Inclusion and diversity, keys to a company's success

While social justice is usually the initial impetus for inclusion and diversity policies, companies have come to realise that these factors have contributed to their competitive advantage and specifically as a key driver of growth.

It is no wonder that we can find several examples of studies that reinforce and demonstrate the close relationship between diversity and the financial performance of a company. However, progress in diversification initiatives has been slow. And the many companies remain unsure how they can use diversity and inclusion more effectively to support their growth and value creation goals and in fact, only a third of companies currently measure inclusion, even though this is essential to make progress.

Diversity and inclusion: what are they

When we talk about diversity, we mean that companies are a reflection of society at large and therefore it is important that it has a higher proportion of women (also in senior and middle management positions) as well as a more diverse ethnic and cultural composition.

An inclusive work environment is one in which employees feel valued, recognizing their differences and how they contribute to the organization's culture and business results. An inclusive work environment is characterized by affirmative actions, in which any impact of prejudice, discrimination and unequal opportunities due to any type of situation or condition is nullified. To do so, companies must have practices and processes that break the barriers of inclusion and, mainly, value the difference.

How to be more diverse and inclusive

A study by the International Labour Organisation gives some key ideas for achieving transformative and sustainable change that are applicable across the world and for all groups and levels of the workforce:

• Diversity and inclusion should be a priority and part of the company's strategy and culture
• There should be diversity in the board and/or senior management
  Senior managers, managers and employees should be held accountable as role models
  Actions must be applied throughout the process, covering recruitment, retention and development

The benefits of having more diverse and inclusive workplaces are not only ethical, but have a major economic impact on companies:

• Increased revenue growth
• Greater willingness to innovate
• Greater ability to recruit a diverse talent pool
• Greater talent retention. According to several reports conducted by the Best Place to Work organisation, when people feel that they and their colleagues are trustworthy and that everyone will be treated fairly, regardless of race, gender, sexual orientation or age, they are more likely to want to go to work, feel proud of their work and want to stay with the company for a long time.