The principles of diversity, equity, and inclusion, commonly referred to by the acronym DEI, have held an important place in business since the passing of the Civil Rights Act. The goal of DEI policies is to create workplaces where everyone’s differences are valued for their potential to benefit those around them. Though corporate DEI strategies have shifted over time, especially recently, they remain essential for success.
What Is the Purpose of DEI?
Above all, DEI policies create workplaces that are inclusive, fair, and positive. They encourage everyone to address inequality and bias in order to benefit from different perspectives, new ideas, and innovative solutions. DEI is intended to build environments where everyone feels valued, full of potential, and ready to collaborate on the next task.
DEI for a Forward-Thinking Culture
As culture continues to move forward, younger generations who prioritize diversity-driven brands gain more purchasing power in the global market. Consumer expectations around inclusivity and brand values are increasingly important for determining corporate success, meaning that DEI matters for businesses looking to stand out.
Why DEI Makes a Difference
Of course, many businesses see DEI practices as performative and unnecessary. Some say that companies should hire whoever is most qualified, but neglect the fact that every business is only hiring qualified applicants. The problem that DEI policies address is the prioritization of certain qualified individuals over other qualified individuals solely due to appearances, beliefs, or other outside factors.
DEI requires authenticity to make a difference and alignment with core business values to fully benefit from its policies. When a business no longer prioritizes homogeneity over diversity, it opens the doors to new ideas, exciting innovations, and unique perspectives from which it was otherwise cut off. DEI isn’t just about hiring practices but empowering businesses to explore new realms of possibility.
Considerations for Implementing DEI Policies
If DEI is about creating a better business community, it is essential to engage employees, consumers, and industry experts when implementing such policies. When each of these groups is included in the conversation, brands are able to navigate the incorporation of new policies seamlessly, benefitting from DEI without alienating audiences.
“If a brand wants to consider DEI in their business marketing practices, it makes natural business sense, taking the political control outside of it,” said Bilal Kaiser, founder of Agency Guacamole. “It’s about knowing your audience and aligning with their values.”
The Consistent Benefits of DEI
While DEI has come under socio-political pressure in recent years, with companies rolling back certain commitments, the positive impact of its implementation remains undeniable. According to a study from Swinburne University, “Research consistently demonstrates the benefits of diversity within teams, with studies finding that companies with diverse leadership teams are more innovative, better at problem-solving, and more financially successful than their less diverse counterparts.”
Inclusivity as an Opportunity for Success
Through the intentional, strategic implementation of DEI policies, brands have the opportunity to find increased success in the workplace and beyond. When employees, consumers, and the industry understand a DEI initiative, the long-term benefits are clear. To remain committed to inclusivity is to advance a business’s core values and to encourage innovation for the future.
