According to a McKinsey report, corporations identified as more diverse and inclusive are 35% more likely to outperform their competitors. Also, a Deloitte report states that 74% of millennial employees believe that a culture of inclusion fosters innovation, and 47% prefer diversity and inclusion while looking for potential employers.
Likewise, numerous reports advocate the necessity of integrating DEI (Diversity, Equity, and Inclusion) by employers in the workplace. It ensures a healthy and satisfying work environment with better chances of business performance and employer branding.
This article discusses how diversity, equity, and inclusion are the three pillars of employer branding and how they benefit the employees and for better employer branding.
Also read: Inadequate Hiring Practices Can Adversely Impact Your Employer Branding Strategy; Here’s A Fix
The Three Pillars of Employer Branding
These days, many organisations strive for diversity, inclusion, and equity, making them a better place to work and striking a chord with the employees who believe in DEI. This way, organisations that have thoughtfully laid down policies for DEI are respected by current and prospective clients, leading to better employer branding. Hence, diversity, equity, and inclusion act as the three pillars of employer branding.
1. Diversity
Many factors are taken into consideration while trying to make a workforce diverse. Belongingness to a different race, caste, creed, gender, ethnicity, nationality, religion, sexual orientation, etc., are some parameters that make a group diverse. The more accepting and flexible the organisations are towards different perspectives, the more diverse the group will be.
2. Equity
Employers with a diverse workforce might be judged or treated in a certain way due to their different backgrounds. However, equity ensures that no employee feels treated differently due to their belief, belonging, or orientation.
3. Inclusion
There is no point in maintaining a diverse group if they feel alienated by other employees. If an employee is segregated and not given acceptance due to their diverse background or being a part of a marginalised group, then that is not inclusion but exclusion. To ensure a diverse group works well, equity and inclusion of the employees are crucial.
Benefits of DEI (Diversity, Equity, and Inclusion)
Apart from creating a healthy and fair work culture, DEI also benefits the business. Here are some benefits of ensuring DEI in the workspace:
1. Diverse Competencies, Perspectives, and Market
According to a McKinsey report, diverse and inclusive organisations have 35% more chances of outperforming their competitors. At the same time, another report by Forbes says that diverse teams are 87% better at deriving decisions. Also, diverse companies are 70% more likely to capture new markets. Diversity brings a lot of diverse perspectives and knowledge pool which is helpful for the holistic growth of the organisation and its employees.
2. Hiring the Best Talent
More than 3 out of 4 workers prefer diverse companies. Hence, diverse, equal, and inclusive companies have better chances of attracting the best talent in the market.
3. Customer Relationship and Employee Branding
An organisation prioritising DEI is more likely to be perceived favourably by clients and employees with similar values.
- Better Performance and Revenue: A BCG study states that diverse management teams lead to 19% higher revenue. DEI can help companies boost their image and financial performance with more room for innovation.
- Making a Social Impact: By incorporating DEI in your company policy, you will significantly contribute to a social cause. Also, you will create a work experience with more empathy and equality.
Also read: Employer Branding: Here’s What Every Organisation Needs To Address In 2022
Steps to Ensure DEI in your Organisation
It takes a lot of effort to bring diversity, equity, and inclusion to your organisation. There are some basic steps to ensure that your organisation genuinely champions DEI.
1. Be Real and Authentic
Adding these three words to your company profile or policy may be tempting. But if you fail to provide the same after mentioning it, it would be a major disappointment for your employees. This will impact your company’s image and branding negatively. It is better not to advocate or stand by a cause rather than doing so and failing to implement the same in practice.
2. Learn to Communicate your DEI Initiatives
You might be doing a lot in this direction. But if you fail to project or communicate the same in the market or to your employees, your efforts will be in vain. Make use of social media, your internal information management systems, and all communication collaterals or channels like newsletters, emails, etc., to ensure that both the internal staff and the external public know your DEI initiatives.
3. Clearly Define your DEI Policy and Standards
DEI policies and standards may differ from organisation to organisation and may also evolve with time due to changes in laws and perspectives. So, keep your DEI policies and standards intact and clear to your employees and external audience. Keep them clearly defined in your internal wiki or website so that your current and prospective employees can quickly have a look when they want.
Projecting your brand as someone serious about DEI may take time, effort, and consistency. However, it is worth it as it may significantly impact your employer branding. Also, it will help you perform financially well and improve your organisation’s working environment and employee satisfaction. If you find it hard, you may also consult specialists who can help you navigate this journey in a better way.
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