The Benefits of Diversity, Equity and Inclusion

Workplaces experience a greater sense of community, collaboration and communication among colleagues

The world is full of people of different colors, languages, religions, gender identities, incomes and so much more. That’s what makes it so vibrant—and why so many companies, educational institutions and governments are developing, if they haven’t already, diversity, equity and inclusion (DEI) departments.

And why not? Everyone has something of value to offer everyone else, even if it’s not explicitly recognized or accepted.

Indeed, the U.S. is largely eager to welcome and encourage DEI. And this applies to every part of the nation, no matter the city, state or territory. These include not only those in the Northeast and on the West Coast, but also in the Midwest, Mountain states, or on or near the Gulf Coast.

Latinos, for example, are enhancing many parts of the country, even if they’re first, second or third generation. Their culture follows them and introduces non-Latinos to new experiences, insights, foods, language, work styles (siesta, anyone?) and traditions, all of which add new colors to the fabric of the nation.

Indeed, people who identify as BIPOC (Black, Indigenous, People of Color) widen the world and improve our understanding of it, something from which everyone can learn and grow. It’s this understanding that continues to propel the nation forward.

For example, destinations such as Greater Fort Lauderdale in Florida have recognized the benefits of DEI initiatives and how diversity, equity and inclusion benefit all of the people who live and companies that do business there.

As Gartner has discovered, 75 percent of companies with “frontline decision-making teams reflecting a diverse and inclusive culture” exceed their financial targets. Additionally, Gartner discovered that “gender-diverse and inclusive teams outperformed gender-homogeneous, less inclusive teams by 50 percent, on average.”

This is in part because diverse teams are better, for example, at identifying new growth opportunities and exploring markets that may not have been considered before. This is a boon to companies as a whole, with diverse teams being better at finding, appreciating and entering formerly untapped business potential based on their backgrounds. This extends organizations’ growth because they now have the ability to leverage new and emerging markets, and spot trends that may be particular to certain segments of the population.

Because diverse and inclusive workplaces actively support a greater sense of community within their teams, they’re fostering greater collaboration and communication among colleagues, no matter their backgrounds. This results in improved business insight and common goals that transcend individuals and myopic group think.

A huge benefit to this is employee satisfaction. Because everyone in diverse work settings feels their words and actions are appreciated and respected, they’re less likely to upload their resumes to job posting sites. In fact, Millennials, currently the largest generation in the U.S. labor force, said they would stay longer with organizations that appreciate the necessity for and benefits of diversified workforces, according to Deloitte’s 2020 Millennial Survey.

In the long run, this saves companies money, as fewer people bail on their jobs in favor of more inclusive ones, with managers not having to go through the costly process of finding and hiring replacements. This pretty simple math should encourage—if it hasn’t already—employers to develop DEI initiatives of their own, with an eye to both the now and the future.

Many cities are adopting the same attitudes, knowing that diversity and inclusivity are going to attract more people to their regions. This is surely something local businesses—restaurants, shops and other attractions—are going to appreciate, as both businesses and tourists flock to DEI-friendly areas.  Visit Lauderdale’s branding campaign welcomes “Everyone Under the Sun”

And make no mistake. The majority of Americans support DEI in some fashion. And no matter their backgrounds, they’re becoming more welcoming, understanding, and willing to embrace other people and cultures, no matter how they’re defined. This bodes well for not only the nation at large, but also places such as Greater Fort Lauderdale and the companies that do business there. Greater Fort Lauderdale is made up of 31 distinct communities and area residents are extremely diverse representing 170 countries and 147 languages. One can never learn too much, after all, no matter who’s doing the teaching, and those lessons parlay into bigger and better outcomes.

As Franklin D. Roosevelt once put it, “If civilization is to survive, we must cultivate the science of human relationships—the ability of all peoples, of all kinds, to live together, in the same world at peace.”

Well put, sir.

Related content:

Greater Fort Lauderdale Las Olas District & Cultural Diversity [Video]

Greater Fort Lauderdale, the Venice of America- Water Taxi [Video]

Planning a Business Event? Consider Greater Fort Lauderdale [Video]

The Benefits of Destination Events

The Benefits of Workcations

RELATED POSTS

Future of Work: Employees Attrition & Managing Wisely [Video]

Future of Work: Employees Attrition & Managing Wisely [Video]

Part 2 Latin Biz Today Partner Teany Hidalgo interviews Steven Hunt, Organization Psychologist, Chief Expert at SAP Introduction to the series: This part two of a three part series. Latin Biz Today partner, Teany Hidalgo interviews Steven Hunt, Organization...

Video Gallery

Polls

Sign Up for the Latin Biz Today Newsletter

PR Newswire

Featured Authors

Innovation & Strategy

Money

Talent/HR

Legal

Marketing

Culture

Fashion

Food

Music

Sports

Work & Life

Mindfulness

Health & Fitness

Travel & Destinations

Personal Blogs

Pin It on Pinterest