Corporate Diversity: How Can it Assist Your Company To Grow?

Companies need to do more than just talking and ticking a few boxes to create a genuinely inclusive workplace culture and corporate diversity. It’s about being proactive, providing an atmosphere of inclusion (not just tolerance), and systematizing inclusion in a way that supports the business plan and is long-term structured.

Diversity is in terms of deeper depth, insights, experiences to you as an individual and your company, if you have been in the game for a long time or are just starting. Your company’s workplace diversity programs, no matter where you fall on that continuum, have the power to say a lot about it. The value you place on diversity can help you succeed.

Today, the “D&I” of diversity and inclusion is frequently joined by the “e” of equity, adding a new dimension to the equation. You might be a company trying to figure out how to make your company more diverse, inclusive, and equal. If that’s the case, you’ll need to understand what business diversity, equity, and inclusion entail, as well as how to implement strategies to attain them.

What does Corporate Diversity Mean?

What is the definition of corporate diversity? When company leaders want to build a more diverse organization, they frequently ask this first question. Today, “what is inclusion?” and “what is equity?” may easily be included.

As you might expect, each of these phrases has a variety of definitions, but the consensus is that:

  • Corporate diversity: 

When companies purposefully hire people with diverse backgrounds, they get referred to as corporate diversity. It includes sexual orientation, gender, race, ethnicity, religion, age, physical ability, political beliefs, and socioeconomic status.

  • Inclusion: 

As per the concept of inclusion, it is the achievement of a workplace climate in which all employees are treated similarly and appropriately, have equal access to the services, and contribute to organizational growth.

  • Equity: 

“The process should ensure that systems and programmes are unbiased, fair, and give equal potential scenarios for every individual,” according to the definition of equity.

Implications of Corporate Diversity Programs

The emergence of such initiatives demonstrates a shift in how businesses view the connection between diversity and profitability.

Overall, in the United States, there’s been a new movement to acknowledge inclusive workplaces and take measures to address them.

Thomson Reuters launched its Diversity and Inclusion (D&I) Index in September 2016, which looked at the diversity practices of 5,000 organizations. This action is one sign of the business community’s growing interest in this subject.

The practice of publishing diversity statistics appears to be working. Many businesses, particularly tech firms, have become more open about acquiring and disclosing their employee demographics.

It is a notable shift from 2011 when CNN reporters reported having difficulty persuading internet companies to release these figures. After Google provided its figures, Apple, Yahoo, and other corporations followed suit. Bringing the issues to light helps to ensure that they do not go unnoticed.

For instance, executives formed employee resource groups at Uber and Google, and training and open talks regarding diversity were encouraged. Equal opportunity talks involve workplace cultures as a result of these initiatives. It also makes it possible for employees to speak up if they believe they get mistreated.

How are Big Companies Diversifying their Corporate Workforce?

  1. Uber

Susan Fowler, an Uber engineer, released a blog post in February 2017 detailing her encounters with gender inequality while working there. Fowler alleged that when she and other women complained about sexual harassment at work, they were chastised and intimidated with termination.

More women came forward as a result of Fowler’s account. It also sparked a conversation about workplace harassment.

Uber quickly responded, claiming that Fowler’s experience was incompatible with the company’s values and promising an investigation.

The report claims that:

  • Women made up 15% of Uber’s technical staff.
  • Women represented 22 percent of all leadership positions in the organization.
  • Women occupied only 11 percent of technical leadership positions.
  • Women constituted 36% of Uber’s employees as a whole.
  • There are no technical leaders who are Hispanic or African-American.
  • 1.2 percent of non-technical management positions were Hispanic, and 3.7 percent were African American.

The organization has gone above and above to demonstrate its commitment to diversity.

  • According to the corporation, it is hiring more Hispanic employees and people from other backgrounds.
  • Uber has also pledged to donate $3 million to organizations dedicated to enhancing the involvement of minority populations in tech professions over the next three years.
  • Uber CEO Travis Kalanick spoke with Reverend Jesse Jackson, a civil rights activist, to discuss diversity.
  • The corporation has made public committee member Arianna Huffington’s and other women’s leadership roles.
  1. Google

Transparency is one of the best approaches for increasing worker diversity, according to Google. The firm has a webpage that details its diversity initiatives and the current statistics that reflect those efforts.

Google emphasizes that women held 24 percent of leadership roles in 2015, increasing 2% over the previous year. According to the website, black and Hispanic people made up 4% and 5% of new hires in 2015.

The Google diversity program also includes the following:

  • Implementing the Googler-in-Residence Program to help historically black institutions and universities gain access to programming education.
  • Increasing the number of universities where Google recruits by a factor of three
  • Offering unconscious bias training to Staff members, which 65 percent of Google employees completed 
  • Publishing unconscious bias materials and studies so that other businesses can provide similar services to their employees.
  • Google formed more than 20 employee resource groups.
  • Developing a Diversity Core program for Google employees to participate in diversity initiatives
  • Google tried to figure out why some kids don’t want to pursue a career in technology.

Importance of Corporate Diversity

  • Powers Innovative Ideas and Creativity

For organizations whose directors and organizations are associated with people with similar experiences, talents, and perspectives, “groupthink” can be a severe issue. A diverse set of voices fosters innovation and the rapid development of new ideas, propelling your company to new heights.

  • Increased Productivity

A more varied workforce can help with more than just creativity and ideas. When team members display a variety of abilities and experiences that work well together, productivity can skyrocket. When an array of experiences brings to bear the task, employees can quickly develop new thoughts.

  • Assists You in Winning the Talent War

The circle of diversity is a virtuous one. Employ people with a diverse range of experience and backgrounds, and potential employees will regard your company as a welcoming environment where they can be themselves. In-house legal teams, for example, are reporting an increasing shortage of qualified applicants in several areas. As a result, ensuring that you have access to as much talent as possible is becoming increasingly important.

  • Employee Participation, Satisfaction, and Loyalty

Employees don’t only accept but thrive in roles where they can be themselves. They offer their all for their employer and become brand advocates. Internal advocacy enhances your company’s outward perception and reputation, as well as talent attraction and staff retention.

Bottom Line

The transition from theory to practice is one of the most challenging problems organizations confront when increasing corporate diversity. Having a notion that you need to enhance your performance is not the same as having specific goals and plans.

However, with diversity programs and training, companies can guide their employees towards corporate diversity and inclusion.

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