Deservedly so, there has been a greater emphasis placed on diversity, equity, and inclusion (DEI) around the world in any number of institutions, including schools, places of worship, and of course, the workplace.
The doors of the “Old Boys Club” have been kicked open in many industries, and it’s been a breath of fresh air that has driven meaningful connections, new innovations, and an overall happier and safer workforce. We’ve already seen it in tech, health care, and auto manufacturing, to name a few.
At UpCity, we recently conducted a survey of nearly 800 employees across myriad industries asking about diversity, equity, and inclusion in the workplace and how it affects hiring as well as business partnerships.
At the forefront was an overwhelming response to the prompt, “Diversity, equity, and inclusion (DEI) are important to me in my workplace.” Seventy-two percent of respondents either agreed or strongly agreed, with the latter making up 58 percent. Clearly, DEI is something that workers think about, and businesses have shown that they too are paying attention.
In fact, when asked if they believed the companies for which they work valued DEI, 58 percent strongly agreed and 17 percent agreed. Only 7 percent either disagreed or strongly disagreed.
That’s great news as businesses and their employees share the same attitudes toward DEI, but we wanted to see if it affected where someone chose to work. Asking if respondents were more likely to work for a company that is either minority-owned, veteran-owned, LGBTQIA+-owned, woman-owned, or not a factor in their decision; 49 percent said it wasn’t a factor in their search and acceptance of an offer of employment.
Perhaps it’s indicative of the current economic climate, and despite the Great Resignation, there are plenty of people still trying to get back on their feet who are willing to work somewhere even if their values aren’t a perfect match, which is completely understandable.
However, when it comes to seeking a company to do business with, there’s an even stronger appetite for DEI. Nearly two-thirds of those we surveyed said they are more likely to hire services from businesses that are owned by minorities, veterans, women, or those in the LGBTQIA+ communities.
It takes a concerted effort to change a culture, and we still have a very long way to go, but DEI is starting to weave its way into the fabric of the business world. Simply stated, you don’t want decisions being made by people who all think the same thing and work the same way.
Harvard Business Review cited a handful of studies that demonstrated the benefits of workplace diversity. From a numbers standpoint alone, companies with greater diversity in management positions saw increased financial returns and significant income growth.
Why is that? To start, it’s because a wider range of life and career experiences translates into new ideas, deeper understanding, and previously unrealized perspectives. A diverse team helps eliminate blind spots and removes obstacles that have hampered decision-making in the past.
Embracing diversity, equity, and inclusion is not a zero-sum game. If one side gains, it doesn’t mean the other side loses. Truth be told, we are all on the same side, and when DEI is part of the conversation, we all win.
