Study Reinforces Link Between Inclusion and Diversity, and Revenue Growth
We've often said that inclusion and diversity efforts are about more than feel good attempts to "do the right thing." Doing the right thing is important, but at the end of the day, businesses exist to make a profit. An effective diversity and inclusion strategy can be integral in boosting the bottom line.
I&D can and should be an essential part of a business's overall money-making strategy. We're always eager to share data that continues to demonstrate this truth.
I&D Training Boosts the Bottom Line
A recent press release from Findcourses.com supports the notion that companies utilizing diversity and inclusion training were more likely to report financial growth. "The survey of [learning and development] professionals working in the U.S. revealed that 48 percent of respondents' companies do not currently offer any type of diversity & inclusion training," according to the release. "In contrast, companies that have seen growth over the last year are 72 percent more likely to have high diversity in their organization compared to those who did not see growth last year."
The Connection Between I&D and Financial Growth
That sounds great, but let's think about the "why." What's the connection between I&D efforts and financial growth? It's actually fairly simple.
I&D training teaches employees about unconscious bias and helps to drive cultural awareness and competence. These skills help organizations embrace diversity within their own ranks as well as gain a greater appreciation for cultures, viewpoints and ways of thinking around the world. One of the biggest impacts of this development is an increase in innovation within companies. That innovation has a direct impact on the companies' ability to grow financially.
Don't be fooled by the notion that the biggest benefit of I&D efforts is a more favorable corporate image and goodwill. There are concrete benefits from recruiting, retaining and including individuals from diverse backgrounds. People become more creative when they interact with a diverse group, and organizations as a whole become more creative and more innovating when they embrace and are inclusive of diversity.
Training Done Right
Just any kind of training is not enough to generate results though. The “dip and done” strategy does not work. You cannot have people sit in an 8-hour training session once every 5 years and expect behavioral and cultural change to occur, and persist.
We approach training with our Learning Over Time® strategy; moving training beyond a one-time event to create learning that is reinforced by repeated exposure over time. Through our multiple methodology approach we are able to reach all levels of the organization with learning that is consistent and sustainable. Contact us to learn more.
OUR NEW BOOK HAS BEEN RELEASED!
In Inclusion: STILL the Competitive Business Advantage, we continue our contributions to thought leadership on the importance of inclusion in an environment that has been roiled with new discussion—and new dissent—amid rapidly changing demographics, continually emerging technology and a global economy that is continually shifting to favor newly emerging market powerhouses. We're very gratified by the positive reviews already pouring in.