How a DE&I Culture Benefits Your Bottom Line
By: Mark Schleyer, CAPP Regional Sales Director for Passport
A growing number of companies are working to build more inclusive and diverse workplaces. While there are many benefits of diversity in the workplace, you may be surprised to learn about the effect diversity has on an organization’s bottom line. A company with a culture that encourages diversity, equity, and inclusion (DEI) often attracts a more talented pool of applicants and retains these employees for a longer period of time. This can also lead to increased employee satisfaction and can drive productivity. In addition, these forward-thinking companies are typically more innovative, as people from different backgrounds can offer different perspectives and bring invaluable expertise and unique cultural viewpoints.
Recent studies by McKinsey & Company have found that companies that exhibit gender and ethnic diversity are 15 to 35 percent more likely to outperform less diverse organizations. These companies bring in more sales revenue, more customers, and higher profits.
Diversity is an important component when private equity investors are making decisions in which companies to invest. These investors seek out companies that foster inclusive environments because such companies offer safer investments and a higher return on those investments.
Nearly all companies sell to a varied customer base, including people of different genders, races, religious backgrounds, and people representing a variety of ages. The bottom line is that a diverse team is more likely to speak to and relate to your customers, which should result in better client retention.
Our company has a robust DE&I culture. It’s not always easy, but we talk through difficult and uncomfortable conversations about race and inequity. We work hard to emphasize belonging and inclusion and offer educational and awareness opportunities on a regular basis. It is at the core of who we are and should be at the core of every organization.