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Jun 22, 2021
3 min read
Last update: May 17, 2024

Diversity, Equity, and Inclusion (DEI) in the Workplace is the Key to a Successful Business

Companies that have a diverse team of individuals with varied backgrounds and perspectives are more creative, innovative, and frequently enjoy greater success. A truly diverse workplace is one that has a wide range of people across all:

  • ethnicities
  • sexual orientations
  • genders
  • races
  • ages
  • religions
  • socioeconomic statuses
  • cultures
  • personalities
  • physical abilities
  • skill levels
  • educational backgrounds
  • and more.

But diversity is just the beginning.

If you truly want to tap into and unlock your business’s full potential, you need to build a diverse team that is both inclusive and open-minded. Everyone should feel welcomed and have equal access to opportunities despite unconscious bias or social inequalities. This policy is commonly known as DEI, or diversity, equity, and inclusion.

Why DEI Matters in the Workplace

The workplace is constantly transforming. From post-pandemic workplace changes to advances in technology, it can be tricky keeping up. But one thing that the events of 2020 have proven is that DEI efforts are and will continue to be front and center for companies across the globe. And those businesses who take significant steps to improve their approach to DEI will be best positioned for success. In fact, a recent study found that companies with more than 30% women executives were more likely to outperform companies where this percentage ranged from 10 to 30%. Furthermore, companies with diverse management teams had a 19% increase in revenue compared to their less diverse counterparts.

But financial gains aren’t the only benefit to having a diverse workplace. Studies show that it’s extremely helpful when looking to hire new employees. A report from Glassdoor found that, “67% of job seekers consider workplace diversity an important factor when considering employment opportunities.”

Some of the major benefits of having a DEI workplace include:

  • Better problem solving
  • Improved reputation
  • Higher employee retention
  • More innovation
  • Improved performance
  • Increased ability to attract top talent.

4 Strategies to Improve DEI in the Workplace

  • Take a Good Look Inward

When considering how to increase diversity, equity, and inclusion in your business, a good place to start is to take a good look inward. Assess your policies, procedures, and your mission. Evaluate the demographics of your current employees and/or management team. Are there any gaps? If so, how can you fill them?

  • Communicate DEI Initiatives

Once you’ve identified areas where you can improve and created a specific plan, make sure to communicate it internally. Having clearly conveyed initiatives in place will help you retain your current employees and attract new and diverse talent.

  • Diversity Training

A helpful way to improve inclusion is to implement ongoing diversity training. This is especially useful in helping identify and reduce unconscious bias or gender bias. Employees will learn increased awareness and break down barriers that get in the way of teamwork and communication.

  • Be an Inclusive Leader

Lead by example by embracing the differences among your team members and fostering a safe environment for discussions, collaboration, and innovation. You should strive to make people feel respected and valued, and model the behavior you’d like to see from your team. Ask for employee feedback and input for how to create a more inclusive work environment. And be sure to offer equal support and opportunities to everyone on your team.

Looking Forward

Despite making major strides, the business world still has a long way to go until it is fully diverse, inclusive, and equitable. By implement the strategies above, you’ll create an environment where your employees will thrive, giving your business a major competitive edge.

Need Help?

Don’t let a lack of funding slow down the growth of your business. At SBG Funding, getting access to the cash you need to hire new employees or implement new training procedures couldn’t be simpler. Apply today to see how we can help.

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