What is DEI? | How is it important for an organisation’s growth?

Innovation is the fuel that fosters business growth. However, the real search is finding what it is that fosters innovation. A key component is diversity, equity, and inclusion (DEI). It has been widely said that diversity creates opportunities all across the business spectrum. Compounded with equity, organisations evolve and thrive. Lastly, inclusion inculcates a culture where all employees feel welcomed. Altogether, these reasons are what make DEI a critical business imperative.

A leading report stated that companies that have better awareness and systems towards diversity and inclusion are more financially robust than others. Organisations in which teams comprise more than one-third of women employees have a 48 percent higher competitive edge over organizations in which women employees constitute less than 10 percent of the total workforce.

The case for DEI initiatives in companies is growing as it shifts from a nice-to-have to a must-have for greater business success. These organisations may be six times more innovative and agile, and eight times more integrated with larger business purposes and outcomes.

We can create an inclusive culture by understanding the importance of different cultures, talent, and partnerships. In addition, we strive to foster interaction opportunities within our offices between employees and teams as well as our other stakeholders: clients, customers, community, and suppliers to build awareness of our inclusion practices and remove any existing barriers.

Creating a DEI-centered organisation is about meticulously focusing on the entire employee lifecycle. The human resource (HR) team must identify the current organisation structure, the present systems to track employee data, and the organisation’s attraction, development, and retention strategy.

HR must first evaluate if equal opportunities are being provided for all employees for growth and development. Next, they should examine if their top management adequately represents the organisation’s diverse pool of customers and employees and if the organisation is an equal-opportunity employer.