In an increasingly competitive employment market, employees can choose between occupations that allow for a wide range of lifestyles, as well as those that would enable them to grow and advance their careers.
Organizations are improving the employee experience and increasing employee engagement to retain their best employees. When we talk about the employee experience, we mean the complete journey that a person takes with an organization, from when they apply to the time they leave. Therefore, an employee's level of engagement with their company can fluctuate during their employment.
According to recent research, workers who are happy with their company's commitment to D&I are twice as engaged as their counterparts who are unsatisfied. In addition, according to Changeboard, employees in diverse and inclusive workplaces put in an extra 12% effort, are 19% more likely to stay with the company for an extended period, and cooperate 57% more successfully with their coworkers.
A company's culture influences turnover.
More than gender, color, and ethnicity are factors in a person's overall diversity. Today, many companies use a multigenerational workforce that encompasses disparities in sexual orientation, physical ability, experience, religion, education, politics, and socioeconomic status, among other differences. Organizations with diverse workforces have been shown to perform better financially, engage employees, and achieve higher performance levels. When it comes to creating a loyal workforce, employers should improve their employees' experience.
Many companies are wasting dollars on initiatives to attract and hire diverse talent, only to have that talent leave because of a lack of established proactive retention programs. However, many organizations have difficulty attracting diverse employees because they lack a culture of inclusiveness. For example, biases embedded in corporate culture are a common deterrent to racial and ethnic diversity in the workplace. In addition, unconscious bias in work assignments, performance evaluations, promotions, and compensation may show a lack of leadership support for D&I efforts.
Microaggressions are more common among employees who are underrepresented in the workplace, and they are more likely to be harshly criticized for their performance or overlooked for mentorships and promotions. To put it another way, women in an unequal workplace are more likely to have their judgment questioned and get unprofessional or offensive remarks.
According to a study, Kapor Center researchers found that "workplace culture drives turnover," impacting the retention of underrepresented groups and costing the IT industry more than $16 billion each year. The financial impact of a toxic workplace culture cannot be overlooked, but there are also other negative consequences. Employees can easily report poor behavior, bullying, harassment, and other unjust treatment via social media. Branding, talent acquisition, recruiting, and consumer loyalty are all directly affected by the mistreatment of minority groups.
Having a team that doesn't reflect your customers' demographics might harm customer service and growth in new areas. A company's reputation might also be damaged, leading to strained ties with suppliers and shareholders. According to research, a lack of variety reduces innovation and affects product development.
Boston Consulting Group reports that organizations with above-average diversity in leadership teams made nearly half of their income from innovative products and services, approximately 20 percentage points more than businesses with below-average diversity in management teams.
Obstacles to Racial and Ethnic Minority Inclusion
Obstacles often stymie D&I activities. One of the most significant issues is a lack of knowledge about diversity and inclusion (D&I). Ask around your workplace, and you'll get various responses, yet you should stress to your workers that diversity is not a one-dimensional concept.
To me, diversity refers to a variety of people in a single group or organization. Race, ethnicity, gender, sexual orientation, socioeconomic status, age, physical ability, religious beliefs, political beliefs, indigenous status, or other attributes essential to who we are. They are all examples of these distinctions.
If you want to promote diversity, you shouldn't have to hire people who aren't qualified or have less experience than you already have. Instead, leaders should emphasize the advantages of a diverse workforce and communicate the company's personal goals to all levels of the organization.
Using D&I to Motivate Employees
Inclusion is the goal of both diversity and diversity of representation. To foster a culture of inclusion, one must develop a work atmosphere in which all employees, regardless of their temperaments or beliefs, are treated with respect, welcomed, valued, and included. In addition, for inclusion to be felt, people must be encouraged to contribute, feel like they belong, and feel valued for their engagement. Customers and company results can be boosted if these points are met in an inclusive culture.
Supporting Diversity and Inclusion (D&I) creates an environment where people are not assessed unfairly; instead, they have the opportunity to contribute to the overall success of their employer. Encouragement of diversity and inclusion is not only the "right thing to do;" it is vital to improving corporate success because it can bridge the gaps between the acquisition, engagement, and retention of diverse personnel.
Retaining an inclusive work environment is critical to the long-term success of your organization's varied workforce. Organizations can inspire involvement, engagement, and growth within their diverse workforce by providing them with the resources, tools, and encouragement they need.
Assuring a Positive Work Environment
Employee satisfaction is a leading priority for most business executives, yet supporting their diverse workforce and evaluating the impact of their programs can be a challenge for some. Best-in-class firms link their employee engagement initiatives to their overall business objectives and effectively communicate the plan across many channels at all levels of management. In addition, there must be a clear description of the organization's D&I values and corresponding rules and procedures.
According to Deloitte, there might be a 70 percent difference in the number of diverse employees who feel included and those who don't, based on the behavior of leaders and supervisors. Therefore, leaders at all levels of management should be held accountable for creating inclusive workplaces that allow everyone to thrive and develop.
Leaders that place a high value on the well-being of their employees are more likely to join the expanding number of businesses that are seeing favorable outcomes. For example, it has been found that organizations who spend in improving their employee experience are listed 11.5 times more frequently in Glassdoor's Best Places to Work and 28 times more regularly in Fast Company's Most Innovative Companies. In addition, businesses with diverse teams are more likely to witness increased employee engagement, innovation, and production, as well as a 57 percent increase in effort.
Diversity in the workforce has been shown to impact financial performance and employee engagement, which can lead to increased employee retention and corporate success. If an organization wants to thrive in these areas, it must support programs that promote an excellent employment experience for everyone.
About Jim Woods
Jim Woods is president of Woods Kovalova Group where he founded the firm in 1998. WKG is a global consulting firm that works with financial industry professionals to solve their most pressing problems and seize their most promising possibilities by breaking the cycle of racial inequality. Jim was recognized as one of the “Most Influential Blacks in Corporate America.”
Jim’s education and work experience have given him expertise in many aspects of the financial sector. He has 25 years of diversity, equity, and inclusion consulting experience, primarily in retail and business banking.
Jim holds deep expertise in organization and banking strategy development. Jim earned a master’s degree in organizational development and human resources.
Tagged: Inclusion training in banking, Diversity training in banking