The success of a workplace stems from an inclusive and equitable experience for your employees. Research shows that 80% of workers want to work for a company that values diversity, equity, inclusion, and belonging (DEIB). If your employees want to work in an environment where they feel valued and heard, what can you do as a business owner to help? Continue reading to learn how you can develop a more inclusive and diverse work environment and the benefits it has on your business.
What Is Equity In The Workplace?
Let’s start with the basics – understanding what equity is and what it means in the workplace. Equity is the quality of being fair and impartial. Equity in the workplace is the idea that all employees are provided with fair and equal opportunities based on their individual needs. Equity often involves issues related to fairness in pay, opportunities for advancement, and fairness in daily work experiences.
Equity can be challenging to demonstrate in the workplace. Critics say this is because what constitutes fair and equitable treatment is often subjective and unique to the experiences of every individual employee. So, you can start by showing equity within your business by recognizing this. Then, you can foster an equitable workplace by cultivating a safe environment that allows for open discussion and understanding.
The Benefits Of Workplace Equity
While prioritizing equity within your business takes hard work, research shows businesses benefit from creating an equitable workplace. Businesses with gender, ethnic, and culturally diverse leadership are more likely to financially outperform companies that are not. Equity within your workplace creates a positive environment for employees and the employer’s contributions to success. The following are the benefits of equity within the workplace:
- Encourages achievement
- Increases employee retention
- Attracts top talent
- Broadens perspectives
- Enables targeted upskilling for a diverse workforce
- Encourages cognitive diversity in decision-making
- Drives engagement for specific employee demographics
- Prevents dissatisfaction and employee attrition
- Enhances your bottom line
- Equips the entire company to contribute to a shared mission
A study showed that individuals who feel they belong in a workplace have a 34% higher intent to stay at their organization and are 167% more likely to recommend their company as a place for others to work. Ultimately, equitable work environments are about leveling the playing field and providing your employees with opportunities within your organization.
The Future Of Equity Within Your Business
As a business owner, you must identify and acknowledge the needs of your employees regarding their gender, identity, race, disabilities, and more. While you can certainly take proactive measures to ensure your employees feel valued, you can also partner with a professional employer organization (PEO) such as Group Management Services. Our HR experts work with you to create a handbook to reflect the changes you’d like to make within your business around creating a diverse and inclusive work environment. In addition, GMS provides access to our learning management system (LMS), where you can utilize learning modules to educate your employees on important topics such as equity within your business. Let’s create a workplace your employees want together. Get a quote today.