Before we get into the topic, let’s look at a few statistics:
- Diverse and inclusive corporations are 35% more likely to outperform their competitors. (McKinsey)
- They are 70% more likely to capture new markets. (HBR)
- Their teams are 87% better at decision-making. (People Management)
- These teams generate 19% higher revenue. (BCG)
These numbers indicate that having a diverse and inclusive workforce is beneficial to any company. Especially where it matters, i.e., performance. These companies seem to perform better, generate higher revenue, and can understand the demands of newer markets. But the real impact runs even deeper. If one assesses the very makeup of the modern-day workforce, you’ll understand what we mean. Whichever country you’re in, there’s an increase of minorities equipped with degrees who are entering the workforce. There are more diverse workforce free of gender and race, than ever before, playing pivotal roles in their companies. But although so much progress is being made, it will take a significant amount of time to undo the practices and mindsets of old.
DE&I programs are uprooting old mindsets by removing subconscious biases while hiring, such as race or ethnicity-based biases, sexism, and other archaic prejudices. Instead, it replaces them with more useful and modern philosophies and tools, making way for a huge number of benefits.
DE&I improves Employee Productivity and Performance
Research shows that employees are 60% as productive as they could be in their workplace. Some of the factors that contribute to this are: lack of sense of belonging, workplace stress, lack of recognition, and toxic workplace behavior.
Studies show that work-related stress affects minorities in particular. There are many reasons for this, such as different levels of education attained and poor treatment by management. A good DE&I program would help sensitize both management and employees, and help them learn how to interact with employees in a more inclusive way. It would also help minority employees feel more comfortable in their environment and more included and accepted, leading to a boost in employee productivity by almost a 40%!
DE&I helps identify, attract and retain Top Talent
DE&I initiatives help in creating authentic connections with existing employees, who can then recommend other qualified individuals to fill vacant positions. Such recommendations help find the right fit, both in terms of skills and organizational culture. It’s also helpful in retaining employees. Employees who feel they are undervalued, treated poorly, and have fewer growth opportunities are the most likely to leave a company. In the US, numerous studies show that white males are more likely to get a promotion than their colored and/or female counterparts. Therefore, a DE&I program will help build long-lasting bonds among employees, and help management understand their needs better while aiding in breaking the glass ceiling for many.
DE&I improves and maintains better Employee Engagement
If you want your employees to be engaged, they must feel like they’re a part of the organization well and truly. Engaged employees perform better, are more likely to stay longer, and are ready to contribute to the companies they work in. Engaged employees are the backbone of a blooming company culture. Great company culture is essential in attracting the top-most talent in any industry.
DE&I programs co-function with a robust Peer Coaching system
The above can only be achieved if your DE&I program is combined with peer coaching. Issues about ethnicity, gender, race, religion, or any other controversial topic are extremely sensitive leaving a lot of room for misunderstandings. It’s only through peer coaching – where one establishes trust, takes time and makes effort to understand others’ dreams and challenges, and acts as a support system – that DE&I initiatives can make a real and tangible impact.
With Peer Coaching, employees assess themselves and others, which helps the company understand what measures need to be taken to elevate certain employees while creating a culture of feedback. Since it helps confront biases on a more humane level and is less mechanical than having a boss talking down to subordinates, Peer coaching is bound to bring in long-term behavioral changes.
Another benefit of peer coaching is its model of establishing track results-based performance metrics hence giving the organizations a realistic way to assess learner’s performance and engagement. There is also engagement analytics that can be used to track employee growth hence making it a better way to assess the results of your initiatives with tangible data. Most importantly, peer coaching builds a culture of diversity, equity, and inclusion that every organization needs to evolve from simply being an office, into a second family for every employee. That’s the real impact.
If you’re ready to transform your office into a safe space for every employee by breaking through the past and empowering the future workforce, let’s connect to discuss how our AI-enabled peer coaching platform can help you!