Building a Diverse and Inclusive Future

June not only marks the celebration of the LGBTQIA+ community but also serves as a reminder to celebrate and remember Aboriginal history. Throughout the month, dedicated days shed light on underrepresented groups globally, including refugees, Indigenous communities, women veterans, and multiculturalism.

While these days bring attention to minority groups, the question arises: How are businesses actively supporting these socio-economic groups beyond a month or a day? This blog explores the role of Diversity & Inclusion (D&I) departments and Supplier Diversity programs to assist businesses in building a diverse and inclusive future.

The Power of Small & Mid-Sized Companies

Addressing D&I is not just the responsibility of large organizations. Small and mid-sized companies, which significantly contribute to a country's economy, play a crucial role in driving D&I practices year-round. The key lies in collective action to eliminate disparities.

Diversity & Inclusion Department

Systemic change requires understanding and addressing disparities among minorities. D&I departments play a pivotal role in driving cultural change within organizations. Strategies such as diverse recruitment practices, employee resource groups (ERGs), transparent pay structures, and ongoing communications and training not only benefit underrepresented groups and society but also contribute to the company’s bottom line.

McKinsey reports show a positive correlation between these strategies and increased employee retention, performance, innovation, and revenue. Building a culture around belonging not only has benefits for underrepresented groups and society but to your company’s bottom line.

Supplier Diversity Program

Every business, regardless of size, incurs fixed and variable expenses. Integrating diversity as a criterion in supplier selection processes is a powerful way to contribute to societal change. Best practices include establishing a supplier diversity policy, communication plans, centralized data pools of minority-owned suppliers, development strategies, and robust reporting mechanisms. Supplier diversity not only supports diverse groups but also economically empowers small and local businesses, creating a positive, long-lasting impact on local economies.

A Collective Responsibility

While you may not have personally experienced prejudice or social injustice, these issues persist among minorities globally. Embracing a collective responsibility for positive change involves learning about socio-economic groups and fostering inclusivity within your workplace. Through collective intentionality, we can contribute to building a united world.

Let's work together in building a diverse and inclusive future! To learn more about impactful change and how to incorporate D&I practices within your business, feel free to contact me.