“Companies that embrace diversity and inclusion in all aspects of their business statistically outperform their peers.”
– Josh Bersin

 
Diversity, Equity & Inclusion (DEI) is no longer a choice. It's the new way of life for organizations to succeed and makes moral, ethical and business sense.

* Diversity is all about perspective, representation, and supporting inclusion.
* Inclusion is about creating an environment that is conducive for feedback, inputs and openness.
* Equity is about fairness, sameness, while holding immense value for diversity and inclusion.

So, Diversity, Equity & Inclusion (DEI) go hand in hand, without inclusion there will be no diversity. When an organization employs people with different characteristics and backgrounds it becomes wiser in its decisions and better as an organization. Diversity at the workplace would constitute people from a wide range of classes and would include people of varying gender, age, cultural background, ethnicity, sex, race, and religion. The question that pops up in our heads when we talk about diversity and inclusion is whether it’s just a mere trend or does it have a competitive advantage to it as well?

Let’s answer this question considering it has become a major goal for companies!

It is not just about improving a company’s reputation and promoting inclusion at the workplace although they are important goals to achieve for a company but also helps in yielding immediate and tangible benefits for the company so it would be safe to say that it’s not just a mere fad but it does have a competitive advantage to it as well. Diversity ensures a different perspective on things and that benefits the organizations since it would also mean that every person comes with different skill sets and experiences. Everybody thinks differently and people tend to come up with different solutions to the same problem. This helps in increasing creativity in a business set up when it comes to problem-solving skills.

One would ask what so many perspectives about a situation do as only one solution has to be implemented. Well, it would also lead to innovation and that can set an organization apart by giving it a competitive edge over others. One other aspect of diversity is that it promotes faster problem solving as well as the best solution out of all is chosen faster. When an organization has diverse personnel it helps in making more informed decisions as everybody has different perspectives and opinions which lead to better decision making. As a result of diversity and inclusion in an organization increased profits are achieved and the ultimate goals of an organization are attained. When there will be employees in an organization from different backgrounds and experiences they will feel more included and as a result, there will be more employee engagement. Engagement is an outcome of diversity and inclusion. It causes all employees to feel accepted and valued at the workplace, it helps them in deriving more satisfaction from their jobs and this also leads to increased tenure.

The diverse culture in an organization enhances its reputation and makes it more socially responsible. This makes it easier for people to blend in with the culture that an organization has to offer, making it more interesting and open to new markets and business partners. Diversity in the workplace place boosts a company’s brand and makes it more desirable to work for. It helps in attracting relatively more skilled people with varying abilities therefore serving the organization in the best possible manner.

"The pandemic is a great opportunity to improve diversity with remote working. Our latest initiative captures about 8 types of diversity initiatives and acquire the right talent using our network of specialist agencies & technological filters."
−Vikramjit Singh Sahaye, Founder of hiringplug™

So, Diversity and Inclusion play a major role in deciding the fate of an organization. If a company is not inclusive of diversity then it would harm the foundation of the company as the building blocks of a company can be laid down on diversity as well as inclusivity. It makes a company a whole package for the employees who seek to work there, It increases their will to work and stay in a place for longer. There are only benefits when there is more diversity in a workplace for the employees as well for the company, making it more efficient and employee-friendly as a result there will be increased profits and a better reputation of the company in the market.