Why Businesses need to Invest in Equality, Diversity & Inclusion
Every business should be investing in equality, diversity and inclusion (EDI) right now. There are many important reasons to invest in EDI and these should help you to find long-term success with your business and provide the best possible workplace for your employees. Interested? Keep reading to discover why investing in EDI is so important.
What is EDI?
So, what exactly is EDI? First, you have equality which means equal opportunity in the workplace and being fair in the workplace regardless of protected characteristics (age, disability, race, religion, sexual orientation, gender etc). Diversity means creating a workplace that welcomes and celebrates each other’s differences and providing fair opportunities to all. Finally, you have inclusion, which is the process of creating an inclusive environment where all workers feel valued, safe and supported.
The Importance of a Diverse Workforce
There are many important reasons why you should create a diverse workforce in your business. The most obvious is that you want to create a fair, equal and welcoming place of work that is open to all. This is important from a legal and moral standpoint, but you will also find that there are many benefits to building a diverse workforce. You can get support from EDI support services that can help your business to comply with their obligations.
A diverse workforce can bring new ideas, backgrounds and perspectives to the organisation. Bringing different ideas, backgrounds and perspectives to the table will help the business to find the best ways to improve. This can be particularly helpful when it comes to the decision-making processes as you will be able to benefit from multiple viewpoints and better understand your customer base. A diverse workforce can also help in terms of increasing employee engagement and employee retention. On top of this, businesses that prioritise a diverse workforce will benefit from an improved reputation – this is hugely important in today’s day and age.
Another reason why you should be investing and prioritising EDI in your business is the message that this sends to investors. Not only can EDI improve business performance to attract investors, but it can also help in terms of creating an inclusive and supportive workplace environment that investors will always be attracted to. Human rights is hugely important these days and investors will always carry out due diligence and ensure that the companies that they invest in prioritise EDI.
EDI is something that every business needs to invest in. When your business priorities EDI, it can help you to reach new levels of success but it also creates a fair, open and welcoming work environment and this is something that everyone can benefit from. There is a greater spotlight on equality, diversity and inclusion these days and consumers are becoming increasingly selective of the companies that they use, so it is certainly an area that you want to focus on and improve moving forward.