How Diversity and Inclusion Drives Innovation, Retains Employees, and Attracts Top-Tier Talent
A lack of diversity has real costs. A recent study has shown that businesses with gender, ethnic, and racial diversity at the executive level are more likely to have above-average profitability and outperform the competition.
But diversity on its own is not enough. Inclusion is just as—if not more—important.
Research shows that employees who work with managers who foster an inclusive environment are 17% more likely to report that they are high-performing and 29% more likely to report behaving collaboratively.
Put simply, diverse and inclusive businesses drive more innovation, retain employees, attract top-tier talent, and hit many other metrics that lead to long-term, sustainable growth. But to be successful, diversity and inclusion has to be a top-to-bottom business strategy, not just an HR program.
At our recent Social Good Summit, Charli Penn, the lifestyle director at ESSENCE, hosted a thoughtful conversation on the topic with Natalie Brown, the Director of Corporate Citizenship at Ally, who has nearly a decade of experience in developing diverse recruiting strategies, implementing diversity-related executive programs, and putting D&I learning solutions into action.
On cultivating a truly inclusive company…
“Being an inclusive company means that you're celebrating the differences of all your employees and helping them to feel like they belong and have a stake in the company's mission and vision.”
“When you're really trying to be a truly inclusive company, you really have to walk the walk—and it's a marathon, not a sprint—on helping employees feel like they belong and feel like they have a stake in the game with you.”
On creating a sense of belonging…
“When employees feel like they belong, when there's inclusivity, and when there's diversity in thought and differences in experiences, employees become more productive because they have a stake in what you're doing.”
On having diversity in every room…
“When you have those voices in the room—at the top, in the middle, and at the bottom—you have diversity in the room that's coming from various perspectives.”
On listening to your employees…
“It's important for all companies to take a stake and listen to their employees to hear what they have to say. Let them be your consumer so that you are driving results according to the mission that you outlined for your company.”
On driving a culture of inclusion…
"When you think about the strength that comes into a company from the experiences—personal and professional—that your employees bring, that's really how you can drive a culture of inclusion and really start embarking on how you can make your company better.”
On including employees in the conversation…
"The first step is bringing in your employees, having conversations with them, figuring out how you can build this inclusive environment and what they're looking for as employees from you as an employer. What's important to them?"
On checking unconscious bias…
“We have to make sure our managers are trained on how to build an inclusive team and trained on implicit bias to make sure that they’re checking their biases.”
“We all have a bias. If you have a brain you have a bias. The thing I say all the time is, 'If you don't think you have a bias, then let me know if you like Popeyes or Chick-Fil-A.'"
On tapping into your diverse employees’ networks…
"You have to leverage the power of your diverse employees to help bring more diverse employees into your organization."
On being transparent with your employees about your progress…
"You really have to communicate your goals and measure your progress and let employees know where you are on that journey.”
“The more transparent you are about diversity and inclusion and where you are on that journey, then the more you can gain the trust of your employees."
On fostering a company culture that values inclusion…
"When people are socializing at events through the company, they get to know each other on a more personal level. Then inclusiveness starts to happen organically because people don't see you for the position that you hold. They see for the person that you are in that position."
On being okay with being uncomfortable…
"It is good to be uncomfortable for the right reason. You can't make change if you're comfortable."