DEIB, or diversity, equity, inclusion, and belonging, is more important than ever for businesses. Having a DEIB strategy helps businesses to create and foster a more positive and meaningful culture for happier and healthier teams, as well as reducing turnover rates and the high costs associated with recruitment, training, and termination.
Here are five reasons why your business needs a DEIB strategy:
- Create a more diverse workforce that reflects different experiences and perspectives, and can introduce creativity and innovation.
- Become a good corporate citizen and organization with fair, equitable and ethical programs, policies, and practices.
- Avoid potential lawsuits and interpersonal conflicts.
- Foster a safe, inclusive environment and positive company culture.
- Help improve your bottom line.
What is DEIB?
Diversity, Equity, and Inclusion and Belonging (DEIB) in business is a term that is used to describe the proactive practices and policies organizations take to foster a workplace environment that is welcoming and accommodating to employees of all backgrounds.
Diversity refers to the variety of different types of people that make up an organization. This includes things like race, ethnicity, gender, sexual orientation, age, and ability. Equity refers to the fair and just treatment of all employees, regardless of their background. This includes things like equal pay for equal work and access to opportunities. Inclusion refers to creating an environment where everyone feels welcome and valued. This includes things like having a culture of respect and open communication.
University of Michigan’s inaugural Chief Diversity Officer likened the term to various aspects of attending a party:
- Diversity is where everyone is invited to the party.
- Equity means that everyone has the opportunity to dance/experience the music.
- Inclusion means that everyone gets to contribute to the playlist.
Does the “B” Belong?
Ironically, there seems to be some debate on whether the “B” belongs in the term DEIB. It is the newest addition to the term, and identifies a deeper level of inclusion.
Renowned author and American Professor, Brene Brown, explains the belonging of the “B” the best, differentiating fitting in vs. belonging.
“Fitting in is about assessing a situation and becoming who you need to be accepted. Belonging, on the other hand, doesn’t require us to change who we are; it requires us to be who we are.” – Brene Brown
The Business Case for DEIB
In recent years, there has been an increased focus on diversity, equity, inclusion, and belonging (DEIB) in the business world. While some may see DEIB initiatives as frivolous or unnecessary, there is a strong business case to be made for why organizations should prioritize DEIB.
For starters, companies with a diverse workforce are simply more innovative and successful than those without. A study by McKinsey found that organizations in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians. Furthermore, another McKinsey study showed that gender-diverse companies are 15% more likely to outperform their peers. When done right, promoting DEIB in the workplace can be a win-win for both businesses and employees.
But it’s not just about numbers—it’s also about talent retention and attracting top talent.
The Benefits of DEIB for Businesses
There are endless benefits for organizations, both large and small, to implementing DEIB policies.
For example, a company that is seen as taking proactive steps to foster diversity and inclusion can improve its public image and overall reputation. By making DEIB a priority, organizations can reap these benefits while also sending a strong message of support to underrepresented groups. Additionally, a DEIB strategy can help attract new customers who are looking for companies that align with their values.
Furthermore, by taking steps to foster a more diverse and inclusive environment, businesses can tap into a wider pool of talent, improve their bottom line, and better position themselves to compete in today’s global economy.
Clearly, there are numerous advantages to be gained from taking steps to promote diversity, equity, inclusion and belonging in the workplace. However, it is important to note that the success of any DEIB program depends on the commitment of leaders within the organization to create an inclusive environment where everyone feels valued and respected. When done right, DEIB can help transform workplaces into thriving businesses that benefit both employees and shareholders alike.
How To Implement DEIB in Your Business
Organizations of all sizes, across all industries, are looking for ways to become more inclusive and diverse. Diversity, equity, inclusion, and belonging (DEIB) is a term that encompasses these concepts. Many organizations have started to implement DEIB initiatives, but how can you make sure that these initiatives are successful in your organization?
There is no one-size-fits-all answer to this question, as the best way to implement DEIB will vary depending on the size and culture of your organization. However, here are some general tips that can help you and your HR department get started.
- Review & Analyze
Conduct an assessment of your organization’s current climate and identify areas for improvement. This can be done through surveys, focus groups, or one-on-one interviews with employees.
- Involve senior management
If you’re leading DEIB initiatives in a large organization, it’s important to involve senior leadership from the beginning. They can provide valuable guidance and support throughout the process.
- Create a DEIB team
It’s also important to create a dedicated DEIB team that includes members from different departments and levels of the organization.
- Develop your DEIB plan & strategy
Develop DEIB goals and objectives that are aligned with the firm’s strategic plan. Make sure these goals are specific, measurable, achievable, relevant, and time-bound.
- Update policy
Create or update policies and procedures related to DEIB. These could include anti-discrimination and anti-harassment policies, unconscious bias training for all employees, and guidelines for creating inclusive environments.
- Increase diversity in your recruiting efforts
There are many resources available to help with this assessment, including online tools and consultants who specialize in DEIB.
Finally, once you have a plan in place, it’s important to put it into action.
Conclusion: Why Your Business Needs a DEIB Strategy
In conclusion, whether you’re a large or small organization, operate multi-store franchises, manage a law firm or work in the healthcare industry, implementing a DEIB strategy is essential for any business. By taking into account the needs of all employees, customers and other stakeholders, businesses can create a more inclusive environment that everyone can benefit from. Not only is it the right thing to do, but it can also lead to increased productivity and profitability.
So what are you waiting for? Start planning your DEIB strategy today! Browse consultants who specialize in DEIB strategy on Cansulta.