D&B, DI&B, DE&I? No matter which acronym you or your organisation choose, the conversation around diversity, inclusion, equity and belonging has never been more prevalent. We can all agree we’ve collectively talked at length about DI&B in the workplace, and businesses know what they should be doing (don’t they?) but do we know why we’re doing it? Let’s explore…
The best talent demand change
“As a company, it’s about time we started to make sure that we treat every single person as unique in every single way that we can.”
Liane Hornsey, CHRO at Palo Alto Networks, at the GDS HR Summit 2021
In these times of talent wars and the Great Resignation, it’s important to remember that the best talent demand change. According to Glassdoor, two out of three job candidates seek companies that have diverse workforces, regardless of whether they class themselves as from a minority background or not. That’s huge.
Each month in the US, 3 to 4.5 million employees quit their jobs, according to the Job Openings and Labor Turnover Survey (JOLTS). But one survey found 94% would stay at their current employer if they invested in their long-term learning. A senior executive from Gloat recently said on one of our GDS Group roundtables, “it is so much easier to find your next job opportunity outside of your company than inside. We need to figure out how people can find their next job within the company before your competitors hire them.” And we couldn’t agree more.
The best way to retain employees is by making them feel valued and providing them the opportunity for growth within your organization. When an employee does not feel valued or included at work, 76% will look for another job opportunity, and this is hugely linked to DI&B. Are those who don’t feel like they belong doing their best work? Of course not.
It’s good for business
“Belonging is the ultimate competitive advantage in the war for talent 2.0”
Minh Hua, Chief Talent Officer at Stanley Black and Decker, at the GDS HR Summit 2021
The time, energy and costs spent on finding, recruiting, training and retaining top talent is massive. According to Apollo Technical, it costs an employer an average of 33% of an employee’s yearly salary for their exit.
Further to this, having a diverse workforce is good for business. According to McKinsey, the US GDP could increase by a staggering 26% by equally diversifying the workforce. We say again, this is huge! Job performance stands to increase by 56%, according to Gallup, when there is a strong sense of belonging. How much more could your business achieve if job performance across the board increased by this much?
Having a diverse workforce helps build a strong sense of community, helps people feel they belong, blossoms brilliant new ideas, and considers all elements of a business and consumers where a less diverse workforce wouldn’t. It just makes good sense for business to put real time, effort and money behind DI&B policies, actions and programmes.
The impact of the pandemic
“People don’t leave companies; they leave poor environments and bad bosses.”
Senior executive at Commerzbank
We mustn’t forget the impact COVID-19 has had on minorities. 44% of Black and 61% of Hispanic individuals experienced job and wage loss throughout the pandemic, according to research by Strada. McKinsey found that women’s jobs are 1.8 times more vulnerable to this crisis than men’s. This is just the tip of the iceberg. It reiterates the importance of finding and retaining the best talent during the Great Resignation, to get the best business results. And the way to do this is by truly creating a diverse and inclusive workforce.
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