Diversity, Equity, and Inclusion in Business: A Strategic Decision
Executive Summary
Diversity, Equity, and Inclusion (DEI) are not just buzzwords but essential components of a successful business strategy in the 21st century. By fostering diverse and inclusive workplaces, organizations can unlock the full potential of their employees, build social cohesion, drive innovation, and gain a competitive advantage in the marketplace.
For international tourism destinations like the Bow Valley, DEI work can help organizations remain competitive, providing the tools, skills and knowledge to welcome the world and create inclusive and respectful experiences for guests and residents alike.
DEI: An Overview
Diversity, Equity, and Inclusion work (DEI) work is about strengthening organizational knowledge and organizational processes to make a better workplace for everyone.
In practice, some common DEI initiatives:
Changing hiring practices to remove bias and change processes that unconsciously exclude certain people
Providing training to staff to learn more about experiences different than their own and build understanding and compassion
Creating mentorship programs to help support and advance groups that are under-represented in the organization
Creating Employee Resource Groups (ERGs) so employees can find community and support
Building an explicit accommodations plan to support employees with disabilities
And so much more
DEI initiatives aim to address systemic barriers and biases, promote equity of opportunity, and foster a culture of belonging and acceptance. It’s about creating environments where individuals of all backgrounds feel valued, respected, and empowered to contribute their unique perspectives and talents.
DEI in the Workplace
DEI work has gained significant traction in recent years due to several interconnected factors. These factors are a mix of societal progress, social change, market factors, and strategic business decisions
Local Perspective
Members of the Bow Valley business community have noticed significant changes in their community and their workforce, and are looking to DEI work help support adapting to these changes
In a 2023 survey conducted by Banff Pride Society, inclusive policy work and staff education were identified as top DEI needs to help businesses adapt to a changing world
Only 43% of respondents indicated that their staff had received some kind of DEI education/training
Only 24% of respondents indicated that the needs of 2SLGBTQIA+ people had been incorporated into organizational policies and benefit programs
63% of respondents identified feelings of being “behind on progress” and hoped to find support to catch up to employee & community needs
Competitiveness & Business Succes
There is growing recognition of the “business case” for diversity, equity, and inclusion (DEI).
Research consistently demonstrates that diverse and inclusive workplaces are more innovative, productive, and resilient, leading to better financial performance and competitive advantage.
The most diverse companies are now more likely than ever to outperform less diverse peers on profitability
Gender diverse teams are 25% more likely to financially out-perform their peers with less gender diversity; this is also true for ethnically/racially diverse teams, with a 36% likelihood to outperform financially when compared to less diverse teams.
As businesses seek ways to thrive in a rapidly changing global marketplace, many are turning to DEI initiatives as strategic imperatives, rather than just moral obligations.
Social Changes & New Expectations
There is more awareness of systemic inequities faced by certain groups. To respond to these inequities, many leaders are seeing a need for greater diversity and inclusion in all sectors of society, including the workplace.3
Businesses are facing increased desire from employees, customers, investors, and regulators to address DEI issues and create more equitable and inclusive environments.4
Population Changes
A diverse global workforce is already here: demographic changes in the workforce are driving the need for greater equity and inclusion in organizations.56
As the workforce becomes increasingly diverse in terms of race, ethnicity, gender, sexual orientation, age, and other dimensions of diversity, businesses recognize the importance of fostering inclusive cultures where all employees feel respected and can find success at work
Benefits to Business
As organizations strive to attract top talent, engage diverse customers, and maintain their competitive edge in an increasingly diverse and interconnected world, investing in diversity, equity, and inclusion is no longer just a trend but a fundamental aspect of sustainable business success.
Social & Cultural
From a social and community perspective, DEI work is vital because it fosters a more just and equitable society where everyone has the opportunity to succeed, regardless of their background
Many individuals who support DEI believe that we as human beings have an obligation to reduce the suffering of others if it is within our power.7 If certain groups are suffering at our workplaces, we have a duty to try to make positive change and reduce this suffering
DEI efforts ensure that all individuals feel a sense of belonging and respect, enhancing social cohesion and mutual understanding. Ultimately, DEI contributes to the well-being of people and progress of society.
Strategic Success
DEI is an investment in your employees and ensuring they can find success at your workplace.
A strong commitment to DEI can attract top talent and help retain employees, reducing turnover costs. Inclusive cultures boost employee engagement and productivity, resulting in higher job satisfaction and loyalty.
DEI enhances innovation and creativity by bringing diverse perspectives, leading to unique solutions and better problem-solving. It improves decision-making through inclusive environments that encourage open dialogue and reduce groupthink.
DEI also broadens market reach by enabling businesses to better serve diverse customer bases, increasing satisfaction and loyalty.
Additionally, companies known for DEI practices enjoy a positive brand reputation, fostering customer loyalty and better business opportunities.
Next Steps
Not sure where to start? The Bow Valley Pride Network can help be your guide. We have a suite of training programs and resources to help support Bow Valley organizations on their journey of making their workplaces more supportive and inclusive – whatever your experience, business size, or budget.
Reach out to info@PrideNetwork.ca to start the conversation.
