Running a Diverse Business: A Boon for Companies and Communities Alike

Diversity and inclusion are two hot-button topics that seem to become more important every year.

No matter where you reside, you may have noticed that the workplace is growing increasingly diverse. According to the 2020 census, the majority White population has decreased by 8.6% since 2010. By contrast, minorities, including respondents who identified as “two or more races,” increased by nearly threefold.

With this growth, we should also be seeing an uptick in the minority hires reflected in the workplace. But, sadly, that’s not the case. For example, of the nearly 28 million firms in the United States, not even a third are owned by minorities. So how do we improve diversity and inclusion in the workplace to better reflect the country’s racial and ethnic makeup? What are the benefits of having a diverse workplace? Let’s take a look.

Communities and Businesses both Benefit from more Inclusive Policies

The numbers are clear regarding the benefits of hiring ethnically and racially diverse employees: these businesses are up to 36% more profitable than the least diverse companies. Ingenuity and collaboration improve with dynamic staff. And it isn't just about success in the office: in the public eye, companies with a more diverse workforce are more inclusive, and therefore, more competitive in the marketplace.

This concept rings especially true for small businesses. Locally-owned businesses thrive on word-of-mouth marketing and representation in the community. By supporting diverse companies, the local community is better served. Employers will be able to provide job opportunities to advance their employees' professional growth.

Measuring and Tracking Diversity is Key

Examining diversity and inclusion metrics is crucial, but exactly how do you measure and track diversity in your workplace? There are several ways. One is anonymous employee surveys. You can ask about employees' feelings on diversity, belonging, fair and equitable treatment, and safety to report concerns in the workplace. However, when you do ask, make sure to actually listen. According to Forbes, “Every interaction you have, with individuals or in groups, exposes your listening strengths and deficiencies. The evidence you provide is visible, vocal, overwhelming and easy to assess. People can see through your mannerisms and body language if you’re not paying attention.”

So, after you gather all the info you need, review it and look for trends in the data. For example, suppose many people say they don't feel comfortable expressing their true feelings at work. In that case, they may fear retaliation, indicating the need for inclusion training for senior roles.

Achieve Success Through Diversity, Equity, and Inclusion Training

Now that you know about the benefits of running a diverse business and why you should measure and track diversity, let's talk about how you can achieve this. The best way is to utilize a training program. This can help employers understand unconscious biases and build an inclusive environment for all workers. Programs are cost-effective and valuable for employees. After all, to successfully run a diverse business, you must first understand diversity. It's worth the investment.