There was a time when employees viewed diversity training as nothing more than their employer paying lip service to another human resource initiative. However, workplace inclusivity is not just a trend. It has quickly become a necessity and companies are now starting to recognize the importance of diversity, equity, and inclusion (DEI) training. So, why is DEI training important and why do so many of today’s companies see it as critical to their business’s growth?
Many forward-thinking companies view DEI training as the critical first step to providing an inclusive work environment. They understand that the days of strong-arming employees into producing results no longer work. Something needs to change. In this blog, you will understand why is DEI training important and see how a company can benefit from it.
Increased Competition for the Brightest Minds
An astonishing 76% of today’s job seekers see a diverse and all-inclusive workforce as a critical factor when evaluating potential employers. Companies need good, conscientious, hard-working employees who are engaged in the business and invested in its success. These are the employees who look for personal and professional development and they simply won’t settle for a toxic work environment.
One of the reasons why is DEI training important is to attract the best and brightest, which means having an environment where everyone’s opinions are respected, everyone has a say, and everyone can benefit from collaborative efforts. However, it’s no longer just about employers not discriminating against employees based on race, age, disability, sexual orientation, or gender.
The discussion has now morphed into how well employers understand, appreciate, and foster an inclusive workplace for all employees. This means training employees and management on the ins and outs of inclusivity. Ultimately, today’s companies either foster a welcoming and inclusive environment or lose out on future key contributors.
Improved Employee Retention
Recruiting good employees is one part of the equation, but the other is retaining existing employees. Most companies are well-aware that the costs of replacing an existing employee can be upwards of twice the value of that employee’s annual salary. Losing critical knowledge, business know-how, and expertise has a direct impact on a company’s operational costs, revenue, customer relationships, and workplace morale.
Employees want to see their coworkers respected and appreciated. When you consider how much time employees spend with one another, it’s fairly easy to see how strong their bonds become. Employees form lasting friendships with coworkers and they will often take it personally when their coworkers are either discriminated against, ignored, or devalued.
Think about how employees act when they are motivated and invested in a company’s success. They’re more willing to make their voices heard. They freely express their concerns and have better relationships with their superiors. They feel valued, appreciated, and respected and they’ll go the extra mile when needed.
Increased Revenue and Profit
Perhaps the best indicator of the importance of diversity, equity, and inclusion training is its impact on a company’s profit and revenue. One study by ScienceDaily showed a direct correlation between revenue and having an inclusive and diverse workforce. The study found that companies with the highest levels of racial diversity generated 15 times more revenue and had 15,000 more customers when compared to competitors at the lowest end of the racial diversity spectrum.
That same study also demonstrated that racial diversity was one of the most important predictors of increased profit. As companies increase their diversity percentage, their profit levels also increased relative to those same competitors with lower diversity levels.
More Reflective of Your Market and Customers
Companies succeed when they understand their market. That means identifying their target audience and understanding the individual buyer personas that make up their customers. To compete in today’s global marketplace, companies must target multiple different customer segments. The best way to do that is by having a workforce that is reflective of society as a whole.
Think about all the different ways a company can segment its market. It can be done based on age, race, ethnicity, gender, etc., in addition to dozens of other factors. Having an inclusive workforce means you’re better able to target these individual customer segments. Your employees then become the perfect outreach to these market segments. They can provide you with invaluable information about what makes each of these segments tick.
Through employee diversity, your marketing, sales, customer service, and after-sales service improves. Your social media outreach is more targeted and you gain invaluable insights into how these different customer segments make purchasing decisions. This means you can enact actionable plans tailor-made to the different audiences your business is targeting.
Improvement in Upward Mobility
When someone asks “why is DEI training important”, think about how beneficial it is to provide employees with upward mobility. Employees want to know their employer has an active role in charting their career path. Providing training for career advancement is no longer sufficient to keep employees engaged and fulfilled in their jobs. Inclusive programs demonstrate to employees that all contributors are valued and appreciated.
Diversity, equity, and inclusion training that addresses and resolves unconscious bias help all employees understand that to err is human. It opens a discussion amongst employees about how societal stereotypes impact their everyday lives and how confronting those biases improves communication. Programs that edify anti-racism and effective leadership show employees that the company takes a top-down approach to workplace diversity.
Learn More About Why Is DEI Training Important At Elevated Diversity
In the end, it’s all about changing corporate behaviors so today’s employees can perform at their best. That comes from the understanding that everybody has something unique to offer. Everybody is a valued contributor. DEI training helps to foster a welcoming environment where innovation and collaboration thrive.
If you’re looking for a proactive partner to help kick-start your new diversity initiative, then contact Elevated Diversity now.