Diversity, equity, and inclusion are interconnected within the business world.  Countless studies have shown that a diverse workforce leads to greater levels of innovation and profitability.  Often they are used interchangeably as the evolution of the term continues.  Historically, a lot of businesses focused only on diversity and inclusion, but more recently, equity has been added as an irrefutable component to achieve success.

DIVERSITY: WHO IS IN THE ROOM?

Put simply, diversity is about what makes each of us unique. This includes race, gender, sexuality, personality, personal beliefs, life experiences, and unique thinking and problem solving styles. The combination of our differences shapes our perspective towards the world, our view, and our approach. In a business, it is important to have people from all backgrounds as everyone’s unique skill set will enhance innovation and progress.  With a diverse environment, a wider outlook will be integrated when brainstorming, problem-solving, and developing new ideas.

EQUITY: HAVING ACCESS TO THE SAME OPPORTUNITIES

Equity is the approach to ensure that everybody has access to the same opportunities. In context to the workplace, it ensures that all employees have access to the same levels of job opportunity, promotion, and retention within the company.  Making individuals feel accepted, comfortable, and free to express their thoughts and feelings helps foster trust and personal investment . Practicing equity is beneficial for the employer and the employee.

BENEFITS OF EQUITY

➤ Motivation:  When an employee’s work is rewarded with appreciation, such as bonuses, they want to achieve more.  This adds to company growth and development, in addition to creating a positive atmosphere.

➤ Attracting talent:  When workplace equity is balanced, word spreads and the business naturally attracts the right people. 

➤ Employee Retention:  This relates to the ability of an organization to retain its employees for a long period. Companies invest a considerable amount of time and resources into the training and development of new employees. It becomes a waste of company resources if the employee leaves after training is finished.  If the company takes additional steps in developing policies and strategies to keep employees, they receive a higher return on investment by eliminating the need to constantly invest in new training and integration.  

INCLUSION: HAVE ALL IDEAS BEEN HEARD?

An inclusion policy provides equal access to opportunities and resources for those who may otherwise be marginalized or excluded; such as minority groups or individuals with disabilities. Diversity and inclusion are always linked because neither succeed without the other. Recently, a leading inclusion strategist, Verna Myers stated that “Diversity is being invited to the party. Inclusion is being asked to dance.”  Ultimately, inclusion is making everyone feel welcome.  It creates an environment where all employees are comfortable contributing to the business and being valued for these contributions.  

Businesses who acknowledge and implement diversity, equity, and inclusion are more innovative and develop more cohesion among their employees.  As a result of these components, there is less microaggression and discrimination, the company gains a positive reputation thus attracting quality people.  With the right people, there is a base for innovation to flourish and endless possibilities for the company to grow. When individuals of varying backgrounds are treated equally and valued within their role, the company will outperform the competition.   Diversity, Equity and Inclusion expand opportunities for employees and employers creating a mutually beneficial work environment that is imperative in business today