The Real Impact of DEI: What the Data Shows
Challengers of diversity, equity, and inclusion (DEI) often claim that DEI efforts increase unnecessary business costs without meaningful change, prioritize politics over real inclusivity, and lower hiring standards. According to recent studies with real data, this couldn’t be further from the truth. DEI initiatives build successful teams and spaces that give companies a competitive advantage. At its core, DEI is about people. It’s a culture, a way of life. Its mission has remained the same: to create equal opportunity for all people, especially those underrepresented. DEI workplace programs create a community where people can show up and perform their best. Diversity, equity, and inclusion are not just trendy buzzwords. They have proven to effectively address what businesses are most concerned about: profitability, employee retention, and growth.
DEI Drives Profitability
Inclusion policies create an environment where employees are set up for success and supported, regardless of their differences. When employees are provided with the necessary resources to succeed in their roles and feel valued, they are more likely to perform at their best and become more committed to achieving meaningful results.
Along with creating an environment that drives employees to invest in the company’s success, DEI builds a team capable of driving revenue. The Harvard Business Review conducted a study finding that diverse teams have improved decision-making accuracy and focus more on facts. Data derived from McKinsey research further proves DEI has the power to drive financial growth by 39% compared to companies with lower levels of ethnic diversity. These so-called “waste-of-money” policies actually do the opposite. These policies give employees the tools they need to succeed and create teams with greater potential to drive company success.
DEI Increases Employee Retention
DEI initiatives create workplaces with a culture of support and appreciation. This environment increases employee engagement, making them more likely to stay with the organization long term. A recent survey by Pew Research Center found that 56% of employed U.S. adults view DEI efforts at work positively, with even higher support among women and minority groups. It’s simple logic: If a job provides employees with a sense of purpose, the tools to excel, and recognition for their achievements, they will have a greater desire to remain loyal to the company. Research done by Great Place To Work found that employees are 5.4 times more likely to stay at their company long term when working within an environment where inclusion is prioritized. Building a productive and loyal team starts with cultivating a culture that genuinely cares about its people.
DEI Creates Space For Growth
An inclusive environment encourages employees to share new ideas, take risks, and dream big, fostering innovation and strategic growth to propel businesses forward. DEI policies foster forward-thinking cultures and allow individuals to be heard. While building an inclusive culture, DEI also generates diverse teams that bring different ways of thinking to the table. Research from the World Economic Forum highlights the benefits of diverse employees within companies. The research shows that those with above-average diversity scores generate, on average, 45% more revenue from innovation. When your team is composed of individuals from diverse ethnic backgrounds, celebrates their team regardless of gender, and champions all types of abilities, you cultivate a team that can shape a unique vision and deliver on it.
Caption Pros Stands For DEI
Our company was built on the core values of creating a more inclusive world for everyone. With accurate realtime captioning as our pinnacle, we are breaking down communication barriers and making content universally accessible. DEI builds great companies by recognizing individuals, meeting them where they are, and allowing their skills and abilities to shine. Join Caption Pros in our mission and discover the impact of DEI for yourself.
