Are you underestimating the value of inclusion in your workplace?
This is a mistake many business leaders make that can create a negative impact on employee well-being, performance, and productivity. It weighs down the potential for organizational success and inhibits your bottom line. So ultimately, failing to allot a budget for diversity and inclusion training can really cost your company.
In a recent Pfizer case study on RW3 CultureWizard’s diversity and inclusion training, it was revealed that for every $1 spent on our RW3 CultureWizard solutions, there was a calculated ROI of $7.5 in improving Pfizer workplace inclusion. That’s a compelling statistic to consider.
And there’s a lot of other data out there that supports the business case for both diversity as a driver of success, and the importance of training in diversity and inclusion.
Before diving into those numbers, let’s explore the distinction between diversity and inclusion, and the statistical impact of both.
- Diversity is a fact. Humans are diverse—period. There are a vast number of differences even between any two individuals.
- Inclusion is an act. Inclusion happens only when concrete steps are taken to ensure that everyone feels valued.
Research shows measurable benefits of diverse teams:
- Racially and ethnically diverse companies are 35% more likely to yield revenue above industry norms.
- Diverse companies are 70% more likely to capture a new market audience and 87% better at making decisions.
- Two out of three job candidates seek companies that have diverse workforces.
- Companies with leadership diversity yield a 19% increase in innovation-related revenue.
It’s critical to understand, though, that available data supports not only the diversification of teams, but also the positive impact of introducing practices of inclusion to harness team diversity for success.
A McKinsey study spanning 15 countries and more than 1,000 large organizations, revealed that without inclusive practices to properly support diverse teams, “Hiring diverse talent isn’t enough—it’s the workplace experience that shapes whether people remain and thrive.”
The study found that even though employee sentiment on diversity was 52% positive, sentiment on inclusion fell short at only 29% positive. This is particularly meaningful in the context of findings from an extensive Deloitte study that revealed the benefits of inclusive work cultures:
- 22% lower turnover rates
- 22% greater productivity
- 27% higher profitability
- 39% higher customer satisfaction
The correlation between inclusive work cultures and better business outcomes is also highlighted in two data-driven studies conducted by Google, which revealed that the best-performing teams were characterized by:
- An inclusive mindset
- Curiosity towards others’ ideas
- Emotional intelligence
- Psychological safety
As if that weren’t enough evidence that inclusion is good for business, several of our own recent case studies also present a compelling reason to make room in your budget for training in diversity and inclusion.
In Building a Culture of Inclusion: The Mintel D&I Journey, we discovered that our Global Inclusion suite of online courses and live instructor-led diversity and inclusion training addressed the company’s struggles with inclusive leadership and consistency in inclusion-based language. By implementing concrete strategies for diversity and inclusion, they facilitated more productive dialogues and outcomes across the organization.
Some of the most popular courses were Acting Inclusively and Becoming an Inclusive Leader, with hundreds of users benefiting at a 97% completion rate. The feedback from Mintel was overwhelmingly positive, citing a palpable change in their company culture.
Another case study on inclusive cultural practices at an entertainment conglomerate revealed that investing in diversity and inclusion training allowed for the successful relocation of numerous employees, providing them with inclusion-based tools and skills for navigating a new culture and establishing beneficial business relationships.
If you’ve already achieved a diverse team, that’s great! You’re halfway there. The next step essential to business success is to specifically focus on actionable inclusion initiatives that ensure both employee well-being and full-scale organizational success.
Our online diversity and inclusion trainings take learners on a journey to establish a union of intercultural awareness and inclusion that maximizes the potential of diverse teams, increases productivity, elevates team morale and shared understanding of D&I, and gives a major boost to your company's bottom line.
Don’t let your organization fall behind. Embrace the compelling business case for inclusion, and watch your company thrive.
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