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 engaged within the company, which builds strength and resilience in the workforce, 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.
To serve the needs of a diverse workforce, companies must adopt a more equitable approach to reach everyone. Inclusive programs have variety, and one size fits all programs reach no one. Companies that prioritize a personalized, premium total rewards have a monumental edge in hiring, retention, employee engagement and vitality.
Diversity comes in many different forms. Consider A mom with small children at home. She may prefer a wellbeing program that included childcare options (care.com, or Pumpspotting) or home grocery delivery (Instacart, Whole Foods). Younger worker workers may find other programs more interesting, like transportation benefits and gym memberships. The same is true when it comes to mental health. Offering a variety of mental health programs helps employees find the use programs that bet fit their needs and interests.
Our country’s diversity has been the biggest key to our success as a nation. It is what makes us the most uniquely positioned to lead the world. We must continue to promote and support the diversity of this country, because it is that which makes us American. The companies that embrace diversity, equity and inclusion are more likely to share the success of our great nation.
If you’re considering widening the scope of your DEI efforts with more total rewards, wellbeing and life benefits for your clients or employees, we’d love to talk.