Month: September 2017

Pitting Inclusion Against Diversity

Deloitte has made the decision to phase out employee resource groups over the next 18 months. As you read that sentence, you’re probably wondering: “What’s the big deal?”

It’s a move that doesn’t only affect its nearly 250,000 employees worldwide. It potentially affects hundreds of thousands of employees outside of Deloitte because of its reputation as a company that knows what it’s doing when it comes to diversity. Deloitte has been, according to the press release, “a recognized pioneer in female promotion and social inclusion initiatives” and a DiversityInc Top 10 Company for Global Diversity. So now that it’s done something that pulls the foundation out from under the building blocks of diversity, I wonder what to do about it.

Grow Your Business with Diversity and Inclusion

Having diverse workers leads to greater success—but how can you attract and retain them?

Diversity in the workplace can always be improved—and it should, if only because it makes business sense. Having a diverse workforce can improve not only profitability, but innovation, customer relationships and employee retention.

According to a report by McKinsey & Company, a company with diverse employees is more likely to be more profitable and successful than those with less diversity. Specifically, a company is 15 percent more likely to turn a profit above the national average if a company has gender diversity, and 35 percent more likely if a company has racial and ethnic diversity. “The reason for that is because of the diversity of thought and ideas that comes from the diversity of experiences that people have,” explains Stacey Gordon, chief human capital consultant at training and consulting organization Rework Work.

John Iino, chief diversity officer at law firm Reed Smith, states that putting an emphasis on greater diversity and inclusion has directly benefited them. “[Diversity] really lends itself to better relationships with clients because you have some common values,” he shares. As the world becomes more interconnected, issues of diversity rise to the forefront, and many companies are taking note. “We see so many of our clients supporting and embracing diversity,” Iino adds. “We’re able to make stronger connections with them—that’s obviously important as a business.”

 

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