Diversity & Inclusion = More Profits

 Photographer: Gerd Fahrenhorst. Shared under CC BY 3.0 license; the image has been cropped

It is abundantly clear that diversity positively impacts the bottom line. The profit potential of a more diverse workforce has companies and organizations scrambling to implement diversity and inclusion programs.

Businesses are making constant adjustments to achieve their diversity and inclusion goals and are doing so by overcoming unconscious bias that  stymies hiring efforts and even impacts A.I. programs designed to prevent bias.

It’s not only businesses that are looking for diversity and inclusion, Millennial and Gen Z employees consider diversity and inclusion programs when seeking and accepting job opportunities. Employees want to be on winning teams, and teams with inclusive leaders are 17% more likely to be high performing.

As these programs grow in popularity, companies have realized that successful diversity programs consider more than just ethnic and racial diversity. The practice of hiring for “culture fit” has been replaced with the practice of hiring for “culture add.” 

Considering the full spectrum of diversity in the hiring process and human resources program provides an environment where all employees feel safe to voice their opinions and ideas. It improves meeting experiences where data shows that women and minorities hold back due to fear of dismissal or failure. 

A San Francisco based start-up, Balloon, has already signed clients like Capital One, Thumbtack, Google, US Cellular, and the LA Angels for its workplace communication platform which enables company leadership to gather anonymous feedback from employees and remove bias. This concept provides an opportunity to save meeting time, which is often monopolized by senior management, and empower merit-based ideas to rise to the top.

We’re definitely on the right path to increased diversity in corporate environments and more specifically leadership positions. One thing is for sure, increasing diversity is a must for any successful business to increase revenue.