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Over the past few decades, human resources and business leaders have come to understand that greater diversity, equity, and inclusion (DEI) positively affects their corporate culture, their brand perception, their ability to attract and retain talent, and the performance of the business.
In fact, the justification for diversity and inclusion in terms of business performance is stronger than ever, according to the 2020 McKinsey & Co. report “Diversity wins: How inclusion matters.” The company has been collecting data on corporate diversity and inclusion since 2014 and has noted an increasing disparity between the financial performance of more diverse organizations and that of less diverse companies.
“For diverse companies, the likelihood of outperforming industry peers on profitability has increased over time, while the penalties are getting steeper for those lacking diversity,” the report noted.
But while business leaders generally understand the need for more diverse, equitable, and inclusive workplaces, “most [organizations] have made little progress, are stalled or even slipping backward,” according to the report, which surveyed more than 1,000 large companies across 15 countries. The organizations that are succeeding have adopted systematic, business-led approaches to DEI, the report said.
As part of those efforts, organizations are increasingly turning to digital tools aimed at improving DEI. These tools can help equalize pay, root out unconscious bias, level the playing field for promotions, give those in the majority culture a better understanding of the discrimination some of their co-workers face, and more. They can be an important part of a companywide effort to not only boost diversity among employees but create an inclusive and equitable workplace.
Here are four ways DEI tools can drive meaningful change across the organization.
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