Article originally published on Orlando Business Journal
I recently had the opportunity to speak at the 2019 Philadelphia Diversity & Inclusion conference where C-level executives shared best practices and discussed how corporate America can do a better job by embracing diversity and inclusion.
Since minorities are driving the U.S. population growth and the mainstream market is becoming more multicultural, diversity and inclusion are the right thing to do for your company, as it will impact your bottom line now and well into the future.
Most of the time in the corporate world, diversity and inclusion have been addressed as an internal challenge or quota from executives. For example, what percentage of their employees are minorities? Or, do they have the right minority representation in their shareholders? It always has been addressed as hiring, training, employee retention and performance challenge.
Greg Deshields, executive director of PHL Diversity, a division of the Philadelphia Convention and Visitors Bureau, shared why diversity and inclusion are so important for corporate America from two clear primary perspectives: workforce development and workforce performance. He said, “Diversity fosters a more creative and innovative workforce. Benefits of a diverse workforce inherently create more unique solutions because they are composed of individuals with different experiences, who view problems in different ways. Interacting with individuals who are different forces group members to be better organized and consider alternative viewpoints. An inclusive workforce actively involves every employee’s ideas, knowledge, perspectives, approaches and styles to maximize business success.”
Building an inclusive culture is the ultimate challenge. The ideal situation is to design an organizational culture that encourages the sharing of diverse points of view, with an emphasis on team members representing the best interests of the organization as opposed to their own self-interests.
Companies are facing an internal aspect, as well as an external one when it comes to diversity and inclusion. I personally believe this is becoming more than just an internal HR thing. Now the conversation executives need to start having is about how they can attract and retain multicultural consumers, as they are the new driving force of the U.S. economy. How can companies make their employees and customers excited and engaged while they are impacting their communities? How many contracts will they grant to minority-owned businesses to help them succeed in the marketplace? No one can afford to overlook this external aspect anymore, especially since youthful diversity now is becoming the counterweight of white aging consumers.
Deshields added, “For most industries, innovation is not an option; it’s a business imperative that helps create better products. Businesses must adapt to change to be competitive in the economic market.”
Here are 5 helpful tips that will make your diversity and inclusion effort worth your while:
- Be committed: Diversity and inclusion must be part of your company’s DNA if you want to have a sustainable growth moving forward. Hire and retain a diverse workforce. Invest time and money on marketing efforts and community outreach programs that support your new culture. You will realize a huge business opportunity and ROI if you put genuine effort into it.
- Have a voice: Create a diverse shareholder or advisory team that will help you and guide you to be successful with diversity and inclusion. Listen to them and take their advice to heart. Having a mix of people together doesn’t guarantee success. It requires inclusive leadership that assures team members are heard, valued and respected. They need to be inspired and have a strong sense of confidence and belonging.
- Be a real leader: Set the bar high when it comes to diversity and inclusion. You have to have an authentic commitment to it. If you don’t walk the talk, you won’t get the results you are looking for and people will lose respect for you and your organization. You have to be willing to be humble, admit mistakes and be open for others to contribute. You also must challenge the status quo and hold others accountable.
- Create ambassadors: Your employees are the best ambassadors you can have. Hire them, train them well, listen to them and invest in their communities. Make them feel proud of your company by sharing their work experiences. At the end of the day, they are the best word-of-mouth advertising you can have.
- Start today: Lao Tzu said, “A journey of 1,000 miles begins with a single step.” Make diversity and inclusion a personal priority within your organization. It has to start from the head all the way down. You might get excuses from your executives or shareholders about a diversity and inclusion initiative. For example: It is not the right time, we don’t have the right resources, etc. Sometimes these excuses are a reflection of the additional work they don’t want to do or their personal opinions or perceptions.
As we become a more diverse nation and our mainstream transitions to a multicultural status, diversity and inclusion will have to be part of every corporation’s DNA for any business to succeed. At the end of the day, you have to reflect what your market is, so your growth and vision can be sustainable over time.