Create a Working Environment that Promotes Diversity & Inclusion (D&I)
Whether you’re starting a small business or looking to grow, having a diverse and inclusive workplace is critical in many aspects. It allows you to attract, hire and retain employees from all backgrounds, no matter their race, age, sexual orientation and gender.
Having the opportunity to hire such diverse talent gives your business an edge as it can offer diverse viewpoints and various perspectives, which can help you to develop new products or find better ways for you to engage with your customers. In essence, it's giving you a fresh perspective and a competitive advantage over your competition.
To show you how effective diversity and inclusivity are, here are a few important stats 1:
- Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians.
- Companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians (exhibit).
The benefits of diversity and inclusion in the workplace
When you create a diverse and inclusive workplace there are numerous tangible benefits you can expect to see. For example, you could increase employee engagement as well as profits, and outperform your competition. You can also reduce turnover because you’re creating a culture of inclusion, which creates a happier, more relaxed work environment.
Another benefit you could benefit from is greater brand awareness. Being diverse like your clients shows that you are forward-thinking and in touch with their ideas and needs. It also shows you are socially responsible and it’s the right thing to do for your community. All of this goes a long way to having a positive effect on your business.
Ensuring everyone feels respected and included in your place of work is a critical component to ensuring workplace diversity.
At TD diversity and inclusion are part of our fundamental values that help us support our customers, colleagues and communities. From our hiring practices to our accessible building designs, we’re working towards maintaining a welcoming, barrier-free culture for everyone.
Let’s take a look at some of the benefits of a diverse and inclusive workplace 2:
- Higher revenue growth
- Greater readiness to innovate
- Increased ability to recruit a diverse talent pool
- 5.4 times higher employee retention
- 9.8 times more likely to look forward to going to work
- 6.3 times more likely to have pride in their work
How to build a diversity and inclusion program in your small business
If you want your company to be more competitive and of course profitable, then you need to create a diversity and inclusion program that is effective. So, where do you begin? We’ve outlined some steps you may wish to consider:
Defining diversity and inclusivity for your company.
Effective diversity programs are tied to a company’s business strategy, are aligned with company values and have achievable goals 3. It will take some planning and teamwork to analyze the current situation, set a vision for the company’s D&I program, and then break it down into actionable steps.
Establish benchmarks on how to measure your efforts.
Sometimes the best way to move forward is to look within. As in your company and to your employees. To gain valuable insights ask your staff if they would voluntarily share their demographic information so that you can compare data on your current employee population to benchmarks that you believe you should meet.
Enlist a D&I leader
This is a crucial step as it is fundamental to the success of your program. This leader will not only lead and inspire but lay the foundation for an inclusive future. Make sure you find someone who aligns with your vision too. And most importantly, choose someone who has already made great strides within your own organization or at other organizations.
Communicate your efforts to the whole company
Before you go and implement changes within your company, it’s best to get buy-in from all your stakeholders. So, start at the top, with your company leaders. Not only should they be champions for change, but they should also live and breathe the company’s inclusive and diverse values. When this flows from the top down, it’s a great way to show it working on all levels.
Expand the hiring pool
To make sure you are being true to your diversity and inclusivity program you need to hire accordingly. Fortunately there are numerous ways to attract diverse talent, you can post in diversity-oriented job groups, partner with diversity organizations and connect with diversity-oriented groups at universities. Hiring people from diverse backgrounds lets you expand your search and offers so much more potential.
TD’s commitment to Diversity & Inclusion
Diversity and inclusion are part of our fundamental values that help us support our customers, colleagues and communities. From our hiring practices to our accessible building designs, we’re working towards maintaining a welcoming, barrier-free culture for everyone.
TD aspires to help people participate and be included in their community. That’s why, through the TD Ready Commitment, we are working with Indigenous and black communities, LGBTQ2+, Syrian refugee families and other diverse communities to help open doors to financial, environmental, social and health-oriented opportunities.
We've committed $10 million for the next 5 years to support the Black Opportunity Fund and contributed $17.5 million towards anti-racism initiatives, and over $19 million in grants to support diversity and inclusion programs.
We’re also committed to helping our clients meet their small business banking needs through a variety of services, products and advice that we tailor to each unique business. Get in touch.
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