Now more than ever, there is an increased awareness and long-overdue advancement of diversity, equity, inclusion, accessibility, and belonging (DEIAB) in the workplace. DEIAB not only values and reflects the diversity of the American people, but it is also good for business.
Consider these facts:
“A growing body of evidence demonstrates that diverse, equitable, inclusive, and accessible workplaces yield higher-performing organizations.”
—President Biden’s Executive Order on Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce.
“Organizations in the top quartile for workforce diversity are 33% more likely to financially outperform their less diverse competition.”
“Nearly a third of employees and job seekers (32%) would not apply to a job at a company where there is a lack of diversity among its workforce.”
In a report titled, Diversity as a Revenue Engine, LinkedIn compiled the results of 16+ studies on the topic and what they reveal, as well as a list of recommended reading. Findings prove that highly diverse and inclusive companies saw a remarkable boost in team collaboration and commitment, and decisions made by diverse teams delivered quicker results and increased revenue from innovation. And this is just the tip of the iceberg. Click here to learn more.
Defining Diversity
Job source Monster notes that, “Younger workers are more likely to define diversity as a mix of experiences, identities, ideas and opinions, rather than a more traditional definition of diversity, such as underrepresented racial, ethnic and gender demographics. Prior generations, namely Gen Xers and Baby Boomers, identify with the latter definition of diversity. For these older generations, diversity is about respectfully integrating people of various demographics into one workplace.”
While Generation Z is the most diverse generation to date, the concept and values of DEIAB have no age limit. To attract, develop, promote, and retain talent in the workplace, research indicates that successful employers provide equal opportunities for all, regardless of race, sex, sexual orientation, gender identity, disability, or religion.
Women Entrepreneurs
Current Census data shows that about 1.2 million businesses in the US are owned by women. McKinsey & Company reports that companies with more than 30 percent women executives were more likely to outperform companies with a lesser percentage. In particular, Black women are the fastest growing group of entrepreneurs, according to J.P. Morgan.
Here are some facts from a recent Harvard Business Review report:
- 17% of Black women are starting or running new businesses, compared with 10% of white women and 15% of white men.
- Of all new female business owners in the US, 42% are Black women.
- 61% of Black women entrepreneurs start businesses in either retail/wholesale or the health, education, government, or social services sectors.
In a report on diversity in the workplace, Insight Global notes that historically underrepresented groups are expected to make up the majority of the United States population by 2044, stating, “This shift has far-reaching implications for businesses, which must adapt their diversity practices to reflect the country’s changing demographics.”
We agree. To learn more about Tammy Dowley-Blackman Group and how we can help you promote DEIAB in the workplace, visit our website, or contact us and let’s talk!
Tammy Dowley-Blackman Group, LLC is a certified National Supplier Development Council Minority Business Enterprise (MBE), Small Business Administration (SBA) Woman Owned Small Business (WOSB), and Women’s Business Enterprise Network Council (WBENC) woman-owned company. The company is comprised of a suite of brands, including TDB Group Strategic Advisory, a management consulting firm, as well as Looking Forward Lab, which offers a full-service learning engagement model focused on Gen Z workplace development and support for their managers.
OCT
2022