Page 13 - LRCC April 2023 FOCUS Magazine

lansingchamber.org DIVERSITY AND INCLUSION

The Business Case for DEI

rganizations of all shapes and sizes
have fully committed to advancing
Othe cause of diversity, equity,
and inclusion (DEI). Leaders have come Did you know?
to understand that their organization’s
culture is much stronger when DEI is a Millennials believe their
central part of their mission. The Lansing organization is more innovative 42% People
Regional Chamber of Commerce has when it has a culture of inclusion believe businesses are
sponsored a DEI Roundtable over the 74% not doing enough to
address systemic
past year in which a number of executives injustices
in the region have participated. Two of Diverse
the participants, Wendy Hamilton, CEO, Companies 2 out of 3 job candidates
are
TechSmith, and Kelli Ellsworth Etchison, 70% seek companies that
chief marketing officer and chief diversity have diverse workforces
officer, LAFCU, developed a presentation more likely
to capture
for the group on “The Business Case for new markets Sources: 2022 Edelman Trust Barometer; Glassdoor; BCG; Deloitte; HBR; People
DEI.” The presentation lays out a clear case Management
that organizations that don’t embrace DEI
are “leaving money on the table.”

DEI makes it easier to attract and retain It just makes Dollars & Sense
the best talent. Consider these findings
from the 2022 Edelman Trust Barometer;
Glassdoor; BCG; Deloitte; HBR; People U.S. Companies are leaving $1.05
Management: Trillion on the table by not being
more inclusive according to a report Analysts found that companies where many employees felt
by Accenture. engaged were more likely to demonstrate higher
• 74 percent of millennials believe their
organization is more innovative when profit growth. Closing the gap by 50%, or making
it has a culture of inclusion; employees feel More included, pointed to a 33%
• 70 percent believe diverse companies increase in global profit growth for businesses.
are more likely to capture new
markets;
• 42 percent of people believe Lack of Diversity and Inclusion at Work Is Costing
Companies Billions (businessinsider.com)
businesses are not doing enough to
address systemic injustices; and
• 2 out of 3 job candidates seek companies that have A recent 2022 study from the Talent Management
diverse workforces. Institute found that 87 percent of Gen Z said that
workplace DEI strategies were crucial, and 86 percent
Ellsworth Etchison notes that an inclusive workforce leads of Gen Z workers would be keen to contribute to an
to more employee engagement, particularly for smaller organization’s DEI strategy. Ellsworth Etchison says
businesses learning how to scale up and figure out how to those numbers are significant because the workforce
bring their products to the marketplace. is shifting. Older generations were more motivated by
getting jobs with good, solid pay and benefits.
“We are attracted to people that look and think like
us. We don’t invite diversity of thought,” said Ellsworth “This generation that has come into the workforce and
Etchison. “Just being able to bring a different perspective will be taking over in the next few years wants to do
is important.” meaningful work in organizations that have inclusive
workplaces,” said Ellsworth Etchison. “They want to be
A report from Accenture shows that U.S. companies part of being transformative. They don’t want to work
are leaving $1.05 trillion on the table by not being more for a company that just says they are doing DEI and
inclusive. Analysts found that companies where employees simply places a DEI statement on a website. That is
felt more engaged were more likely to demonstrate higher very different from actually transforming policies and
profit growth. Closing the gap by 50 percent, or making practices around DEI.” l
employees feel more included, led to a 33 percent increase
in global profit growth.

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