At the recruitment level, an organization that seeks diverse talent (understanding talent intelligence, experience, professional skills, character and personality qualities, etc.), by selecting it from a broader pool and limited not only to certain segments, has access to the best talent available in the market, since it is equally distributed in groups of different gender, socioeconomic, geographical and religious origin.
There is no point in limiting the search for talent to only certain segments of the workforce. The data clearly shows that diversity is a priority for workers and job applicants: most people in the labor market say that racial and gender diversity is an important factor in their job search and 50% of current employees want their company to put more energy into promoting diversity.
Diverse work teams have also shown higher levels of innovation, being able to satisfy the needs of a more heterogeneous spectrum of clients. Teams are more likely to understand the consumers they want to reach when they have at least one member on the team who represents the gender, race, age, sexual orientation, or culture of their target. That’s why, today, the term of DEI Training Company is very popular.
Those companies with the greatest diversity of gender, country of origin, career path, and industry background among their managers have also proven to be more innovative. Likewise, organizations with diverse work teams see their ability to attract, retain and promote the best talent increased, and report greater job satisfaction. Organizations with inclusive work cultures characterized by openness to others and appreciation of individual differences have teams with greater collaborative work and knowledge sharing, as well as less aggression and discrimination. Diversity increases employee satisfaction, including women and minorities, and fosters positive attitudes and behaviors in the workplace.
At the managerial level, the diversity in its composition is correlated to a higher degree of creativity, better performance in Corporate Social Responsibility of the company and better recognition of the needs and interests of the different groups of stakeholders. Likewise, the existence of diverse leaderships increases the probability that minorities and traditionally discriminated groups within the company will be heard and have a space. Furthermore, it is a fact that there is a correlation between the gender diversity of companies and their reputation; The most admired Fortune companies have twice as many women in top management as companies with the lowest admiration rankings.
The increased presence of women at the top level has been linked to fewer cases of fraud and bribery, more effective management practices, risks, greater transparency and disclosure of information, and greater attention to legal obligations. In particular, companies with the highest percentage of women on their boards show better financial performance compared to those with the lowest percentage of female presence. They can improve their performance with the help of a Diversity, Equity and Inclusion training company.
The effect of gender diversity is especially important in current circumstances, as many women have had to withdraw from the workforce to dedicate themselves to caring for children and family members. Additional burdens at work and at home since the COVID-19 crisis began have pushed about 33% of working mothers to consider cutting their careers or leaving their jobs altogether. In a workforce that generally starts out with gender parity but falls sharply throughout the promotion process, a step back in employment can change years of progress.
A study published in 20217 indicates that companies with more women in senior management (C-level) are more profitable, more socially responsible and provide safer and higher quality customer experiences, among many other benefits. In particular, companies become more open to change and less open to risk seeking, seeking transformation while reducing the risks associated with it. Likewise, companies with more women in senior management would gradually tend to move from a knowledge purchase strategy focused on mergers and acquisitions, towards a knowledge-building strategy focused on innovation and internal development. These facts confirm that diversity, equity, and inclusion bring progress to most of the companies and they are the trend that is becoming more and more favored. Diversity would also favor better decision-making by teams, since it avoids groupthink that tends to occur in more homogeneous groups. Groups of more varied composition benefit from a greater variety of perspectives, which implies greater challenges in discussions and a greater effort in substantiating positions.