Why diversity and inclusion are important to your SMB

For any small business (SMB) to grow and expand, its workplace environment must promote diversity and inclusion amongst peers throughout the entire workforce.

Diversity and inclusion extend far beyond standard rules and regulations for the workplace, which is why it is essential to ensure that the employees within the office are tolerant and professional.

Let us explore this in greater detail to understand the importance of diversity and inclusion and why, as an SMB, you should aim to ensure that your workplace ticks those boxes.

Why diversity and inclusion are essential

Before discussing why you should have specific DEI strategies, let’s examine why diversity and inclusion are key for SMBs.

Research shows an inclusive work environment unites employees and promotes trust, increasing productivity.

In fact, when employees trust their colleagues to treat them fairly, they are “9.8 times more likely to look forward to going to work, 6.3 times more likely to have pride in their work, and 5.4 times more likely to want to stay a long time at their company.”

Regardless of their role in the company or what they look like, if they are treated as equals and included in the workplace, employees will automatically feel that they have the support of their peers.

This support allows staff to be comfortable in their workplace, gives them the confidence to perform higher than their potential, and improves morale.

However, it is crucial to understand that diversity and inclusion are not one and the same.

Each concept is distinct, so your SMB needs to know what both concepts mean to ensure they are present in the workplace. 

Research firm McKinsey & Company defines diversity as ” who is represented in the workforce.” However, determining what is considered diverse can vary greatly. Diverse groups typically include different genders, races, ages, and physical or mental capabilities.

On the other hand, inclusion “refers to how the workforce experiences the workplace and the degree to which organizations embrace all employees and enable them to make meaningful contributions.”

Small businesses that strive to create diverse workforces must also foster inclusive cultures.

The Benefits of Diversity and Inclusion in the Workplace

An inclusive and diverse workplace is a pragmatic way to improve the work environment. Encouraging diversity and inclusion in the workplace can lead to the following:

• Higher employee morale
• A more creative workplace
• Increased productivity
• Enhanced financial success

Employees in an inclusive workplace are often happier, more engaged, and motivated to succeed, leading to better performance for the company. A diverse workforce typically equates to a more creative environment, with varying perspectives and ideas that inspire innovative solutions. 

SMBs that value diversity and inclusion are more likely to attract high-quality employees who feel valued for their work rather than external attributes. Encouraging collaboration among employees with different skills and backgrounds can lead to increased productivity and be lucrative for your bottom line.

Examples of diverse and inclusive companies

While implementing diversity and inclusion in the workplace can be challenging, some companies have successfully done so and are thriving economically. Lenovo is a top laptop brand that has integrated the idea of diversity into every aspect of its business, with policies that support the LGBTQ+ community and promote equality in the workplace. Johnson and Johnson is a globally renowned medical products company that prioritizes diversity and inclusion in its hiring process and incorporates policies to encourage diversity and inclusion in its workplace.

Conclusion

Diversity and inclusion are now recognized as essential aspects of a successful workplace. Companies that commit to incorporating these practices are headed in the right direction to achieve long-term growth.