Updated: Feb 18, 2020
There is increasing evidence to support building diversity and inclusion into business practice. Developing diversity and inclusive processes has been shown to benefit employee relations.
It improves the recruitment process, helping to attract and retain top talent. It develops the workforce and supports progression across the business, helping to motivate staff teams.
Diversity can expand the client base, improve profitability and develop innovation across products and services. Encouraging diversity affords business a real competitive edge.
The business case for diversity supports business planning strategies.
Business is constantly trying to extend reach into new markets in order to remain viable in a rapidly changing space.
Diversity and inclusion must be embedded into strategic plans to enable growth and expansion.
Sourcing and retaining diverse talent.
Thinking and acting in a diverse and inclusive manner are key components in the process of sourcing and developing top talent.
It also benefits an organisation in responding effectively to changing employee and customer needs, as it changes and develops over time.
The ability to source and retain top talent is also crucial to growing and maintaining profits and capturing unrealised spaces within a business competitive marketplace.
Sourcing diverse talent and embedding inclusive processes helps to engage staff with diversity.
However, the implementation of D&I often falls short of the standards necessary to recruit and retain staff from different cultural, gender, social, religious, and lifestyle backgrounds.
Despite an increased level of competition to attract new markets and global talent, many companies still have much work to do.
They are often inactive, or slow, to develop processes to effectively embed D&I effectively into day to day operational processes.
A compelling case for diversity.
The benefits of making a business case for diversity are often misunderstood or completely overlooked.
Traditionally, there was a major focus on compliance issues relevant to diversity and inclusion amongst the vast majority of businesses, but truly embracing diversity and inclusion requires more than this.