Increase Your Organizations Human Capital (People) Investment
by Taryn Guy, GenVision President
“We all should know that diversity makes for a rich tapestry, and we must understand that all the threads of the tapestry are equal in value no matter what their color.” – Maya Angelou
There are many reasons organizations are ramping up and finding it necessary to invest in Diversity and Inclusion efforts. The term ‘investment’ may sound extreme, but to ensure your organization is diverse, inclusive, and equitable - - it will require time, capital, and commitment.
Research shows that employees in highly diverse and inclusive organizations exhibit 26% more team collaboration and 18% more team commitment than those in non-inclusive organizations (CEB/Gartner). Additionally, when employees feel that their voices are heard at work, they are 4.6x more likely to feel empowered to perform their best work (Salesforce).
There are three key areas where this investment is needed most:
Staffing Investment
- Hiring internal diversity and inclusion subject matter experts to develop and implement a strategic plan
- Engaging a diversity and inclusion consulting agency to develop a strategic plan for the organization and track progress.
Human Resources Investment
- Enhancing human resources analytic software to capture employee demographic-related data
- Investing in hiring tools that review and analyze job descriptions and hiring practices in an effort to remove bias
- Identifying and implementing an effective employee survey tool that captures both engagement and culture-related feedback
Education Investment
- Creating time and space for employee training
- Investing in training materials or hire consultants to create and facilitate training
The bottom line is that diversity and inclusion is simply smart business. According to LinkedIn, the top three reasons organizations prioritize diversity and inclusion are:
- To improve culture (78%)
- To improve company performance (62%)
- To better represent customers (49%)
Data has proven that investing in diversity and inclusion increases profit margins, lowers turnover rates, boosts employee engagement, and makes organizations attractive to potential applicants, vendors, customers, and other external stakeholders. To be sustainable in the future, leaders need to invest in operational efforts that impact the bottom line. But more importantly, they must also invest time, resources, and finances in their human capital who are the cornerstone of every thriving organization.