Why Diverse & Inclusive businesses are on TOP in 2021!
It’s no longer up for debate. The benefits of championing a more diverse and inclusive working environment are undeniable.
Achievers recently stated that diverse companies enjoy 2.3 times higher cash flow per employee. Gartner has also found that inclusive teams improve team performance by up to 30 percent in high-diversity environments and it’s also been found that companies with diverse management teams had a 19 percent increase in revenue compared to their less diverse counterparts.
So, what are you waiting for? If you haven’t started to implement D&I into your long-term growth plan, now is the time.
‘Why are businesses who are embracing D&I achieving better results?’
There are many contributing factors, but some of the main things to take note of, are…
Diverse & inclusive teams have access to a bigger talent pool!
D&I is a significant factor for the majority of job seekers in the market at the moment. According to a Glassdoor survey, 72 percent of women, 89 percent of black respondents, 80 percent of Asians, and 70 percent of Latinos said workforce diversity was important to them. A significant majority of white respondents also said workforce diversity is important. Hiring more diverse individuals is crucial in attracting more interested, qualified applicants.
Diverse and inclusive businesses are opening themselves up to a much larger talent pool than the companies who chose to recruit in the same way they have for 30 years.
Employee’s at D&I businesses are more engaged and tend to stick around.
ADP says “Supporting D&I allows for an environment where people aren’t judged unfairly; instead, they are given an opportunity to contribute to the overall success of the organization. Encouraging D&I is not just the “right thing to do,” it is critical to enhancing business performance because it can bridge the gaps between diverse talent attraction, engagement and retention.”
By putting the steps in place to foster a more diverse environment, businesses are in turn better engaging their employees. This is essential to retention and building a culture that supports D&I can lead to more positive employee experiences.
Improved company reputation.
Diversity matters when it comes to building your brand reputation. TechWish believes your employer branding is a representation of how you are viewed by your current employees, as well as prospective candidates who are seeking new opportunities and more often than not, professionals prefer organizations that embrace diversity, feeling it is an important part of a company’s culture.
“When you highlight a diverse staff or various initiatives that focus on inclusivity, you are more likely to be seen as an employer of choice. This can bolster your retention and recruitment efforts, increasing the odds you are considered a company that professionals want to find opportunities with and stay with for the long-term.
Candidates frequently favour companies where they believe they will feel not just comfortable, but completely welcome. By showcasing a high level of inclusivity and a diverse workforce, job seekers are more likely to see something that resonates with them, making it more likely they will apply.”
Better creativity and innovation!
If everyone in your business is a carbon copy of one another with the same thoughts and the same mentality – how are you meant to drive innovation in the long term?
Innovation much of the time, stems from the meeting of different minds, different skill sets combined with ways of working.
Acheivers also highlighted findings from The Harvard Business Review which found a statistically significant relationship between diversity and innovation outcomes. “The most diverse enterprises—in terms of migration, industry, career path, gender, education, age—were also the most innovative, as measured by their revenue mix. Each of the six dimensions of diversity were correlated with innovation, but industry, nation of origin, and gender had even larger effects on companies’ revenue.”
‘How can I start making D&I a priority for my business?’
Make yourself aware and hold yourself to account for diversity and inclusion in your business. There are hundreds of fantastic initiatives in the UK committed to educating and supporting leaders when it comes to D&I. We recommend you check out the likes of 50:50 future, the TTC and Gapsquare.
As part of our goal at Revoco to become a more inclusive and diverse business, we have joined big names such as Capgemini, AO.com, Channel 4 in becoming a Tech Talent Charter signatory.
The TCC is a movement dedicated to educating and supporting underrepresented groups within the technology sector in the UK.
Tech Talent Charter (TTC) was created because solving the diversity problem in tech requires a collective effort across companies and sectors. TTC’s mission is to connect the dots, not to reinvent the wheel, by:
• facilitating collaboration across organisations and across sectors.
• curating insights in their Open Playbook to support companies to improve their D&I strategies across the entire talent pipeline.
• managing a unique I&D Directory to help members connect in the space.
• producing annual benchmarking data, helping Signatories to measure the diversity profile of their workforce and track progress.
• spotlighting the work of Signatories to improve their employer brand.
Here is what our founder Iain had to say about our TCC signatory status – “We’re proud to show our commitment to the recruitment, promotion and retention of a more diverse and inclusive workforce by becoming a signatory of the Tech Talent Charter!
Operating in tech talent space we’ve witnessed first-hand the benefits a more inclusive and diverse workforce can have. A lack of D&I has been a problem since I started in tech recruitment back in the 90s and whilst we’ve seen progression, it’s a million miles away from where we need it to be.
We’re looking forward to guiding our clients and continuing to better ourselves and the way we work by being a part of this collective movement. Together alongside our fellow signatories, we’re aiming to represent and offer better opportunities to all, no matter their gender, sexuality, background or race.”
Find out how to become a fellow signatory, here.
We’re super excited to announce our first D&I initiative!
Our next instalment of Workplace 2.0 will aim to educate our clients and support other business leaders on how to drive a more inclusive workforce, all whilst up against the challenge of a talent short market.
We’re lucky enough to be joined by Dr Zara Nanu who will be talking about her experiences, as well as how her business Gapsquare is making waves in the D&I world by championing inclusive employers, helping to bridge the gender pay gap and so much more.
Weds 19th May 2021
To sign up, click here.