Issue link: https://resource.opensesame.com/i/1462798
Diversity, Equity & Inclusion | www.opensesame.com | (503) 808-1286 | 4 A 2020 DEI study by the Brandon Hall Group indicates that 89% of organizations believe that Diversity, Equity & Inclusion are important drivers of business results, and yet in most organizations, daily business practices do not reflect the importance of DEI. The need for DEI in all organizations today is evident in the correlation between engaging and promoting diverse workforces and a company's overall success. Businesses that make DEI initiatives a priority beyond standard "checkbox" efforts stand at the forefront of enormous opportunities to improve organizational culture, business competitiveness, employee engagement and talent retention. In a five-year analysis of data, McKinsey found a strong link between diverse company leadership and positive financial performance. Furthermore, businesses in the top quartile for gender diversity were found to be 25% more likely to outperform those in the bottom quartile. 1 It only makes sense that companies with diverse end-users comprise themselves of diverse leaders and decision-makers. Because multiracial customers are becoming majority (and dominating in buying power) suppliers and retailers must reimagine both products and marketing, and the need for both diverse management and employees speaks for itself. Developing new goods and services while staying on the cutting edge of innovation is an ongoing challenge for larger retailers in particular. DEI plans and programs deliver in meeting core business needs such as securing a steady stream of new innovators with diverse critical thinking skills and imagination, abilities highly sought after in production and marketing fields. Strategies to Build Successful DEI Introducing retail leadership and staff to new ideas with the objective of creating and sustaining a new company culture requires a commitment to invest time, energy, and resources into Diversity, Equity & Inclusion practices. The following strategies outline the attitudes, resources, tools and evaluation practices needed to create a DEI program that embeds values in all levels of the organization and in everything it says, does and stands for. The Case for DEI as Business Imperative "More diverse companies are better able to attract top talent; to improve their customer orientation, employee satisfaction, and decision making; and to secure their license to operate." 2 1 "The diversity imperative in retail." Tiffany Burns, Diana Ellsworth, Emily Field, and Tyler Harris. https://www.mckinsey.com January 2021. 2 "Delivering through diversity." Vivian Hunt, Lareina Yee, Sara Prince, and Sundiatu Dixon-Fyle. McKinsey & Company. January 2018. 89% of all organizations rank DEI as an important driver of business results. Source: Brandon Hall Group D&I Benchmarking Study, 2020.