Diversity and inclusion aren’t just buzzwords—they’re key tools for business success. In fact, research has proven that diversity and inclusion (D&I) are good for team performance and the bottom line. According to Gallup, gender diverse business units in retail have 14 percent higher average revenues than less-diverse business units. The same is true for the hospitality industry, which showed 19 percent higher average revenues for gender diverse business units. What’s more, businesses who are diverse and highly engaged show significant improvements in financial performance of up to 58 percent.
The benefits of D&I go far beyond the bottom line. Gallup research shows that gender diverse teams perform better problem solving, allowing a company to serve a more diverse customer-base, and attract and retain talented women.
Now is a great time to examine ways you can enhance D&I in your own company. Here are some strategies to help you get started:
- Keep D&I a top priority when hiring. If you utilize a search firm, make sure they source candidates who meet your diversity needs.
- Get specific. Look at diversity within each business unit of your company, not just overall. This can ensure each department and team is positively impacted.
- Embrace differences. Search for candidates who aren’t just like you—they’ll bring different points of view to the table and can contribute valuable insights.
- Find a hiring strategy that boosts gender diversity without ignoring merit. Research has found that when women feel they’ve been hired to fill quotas, it negatively impacts their relationship with coworkers.
- Cultivate an engaged work culture that encourages men and women to form productive relationships and motivates teams to boost performance.