Diversity
The variety of differences among individuals in an organization. According to McKinsey & Company, organizations with the greatest racial and ethnic diversity are 35% more likely to be profitable as compared to organizations with average racial diversity.
Equity
It involves identifying and eliminating barriers that have prevented the full participation of certain groups and providing everyone with fair treatment, access, opportunity and advancements.
As per a study by Harvard Business Review, organizations with higher levels of gender diversity are on average 15 % more profitable than their competitors in the same industry.
Inclusion
Creating a company culture where every individual feels valued and supported and where everyone can take part in the organization’s activities and decision-making processes.
A report by Deloitte found that organizations with inclusive cultures are 6 times more likely to be innovative and agile, and 8 times more likely to achieve better business outcomes.
Belonging
The feeling of being accepted, included and valued within an organization. A survey by Gallup found that employees who feel a strong sense of belonging at work are 56% more likely to have better job performance and are 50% more likely to have lower turnover rates.
Organizations should review, revamp, and strengthen their DEIB initiatives and programs to create a fair and inclusive company culture where all employees feel respected and recognized irrespective of their unique characteristics.
