Recent studies indicate that promoting diversity, equity and inclusion isn’t just the moral thing to do. Companies that prioritize DEI increase employee retention, sales, and customer satisfaction as a result. The data indicates that inviting diverse voices and viewpoints to the table helps to broaden the scope and inform transformative business decisions, paving the way for business growth.
In a recent Gartner study, 75% of organizations with frontline decision-making teams reflecting a diverse and inclusive culture exceeded their financial targets. And gender-diverse and inclusive teams outperformed gender-homogeneous, less inclusive teams by 50%, on average.
Diversity is fast becoming an expectation for employees and the public. Customers want to know the companies they support share their ideals, and workers need to feel aligned with the overarching mission. Employees confident about their employer’s commitment to DEI are much more likely to stay on which builds strength and resilience in the workforce, while reducing HR turnover costs.
Younger employees, especially, are driven by a strong sense of truth and fairness and would be drawn to organizations that genuinely care about their people.
Still putting policy to action presents many challenges for employers. Creating an inclusive and equal environment requires employers take multi-pronged approaches to reach various populations. Especially when it comes to benefits.
Companies must consider the needs of various groups, and offer more targeted choices that drive engagement across the board. Choice allows employees to find the best fitting programs for their needs, inherently making your program more inclusive.
A mom with small children at home might be interested in childcare options (queue care.com, or Pumpspotting) and home grocery delivery (like Instacart, Whole Foods, Kroger and more), while city employees and younger adults may need help with transportation (yes to Uber, Lyft and Caravana).
Employees that experience physical, social, or language barriers often have difficulty finding programs that meet their needs. Employees may live in areas where services aren’t offered. Companies that offer online flexible benefits, and offerings that are nationally ubiquitous have a better chance engaging employee in all demographics.
If you’re considering widening the scope of your DEI efforts for your clients or employees, we’d love to see how we can assist you.