I think we can all agree that employees and customers’ expectations of the role of an employer have changed significantly in recent years – the impact of the pandemic, Black Lives Matter, the war in Ukraine and the global perspective that technology gives us all, means that people expect more than just a salary and some benefits from their employer.
People are seeking investment in their skills and a culture that matches their values – this is most true for career starters and Gen Z employees who cite an organisation’s approach to ESG (environment, society, governance) as their primary motivator for brand selection.
This can mean that people from the Baby Boom and Generation X, who are often parents or in leadership roles, have a need to understand the ever-changing social context of work to ensure their organisations attract and retain the best talent.
But getting this right is tricky and the conversation about inclusion feels ever-changing and so can be easily de-prioritised – especially when facing economic uncertainty.
However, the conversation around the benefits of diversity are not new and are now well evidenced, as detailed in the McKinsey and Company Report 2020 – ‘Diversity Wins: How inclusion matters’.
McKinsey’s analysis reaffirms the strong business case for both gender diversity and ethnic and cultural diversity in corporate leadership—and shows that this business case is continuing to strengthen. The most diverse companies are now more likely than ever to outperform less diverse peers on profitability.
So what is EDIB and why is it important?
EDIB stands for equality, diversity, inclusion, and belonging:
- Equality – the principle that everyone is treated equally
- Diversity – environments where people with different identities coexist
- Inclusion – the behaviours we demonstrate to make sure everyone feels welcome and valued
- Belonging– a culture where people feel able to be their true selves at work
Simply put, organisations who prioritise equality, diversity, inclusion, and belonging can expect to find happier, more engaged and committed employees. This often results in improved employee retention, lower sickness levels, and higher revenues.
By focussing on EDIB, we can create cultures of equity that give the right level of support to each person based on their specific needs.
SME’s employ more people in the UK than the large corporate employers, and are often more diverse due to their location or purpose but they fall behind in investment in culture.
But having diverse people in your team will only be beneficial if the culture – how people behave and how things are done – is inclusive and your people feel like they belong.
An appropriate investment in EDIB can create that culture where everyone, and therefore a business, thrives.
So how can you release the power of EDIB in your business?
The RCW team is pleased to announce the addition of an EDIB expert to our team who is leading our new service, Really Inclusive Cultures Work – Liz Alleston has been developing and implementing people led change strategies in the private, public and third sectors for over twenty years, including working as a consultant dedicated to Equality, Diversity, Inclusion and Belonging (EDIB) for the last three years. We’re offering a range of retained and project-based consultancy services that can help you understand your current position and where and how to invest to create the best possible culture for your business.
Get in touch with firstname.lastname@example.org to find out more about how we can support you on your EDIB journey.