A Successful Company is One Which Implements DEI Not Only as a Moral Obligation but also as a Business Imperative

We live in an increasingly complex and interconnected world where shaped by globalization and technological advancements diversity has become the fabric of modern society. Companies eager to establish a strong presence in a variety of emerging new markets have initiated the global gold rush for multicultural markets, diverse employees, and untapped consumer bases. Success in global markets requires multicultural initiatives and a sustained effort to integrate distinct demographic and cultural diversity into an inclusive environment that fits into the broader vision of the company`s growth and advancement. This is opening up rich opportunities for companies to spearhead growth by leveraging their access to a diverse talent pool. While global diversity of the labor force is good and beneficial for companies to enhance creativity and drive innovation, the same also challenges long held traditional business ideas and assumptions. Companies are being forced to effect major structural reorganizations spanning all key areas of business operations, marketing, talent recruitment and retention functions.

Interestingly, despite the growing levels of diversity and interconnectedness, there is also growing polarization fueled by identity politics and resurgence of nationalist ideals. Workplaces tend to mirror the sociocultural dynamics at play in our lives outside work. At a time like the present, the importance, value and positive impact of DEI in modern enterprises can no longer be debated or undermined. Even amid rapid globalization and changing perceptions about diversity, ethnic minorities continue to face discrimination in the labor market and as the global fight towards a fair and just society heats up, companies are feeling the urgency to renew their sense of responsibility to offer DEI in the workplace. Major social and political changes as evidenced by the "Black Lives Matter" protest rallies which erupted around the world, means companies need to reevaluate how diverse and inclusive their workforce really is. Employers now have a responsibility to protect employees from harassment and discrimination in the workplace based on race, gender or color. Diversity in the business environment today goes beyond just gender, race and ethnicity. It includes employees with diverse religious and political beliefs, education, socioeconomic backgrounds, sexual orientation, cultures and even disabilities.

Even from a business standpoint, the case for diversity in workplace is overwhelming given its ability to foster innovation, creativity and empathy in ways that homogeneous environments can never do. As markets evolve to become more competitive than ever before and the business environment gets tougher amid the crisis, companies need to remain alert, aware, agile and responsive to remain afloat, profitable and successful. To be successful in a world that is constantly changing, companies need to be leading the change rather than responding to it. Companies with more diverse teams and inclusive are better able to lead change than those with a more homogeneous workforce. A strong organizational culture and robust structural foundation are critical for achieving agility that comes from internal strength. Diverse companies earn 2.5 times higher cash flow per employee and inclusive teams are productive by over 35%. High-diversity environments and all-inclusive culture has clear benefits and advantages.

Yet, global DEI initiatives are particularly challenging to successfully implement and measure. Achieving real equality and inclusion is a challenging task and over 65% of employees are of the opinion that their managers do not foster an inclusive environment. Achieving greater diversity in the workplace is relatively easier as it represents the mix or the make-up of an entity. However, the inclusion piece of the puzzle is more complex and ensuring the same is immensely tough as it involves integration of the contributions, presence and perspectives of different groups of people into the environment. Inclusion is all about making the mix work together as a cohesive whole by respecting, welcoming and valuing the diversity of every individual`s unique background, experiences, race, ethnicity, sexual orientation, gender identity, faith, tradition, and most importantly perspectives. An inclusive culture allows for collaborative daily learnings, full freedom to decide and experiment, provides excellent mobility across the organization, and encourages long term thinking. Diversity without inclusion can create a toxic culture and similarly inclusion without diversity can create an uncreative and infertile environment where a company can stagnant.