Diversity and inclusion

Diversity and inclusion refer to the recognition, acceptance, and celebration of the unique identities, perspectives, and experiences of individuals, with the purpose of fostering a sense of belonging and equality in all aspects of society.

What does diversity and inclusion mean?

Even though diversity and inclusion are often used interchangeably, they are not precisely the same. At the core of both terms, however, is the concept of recognizing and celebrating our differences. 

Defining diversity

Diversity is the recognition and acceptance of a wide range of individual differences and unique characteristics that exist among people. These include race, ethnicity, gender, culture, sexual orientation and age. 

Defining inclusion

Inclusion is the way in which organizations incorporate people from different backgrounds and cultures into the workplace community by providing equal opportunities for participation. 

How diversity and inclusion complement each other

Diversity is about recognizing a wide range of differences and unique characteristics that exist among people. These differences include race and ethnicity, gender, sexuality, religion and age.

Inclusion is how organizations incorporate workers from widely different backgrounds and cultures into the workforce. This is achieved through policies that ensure equal opportunities are given to all employees and that hiring is made from a diverse pool of candidates.

Diversity and inclusion complement each other by adding value to an environment where people feel valued, respected, and empowered. The purpose is to build a diverse workforce that celebrates multiculturalism and harnesses the power of diverse perspectives and experiences.

Benefits of diversity and inclusion

A diverse workforce does not only provide a broader range of perspectives, but it also fosters innovation, increases productivity and profitability, enhances problem-solving capabilities, and promotes a more inclusive and dynamic work environment.

D&I initiatives are essential to the cultivation of a safer and more equitable workplace culture. Companies with greater ethnic diversity within their executive teams are associated with a 36 percent higher likelihood of achieving superior profitability. Similarly, organizations with gender-diverse executive teams have a 25 percent increased chance of outperforming their counterparts.

Furthermore, a study carried out by Deloitte in 2017 found that close to 80 percent of the people surveyed stated that diversity and inclusion-oriented policies made the company more competitive.

What is D&I metrics?

D&I metrics refers to the quantitative measures used to track diversity and inclusion within an organization. These metrics provide data and insights on various aspects of diversity, such as representation, employee engagement, hiring practices, promotion rates, pay equity, and inclusion initiatives. They are also critical for the understanding of corporate progress, identifying areas that need improvement and measuring the overall impact of D&I efforts. 

These metrics can be a powerful tool for assessment and analysis that allow companies to effectively evaluate a strategy and make data-driven decisions. 

Diversity and inclusion in the workplace

A D&I oriented workplace is made up of people that represent society beyond the traditional recruitment pool. They come from a wide variety of backgrounds and occupy roles at every corporate level, ranging from entry-level positions to leadership roles. 

For a D&I strategy to work, it must be integrated into every aspect of an organization’s operations and have strong leadership commitment. This extends beyond the office walls, involving how the company engages with clients and customers, and how it develops its products and services. 

How D&I strategies contribute to a more equitable workplace

A well-implemented D&I strategy can yield numerous benefits for organizations. 

Here are some examples:

• A fresh perspective: People from diverse backgrounds tend to have unique experiences and viewpoints, which bring fresh and innovative ideas to the table. Different perspectives bolster creativity and encourage critical thinking. It challenges the status quo and promotes continuous improvement and growth within the organization.
  
• Increased employee engagement and retention: Employees that feel valued, respected, and included are far more likely to engage and commit to the mission of a company. Inclusivity in the workplace fosters a sense of belonging, which has a direct impact on employee wellbeing and morale.
  
• A better understanding of customer needs: Companies with a diverse workforce are generally better at understanding the needs of their customers. Also, when hiring from a broader recruitment pool, companies have the opportunity to learn from different cultural, social, and demographic perspectives. This enables companies to more effectively adapt their products, services and marketing strategies and reach a larger customer base. 
• Stronger decision-making: Diversity fosters a more comprehensive understanding of complex issues, encourages innovative thinking, and promotes creative problem-solving. By considering a wide range of viewpoints, companies can avoid groupthink, challenge assumptions, and make more informed decisions. However, this requires not only an inclusive and diverse workplace, but a workplace that encourages communication and collaboration among its employees.
  
• Access to a larger pool of qualified candidates: A company that focuses on D&I will open itself up to a greater and richer talent pool. This increases the chances of finding solid candidates for specific roles within the company, which also contributes to a more dynamic and talented workforce.