What is DEI&B, and Why Does It Matter In The Workplace?
Business Transition Alliance
Business owners should not treat Diversity, Equity, Inclusion and Belonging (DEI&B) as an afterthought anymore. Leaders at organizations must take DEI&B seriously and make a conscious effort to implement it in their business model.
A six-year study conducted by McKinsey concluded that ethnically and culturally diverse businesses are up to 36% more profitable than the least diverse ones. When it comes to gender alone, the profitability gap widens to 48%. By not implementing DEI&B in your organization, you are missing out on opportunities to watch your team and individual employees truly shine.
What is DEI&B?
Diversity: A diverse community is a place where multiple social and cultural characteristics exist. When it comes to working, this counts as physical, social, and psychological differences within different groups. It is important to make a conscious effort to make every group feel included within your organization.
Equity: Equity ensures that every single one of your employees has access to the same opportunities and treatment. It guarantees that every member of your organization feels confident and comfortable sharing their ideas and contributing to the growth of your business.
Inclusion: Inclusion ensures that employees feel comfortable being themselves in the workplace. While it is important to maintain a certain etiquette in business, it is also important for the workforce to feel included and to feel like they do not have to code switch whenever they are at work.
Belonging: Belonging is the result of employees feeling accepted for their uniqueness within their organization. It is the accumulation of the day-to-day experiences which enable an employee to feel safe being their authentic self in the workplace. Employees want to belong to an organization that recognizes and embraces them.
When you make a conscious effort to make Diversity, Equity, Inclusion and Belonging a core part of your business, not only will you attract and retain talented and dedicated employees, you will also have a meaningful impact on your organization’s culture and bottom line. At BTA, we are always working to improve our business and yours. Contact us at firstname.lastname@example.org.
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.