Did you know that emphasizing diversity is good economic policy? Much of the debate over Diversity, Equity and Inclusion in American business centers around the perception that seeking out diversity ultimately diminishes the quality of the product, the productivity of the team, or the efficiency of the operation. The lawsuit that led to the Supreme Court decision shutting down Affirmative Action programs at institutions of higher learning essentially protested passing on a superior candidate in order to admit a minority who was ‘less qualified.’ Likewise, opponents of diversity initiatives hang their hat on the presumption that such programs sacrifice quality for quotas. Are these assertions accurate? What the numbers have to say might surprise you.
The most obvious flaw in the narrative put forward by DEI antagonists is the assumption that diversity is all about ethnicity. Much to the contrary, true diversity includes many more facets of the human demographic, including gender, education, geography, age, religion, background, socio-economic standing, personal identity and, perhaps most importantly, perspective. When seeking out minority candidates – whether for admission to a school or for employment opportunities – the unique element of their being is not skin color, but perspective gained from having grown up in their skin. Simply put, people from different backgrounds and communities see things differently than homogeneous groups do, which leads to new ideas, different approaches to problem-solving and other innovative concepts fueled by cultural inputs.
The data around Diversity, Equity and Inclusion make one thing clear – diversity is the most profitable way to do business. Companies that actively seek out diversity in their employment practices see increased productivity, better workplace culture, improvements in efficiency and collaboration, innovative concepts brought to the table and – drumroll, please – enhanced profitability as a result. The company that rejects diversity misses out on opportunities to add shareholder value, which is why we’re all in business, right?
Are you wondering what the numbers have to say about supplier diversity, where corporate and government supply chains proactively engage vendors and suppliers from different backgrounds and communities? The results are very similar to the impact we see on the employment side of the business. New viewpoints, dynamic approaches, new technologies, different thought processes and innovative thought all combine to increase efficiency and add value to the supply chain process. Companies with robust diversity and supplier inclusion programs see corresponding improvement to their bottom lines, despite the negative ‘spin’ some want to apply to such outreach. These programs work and they help you make more money.
So what is driving the surge in anti-DEI sentiment despite statistical results to the contrary? The word you’re looking for is ‘fear.’ Fear of change, fear of loss, fear of being outdone, fear of loss and fear of losing control. Programs that seek diversity don’t bring inferior quality into the mix. In fact, quite the opposite is true. Diversity programming tends to bring sharp, smart, tech-savvy, creative, top-performing innovators to the table, people and suppliers who just might be able to do it even better than we can. Embracing true diversity not only improves businesses but also makes them more competitive and successful. By embracing DEI, businesses can unlock a wealth of untapped potential, drive innovation and achieve greater profitability. The fear-driven resistance to DEI programs overlooks the substantial benefits that diverse perspectives bring to the table. Ultimately, diversity makes businesses better and more resilient in a rapidly changing world. So, what’s not to like about that?
