Why Diversity and Inclusion For Los Angeles?
Legal Obligations and Responsibilities
Employers are familiar with their legal obligations and responsibilities to mitigate discrimination against employees and to take all the necessary steps to prevent victimization, harassment, and bullying. Today studies show that implementing a D&I strategy is much more than compliance, and can create a good business image and promote employer branding across the board. Furthermore, D&I translates into high organizational performance, profitability, effectiveness, revenue generation, and good culture in the organization. in other words:
– Employee satisfaction leads to improved productivity and profitability.
– An organization that values diversity and inclusion often experiences more productivity and good employer branding.
– Organizations that harnesses employees’ skills, value employee perspectives, and promote creativity and innovation, improve their bottom line.
– Companies that embrace D&I tend to have low employee turnover which helps in cutting down costs of hiring and training employees.
Why Diversity and Inclusion For Los Angeles? – Research Shows Good Reason
Recent research has found that organizational performance increases when employees have more positive attitudes toward diversity. Diversity contributes to an organization’s competitive advantage and can be used for business strategy. The competitive advantage enables employees to contribute their full talent and motivation to the company. Building the business case for diversity is easier said than done.
A Boston Consulting Group study found that companies with more diverse management teams have 19% higher revenues due to innovation. This finding is significant for tech companies, start-ups and industries where innovation is the key to growth. It shows that diversity is not just a metric to strive for; it is actually an integral part of a successful revenue-generating business.
According to the 2018 Hays Asia Diversity and Inclusion report, improved company culture, leadership and greater innovation were the top three benefits of diversity identified by respondents. However, there was a perception among a significant proportion of participants that access to pay, jobs and career opportunities for those of equal ability could be hampered by factors such as age, disability, ethnicity, gender, family commitments, marital status, race, religion and sexuality.
Why Diversity and Inclusion For Los Angeles? – Surveys Demonstrate
In 2009, another diversity and inclusion business case was analyzed by American Sociological Association. In this survey, diversity was closely linked to increased sales revenue, profits and more customers. In one of only a few studies on the implications of organizational diversity, sociologist Cedric Herring found that a workforce comprised of employees of both genders and varying racial backgrounds resulted in positive business outcomes.
In McKinsey & Company’s 2015 report, Why Diversity Matters, companies in the top quartile for gender or racial and ethnic diversity were more likely to have financial returns above their national industry median. The data suggested that when companies commit themselves to diversity, they are better able to attract top talent, improve employee satisfaction and decision making, and be more customer-oriented.
Why Diversity and Inclusion For Los Angeles? – Millennials’ are the New Workforce
There is also a growing generation gap to consider. According to the U.S. Bureau of Labor Statistics, by the year 2025 Millennials will make up 75 percent of the workforce. Many Millennials are foreign-born, biracial and LGBTQ, and they define diversity differently from previous generations. For them, diversity is an individual mix of unique experiences, identities, ideas and opinions more so than any single trait.
Therefore, it is evident that diversity is taking on new dimensions from the previous definition and perception of the past generations. Creating an environment that fosters inclusivity and a sense of belonging is one of the essentials for diversity to succeed in any given organization.
D&I as a Service
OurOffice provides a turnkey solution, Diversity and Inclusion as a Service (DIaaS), for building inclusive workplace cultures in organizations of any size.
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