, “The most diverse companies are now more likely than ever to outperform less diverse peers on profitability.” Just as today’s most successful executives learn and evolve to perform at the highest level, organizations must do the same. To ensure profitability and sustainability, DEIB must become a model that’s central to the organization’s business framework. Rather than functioning independently, DEIB initiatives can support business priorities and function concurrently, making both DEIB and business strategies foundational to success.
Building organizational wealth begins with a focus on the core components: people, customers and products within the framework of diversity, equity, inclusion and belonging. Consider DEIB to ignite a culture of creativity and inspiring innovation that leads to long-term success.
Embracing DEIB opportunities with Becker
Becker Professional Education (Becker) is committed to a lifelong partnership of superior professional education. We have a vision to partner with organizations to elevate engagement, increase representation and equalize opportunities to thrive.
If you are ready to take the next step or want to determine where your organization is in the DEIB journey, Becker offers two certificate programs, each with five online courses and CPE credit. Cultivating a Diverse and Inclusive Workplace offers a practical foundation and first steps for understanding DEIB, its benefits and common barriers to success. Leading Change for a Diverse and Inclusive Workplace assists leaders in creating effective and profitable DEIB best practices and mentoring and coaching opportunities to drive organization-wide change.
