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- A diverse workforce is a priority for 67% of job seekers when deciding where to work.
- Many companies track diversity; however, that doesn’t always give companies a strong view into how inclusive their companies actually are.
- In a Q&A with National Society of Leadership and Success (NSLS) President, Neil Khaund, he explained how organizations can check whether they are adequately inclusive.
Inclusivity is beginning to become more of a priority for workers when choosing a company to work for, and companies should listen.
50% of American employees want their company to invest more energy towards promoting diversity and inclusion in the workplace.
A diverse economy is a strong economy. Businesses that embrace our nation’s changing demographics reap the economic benefits of a diverse and inclusive workforce, according to American Progress.
For companies that want to shift from the Great Resignation to the Great Retention, it might be necessary to re-evaluate diversity, equity and inclusivity within their companies.
What are the benefits of being inclusive?
Companies with racially and ethnically diverse leadership and executive teams have a 36% higher likelihood of financially outperforming companies with little or no diversity.
Companies with greater gender diversity perform 15% to 21% better than companies with little or no gender diversity among staff members.
In fact, a diverse workforce is a priority for 67% of job seekers when deciding where to work.
Diverse companies enjoy 2.3x more cash flow per employee when compared with less inclusive work environments.
Creating an inclusive, diverse workforce and company culture doesn’t just greatly increase revenue – it fosters higher job satisfaction (especially among staff of color), lowers turnover, and increases productivity and innovation.
Organizations cannot ignore the costs of failing to retain diverse talent. Conversely, they cannot overlook the fact that if they learn how to retain the most marginalized of their members, it would be beneficial for everyone.
BIPOC professionals comprise just 31% of the total business workforce. Many companies track diversity; however, that doesn’t always give companies a strong view into how inclusive their companies actually are.
In a Q&A with National Society of Leadership and Success (NSLS) President, Neil Khaund, he explained just how organizations can check whether they are adequately inclusive.
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Allwork.Space: How can companies measure inclusivity? What does that process include?
Neil Khaund: Inclusivity is much more challenging to measure than diversity because it’s not a metric inherently based on demographics. But with the right kind of data, it’s possible to form an accurate picture of how inclusive an organization currently is and spark ideas to improve.
One of the most direct ways to measure this is through a detailed survey of employees, with the goal of tracking exclusion, and collecting insights from BIPOC and other minority team members.
Allwork.Space: How can leaders and companies track exclusion?
HR departments should have systems to formally track instances of harassment, discrimination, microaggressions, and other inappropriate workplace interactions.
But organizations can acquire even more data from their inclusivity survey. The survey should ask employees for details about their race, ethnicity, gender, and sexual orientation, and then ask about concrete instances they’ve encountered any type of exclusion.
Those drafting surveys should remember to go deeper than overt instances of discrimination, as well. Create questions about behaviors employees may engage in while in the workplace.
For example, many BIPOC and LGBTQ+ employees may feel the need to “code switch” or otherwise change how they present themselves to be accepted in the office. If this is a common sentiment among survey respondents, it could indicate a need for more inclusivity.
Allwork.Space: How can they effectively measure job satisfaction from BIPOC employees?
Survey questions should not just be limited to instances of discrimination or areas of discomfort. They can also measure job satisfaction by asking about opportunities for advancement, mentorship, workplace culture, and other areas that shed light on how employees feel about being part of the company.
Allwork.Space: How can companies track job retention by demographics?
Organizations don’t just have to rely on surveys to collect this kind of information. Hard data about employee retention and promotions can reveal a lot about inclusivity.
Have HR departments track the number of years employees remain at the company and in specific roles by demographic. If the data reveals a high turnover rate among BIPOC employees compared to white employees, it may indicate an inclusivity issue.
Similarly, compare how quickly BIPOC, female, and LGBTQ+ employees advance through the ranks compared to white, male, heterosexual, and cisgender employees. Also consider total longevity at the company, as well as how the ethnic and gender makeup of leadership teams has evolved over the years.
Organizations have to strive for success in several areas — one of the most important, especially now, is diversity and inclusion. Leaders have to do the necessary work within their companies to continually improve in this area through ambitious goals based on concrete metrics.
At the NSLS, our curriculum has focused heavily on diversity, equity, and inclusion for many years. To further these efforts, we’ve hired a new Chief People Officer (CPO) and are taking steps to further embed these values in the core of our organization so we can be even more effective leaders for our employees and members.
This year, we will launch our own inclusivity survey, and the results will serve as a guide through our next phase of intensive growth. Working toward inclusion goals ultimately makes strong, resilient organizations with creative employees who are able to respond quickly to challenges.
