Business initiatives to address workplace diversity, equity and inclusion (DEI) have been ongoing for many years. However, these issues and the necessity to address them have certainly leaped to the forefront in 2020. The Black Lives Matter Movement has drawn even more attention to the inherent problems associated with systemic racism, which has existed in the United States for over 400 years.
As a result, companies are taking a much closer look at their policies when it comes to diversity in the workplace and the importance of implementing strategies to address these issues in today’s global landscape.
The heightened awareness of the existence of systemic racism in the United States has brought about new questions and observations. Are businesses just beginning to address these issues as a result of the current environment? Or have companies acknowledged the need for a more diverse workplace in the past and are already sowing the seeds of change? Historically, the answer to both questions is yes:
In 2020, however, DEI is no longer just a moral issue. It's a business one as well. In fact, more diverse companies are outperforming others by at least 35%.
In today’s global economy, business leaders are seeing the need to incorporate diversity, equity and inclusion in order to effectively compete. Businesses are learning that a more diverse workforce equates to higher profits and the ability to retain and attract top talent. They are also seeing a positive impact on their employees:
As businesses embrace the reality and importance of a more diverse workforce, there is growing intangible evidence that is it no longer a question of if but when others will follow suit. In 2020, the success stories continue to grow with major global corporations such as:
These success stories, along with the growing numbers of many, many others, are now serving as models that cultural diversity in business is a win-win for all.
Net Impact’s mission is to engage and inspire future leaders to build a more just and sustainable world. Learn more about how you can get involved with racial equity with Net Impact and our program and events throughout the year.