Every company wants a diverse workforce. However, enacting formal programs aimed at diversity, equality, and inclusion (DEI) can sometimes run into stumbling blocks. Even so, it’s critical to invest in these initiatives as you head into 2023, positioning your firm to better compete in the modern economy.
A focus on DEI can bring your organization significant benefits. At the same time, these efforts require time and money to adopt, leading many smaller businesses to focus on other areas. One study found that just over a third of firms (34%) have the resources necessary to fund official diversity programs.
As you look to craft your 2023 budget, it’s important to understand the upside that comes with a well-structured DEI process. To help you make an informed decision, here’s why these initiatives are important heading into 2023:
The Significance That Stronger DEI Efforts Can Have on Your Organization
Build a Better Team
Strong DEI efforts give you an edge in the recruiting process. One survey found that more than three-quarters of candidates (76%) named diversity as an important element when weighing potential employers. Other factors obviously play a role, but having the right culture adds to your employer brand.
Diversity and inclusion don’t just apply to the process of team building. These values also help you keep your most valuable team members in place. Enacting DEI programs can lead to improved retention, giving you added stability.
Connect with New Markets
Statistics back up the connection between DEI efforts and sales. A study published by McKinsey showed that the best companies on this front outperform the lowest-tier group by 36% in terms of profitability.
This comes as your commitment to diversity and inclusion radiates outwards. Your diverse team gives you a broader collection of life experiences to draw upon. This not only upgrades your internal discussions. It also improves your ability to communicate with the outside world.
As a result, you have the ability to tap into new markets. Diversity opens up your ability to talk to additional communities. As a result, you widen your revenue-generating potential.
Create a Better Connection with Your Customers
A strong DEI program doesn’t just expand your sales potential. It also deepens your ability to connect with your current customers. This further enhances your chances to drive growth.
The same dynamics that make you more accessible to new markets also apply to your core client base. Your diverse staff can help you refine your message and improve your rapport with consumers.
Broaden Your Corporate Perspective
A winning corporate culture comes from strong values and an inspiring vision. Yes, you’ve got to maintain your basic operations — making and selling your products and services. But sustaining an organization over the long term means inspiring your team and creating an unassailable brand.
Diversity, equity, and inclusion play into these goals. These efforts play into the broader mission of your company, cementing your culture and improving your reputation.
Looking to Improve Your Hiring Efforts?
Building your DEI programs gets easier when you have a broad base of qualified job candidates. A top recruiter, like Elby Professional Recruitment, can connect you with talented professionals with diverse backgrounds.
Contact Elby today to upgrade your hiring efforts.