Diversity and Inclusion Matter for Business Success
By Lynda Ellis, CEO of Capitol Concierge
While the topic of workplace diversity and inclusion (D&I) isn’t new, there is a renewed focus on its importance. The past year shown a light on the racial injustices that are still prevalent in our nation. In the aftermath of George Floyd’s murder and the ensuing protests, many organizations issued statements supporting D&I. One year later, it is more important than ever for companies to re-examine and recommit to the promise to make their workplaces more diverse, equitable, and inclusive.
According to Gallup, Gen Z and millennials now make up 46% of the full-time U.S. workforce. These younger employees want to work for companies that are making a difference—and that includes supporting a diverse and inclusive workplace. For them, D&I is not just a perk—it is a must have. In fact, the Deloitte Millennial Survey 2018 found that millennials are looking for business leaders to take the lead in solving the world’s problems. Additionally, the same survey found that good pay and positive cultures are most likely to attract millennials, but the key to keeping them happy are diversity, inclusion, and flexibility. If companies want to recruit and retain high performance employees, they will need to grow a corporate culture that makes D&I a priority.
A diverse workforce makes companies stronger through an exchange of ideas from varying backgrounds and experiences. Research shows that employees at diverse and inclusive organizations work harder and stay longer with their companies. In fact, Deloitte reports that 83% of millennials are actively engaged when they believe their company fosters an inclusive culture, whereas only 60% of millennials are actively engaged when their company does not. According to McKinsey’s Diversity Wins report that investigates the business case for diversity, “The most diverse companies are now more likely than ever to outperform less diverse peers on profitability.”
At Capitol Concierge, diversity and inclusion are the heart and soul of our company. That’s why we are thrilled to announce that we ranked #2 in the Washington Business Journal’s 2021 Corporate Diversity Index for midsize companies in greater D.C. Through our commitment to diversity, inclusion, stewardship, and service to others, we strive to have a positive, lasting impact on the world. I encourage all business leaders to re-examine and recommit to a corporate culture that embraces diversity and inclusion. Not only will you make the world a better place, but you’ll also build a better business.
