Diversity, Equity, and Inclusion Means More Opportunity For Higher Profits 📈
Updated: Jul 17
The term “Diversity, Equity, and Inclusion” or DEI, means so much more than just “affirmative action.” If you’re not immediately on board, let me explain it in this way: When you’re hiring for a new member of your team, do you want a candidate that has done the same exact thing for years, or do you want to hire someone with a background that shows growth, development, and expertise in a variety of industries? Of course, there are benefits to hiring a highly-skilled, consistent person, but how is the rest of the team supposed to grow and learn from a new team member if that person brings the same experiences to the table? Women in particular are uniquely qualified for a variety of reasons, but we really need to talk about why.
Benefits of Women in Leadership 🧘🏽♀️
As a woman, it may seem like I’m biased, and truthfully, I have to be. To make it in the corporate world as a business coach takes a lot of grit, and I have had to go the extra mile to prove myself to people who didn’t believe that I had what it takes. The best thing is that you don’t even have to take my word for it. It has been proven that DEI actually shows tangible improvements for the bottom line. Here are some specific ways women improve the workplace:
Improved financial performance: Research has shown that companies with greater gender diversity tend to have better financial performance, including higher return on equity and increased profitability. Why is that? Women tend to be more flexible and are willing to adopt new ideas and technology that lead to innovation.
Improved decision-making and governance: Diverse teams, especially those with more women, tend to make better decisions, as they bring a wider range of perspectives and experiences to the table. Research has also shown that boards with a higher representation of women tend to have better governance practices and are more likely to be proactive in addressing risk and improving organizational performance.
Enhanced reputation: Companies with a reputation for diversity and inclusivity are more likely to attract and retain top talent, as well as win business from customers who value these qualities. This can also lead to a more satisfied workforce overall because they feel valued and included in the workplace.
I believe that women also tend to be more nurturing and compassionate towards others, which makes them better listeners and better at negotiating. How many ham-fisted grunts have spoiled a good deal over a hurt ego? Honestly, too many. If none of this has convinced you, you’re actually in the minority. Companies all over the world are adopting DEI as an easy way to grow their profits and stay up to date on trends. If the studies haven’t already opened business owners’ minds, then all I have to say is this: Bees don’t waste their time explaining to flies why honey is better than crap. 🐝🍯
This is not to say that women are better than men, by any means. The BEST formula is to have a DIVERSE group and team so that everyone can bring something different to the table, learn from each other, and ultimately, increase profits!
At Business & Beyond, we love helping business owners and leaders find ways to build successful teams and grow their profits. If you’re ready to utilize DEI for the benefit of your business and would like a consultation, reach out to us online or call 954.546.2176.