The business case for diversity and inclusion

Diversity and inclusion – two of the most important pillars in an organizational structure

The business case for diversity and inclusion

Diversity and inclusion – two of the most important pillars in an organizational structure. And while fostering D&I may have begun as a way to end inherent bias in the workplace, it’s now considered not only the right thing to do – but also the most business-savvy way to operate. 

“Diversity is a fact - inclusion is a choice,” explained Michael Bach, founder and CEO of the Canadian Centre for Diversity and Inclusion. Now more than ever organizational leaders must think about creating a diverse and inclusive workplace.

At a recent roundtable organized by Workplace Safety & Prevention Services (WSPS) on behalf of the CEO Health + Safety Leadership Network, the message came through loud and clear. Employers need to start understanding the business case for inclusion or risk falling behind the curve.

And one only has to look around to see how the Canadian employment landscape is reflecting this.

According to Statistics Canada, fifty percent of the working population is now comprised of women aged between 15 and64, while one in seven Canadians, aged 15 years and older, report living with a disability. Racialized individuals comprise 22% of our population, and the Canadian Aboriginal population increased by more than 20% between 2006 and 2011, compared with 5.2% for the non-Aboriginal population.

These pools of uniquely positioned talent are an asset to any organization which intends to thrive in the future of work. The correlation between diversity and performance has been cited by the likes of McKinsey – which reports that  more diverse companies are better able to win top talent, and improve their customer orientation, employee satisfaction, and decision-making.

In fact, a study from Boston Consulting Group (BCG) uncovered that diversity actually increases the bottom line for companies. Organizations which reported “above-average diversity on their management teams also reported innovation revenue that was 19 percentage points higher than that of companies with below-average leadership diversity.”

In the face of such data, the question isn’t why should you hire for D&I – it’s how can you not?

To hear more on how you can revolutionize your organization simply by fostering diversity and inclusion, download WSPS’ free whitepaper here.

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