The need to prioritize diversity, equity and inclusion (DEI) in the workplace is extremely important. Even though the workforce is more diverse than ever, issues surrounding diversity continue to manifest.
To take a deeper look into what’s happening in the workforce, the benefits of DEI, and more, keep reading to learn some key statistics about diversity in the workplace you should know.
1. Inclusive companies are more likely to capture new markets.
A Havard Business Review study found that around 70% of diverse and inclusive companies are more likely to capture new markets.
2. Inclusive companies exceed financial goals.
A Gartner study found that 75% of companies that cultivate an inclusive environment exceed their target financial goals.
3. Millenials make up the largest percentage of the workforce.
Millennials make up over 35% of the workforce, making them the largest generation in the workforce, followed closely by Gen X at 33%. (Pew Research)
4. Millennials are more likely to be engaged if they believe their company promotes a diverse and inclusive workplace.
83% of millennials reported being more engaged at their company when they believed they promoted a diverse and inclusive environment, according to a Deloitte study.
5. Employees at smaller companies struggle with representation.
Only 29% of employees at smaller organizations think their workforce reflects the demographics of their environment, according to HR.com.
6. Diversity is important to job seekers.
More than 75% of job seekers report having a diverse workforce is important when making a decision on where to work. (Glassdoor).
7. Employees think that their company’s DEI policies aren’t genuine.
75% of employees didn't believe that their organization's DEI policies were genuine. (Catalyst)
What Can You Do To Prioritize Diversity, Equity And Inclusion In The Workplace?
As statistics continue to show, a genuine and actionable DEI strategy is necessary for long-term success. Here are some of our tips on taking real action on DEI in your organization.
Invest in DEI training so your employees and leaders learn the basics of DEI and improve their cultural awareness.
Don’t expect overnight results, and don’t treat DEI as a one-and-done situation.
Conduct an audit of your company to identify any gaps. If you aren’t sure where to begin, consider bringing on a DEI consultant who can guide you through this process.
Get leadership on involved. When leadership is on board, the process of changing policies, procedures, etc., becomes a priority and is therefore more likely to to be successful.
Build organizational buy-in. Not everyone in your organization will be immediately on board with changing the culture and implementing new policies, but by explaining why DEI is important, the more likely that your employees with support it.
Get Started with DEI today.
Understanding the benefits of DEI and the current state of the workplace are just the first steps to start transforming your organization. FIG Strategy and Consulting offers services, including DEI workshop/training, strategic sourcing, DEI speakers, culture transformation, fractional CDO, and more. You can get in contact with us here or give us a call at 800-834-4946.