When India achieved independence, “unity in diversity” became a buzz phrase.
The country’s leaders tried to cultivate inclusion across races, languages, religions, and many other dimensions.
Fast forward 75 years and discussions about inclusion have moved into all spheres of our lives, including conversations on creating inclusive workplaces.
Inclusion is vital for both companies and individuals as it has been seen to have positive effects on employee efficiency, team coordination, productivity, and satisfaction. How vital is it? In 2020, Glassdoor revealed the results of its 2020 Diversity Hiring Survey. The results were startling. About 76% of the survey population or 3 out of 4 people felt that diversity would be one of the key factors in evaluating an organization.
And there’s more. Organizations benefit too. Research from Harvard Business Review shows that diverse teams solve problems faster. When you have a diverse team, you bring in diverse perspectives. Varied thoughts. Different approaches. And that results in more intuitive problem-solving.
It’s why leaders and workers alike have begun to understand that diversity, inclusion, and belonging are crucial factors in a company’s success.
And there are more tangible benefits when both diversity and inclusion are part of an organization’s DNA:
Performance, innovation, and financial benefit
Research from Bersin by Deloitte indicates that inclusive organizations are “six times more likely” to be innovative. They are also equally adept at adapting to change and meeting or exceeding financial goals or targets. Similar research from McKinsey & Company shows that companies with greater racial or ethnic diversity tend to outperform their competitors financially. A Gallup study backs that up with companies with above-average gender diversity outperforming those with below-average by as much as 46% to 58%.
In a survey by McKinsey & Company, about 39% of the respondents revealed they had turned down a job offer because they perceived a lack of inclusion in the organization. And attrition reduces. Employees who feel included are 42% less likely to plan on leaving their company within a year of employment.
Check the complete article originally published at Impact Entrepreneur.