Importance of DEI in Your Employee Retention Strategy

Postado 2023-03-16 07:04:08

People spend almost 80% of their lives at work. Because we spend so much time working, it’s important to feel comfortable in the workplace, and that includes feeling accepted for who we are. When an individual feels “othered” or as though any part of their identity (i.e sexual orientation, gender, religion, etc) is unwelcomed or unappreciated in their work environment, they may experience “identity cover,” a sort of masking of who they are to get through their work day. This is one of the most common reasons diverse candidates may feel vulnerable to leaving a position.

Your ability to make your employees feel seen and valued has a direct effect on productivity and even employee retention. On average, organizations that prioritize diversity see 2.3 times higher cash flow per employee. Team performance can even go up by 30 percent in high-diversity environments where diversity initiatives are in place.

Firstly, promoting a diverse environment and embracing cultural diversity is a cornerstone of healthy, creative workplaces.

Opting not to highlight the diversity of your workplace is a step backward in terms of promoting productivity. Encouraging sameness increases the risk that employees in your organization will resort to “group think,” responding to challenges and situations in a streamlined, homogenous way.

A study by Boston Consulting Group showed a significant correlation between diversity and overall innovation. Prioritizing diversity has incredible power to improve organizations’ overall performance by creating space for new ideas and options. The financial impact of this is significant—particularly for organizations relying on creativity and innovation.

A clear commitment to diversity and inclusion also benefits your recruitment strategy. Studies show that diversity is a make or break for many of today’s candidates when choosing a workplace. About 1 in 3 employees and job seekers (32%) would not apply for a job at a company where there is a lack of diversity among its workforce.

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