Diversity and inclusion are becoming increasingly important topics in the business world, and there are numerous studies that demonstrate the benefits of having diverse and inclusive teams. In this article, we will explore how companies can improve their performance by embracing diversity and inclusion.
Workforce diversity refers to the variety of people who work in an organization, including their gender, age, race, ethnicity, sexual orientation, disability, and other characteristics. Inclusion, on the other hand, refers to how people feel in the workplace and how they are treated. Companies that foster an inclusive culture enable all individuals to participate and contribute fully.
A study by McKinsey & Company found that the most diverse companies are 35% more likely to have financial performance above their industry's median. Additionally, another study by Deloitte found that companies with an inclusive culture are 80% more likely to improve their business performance.
Why do diverse and inclusive teams perform better?
One reason is that they bring different perspectives and experiences to the table, which can lead to more creative and innovative solutions. They also tend to be more open-minded and accepting of different ideas and approaches.
However, it's not enough to simply have a diverse workforce. Companies must also create an inclusive culture that supports and values all individuals. This can be achieved through training and education, as well as implementing policies and practices that promote diversity and inclusion.
For example, companies can establish diversity and inclusion committees or employee resource groups to promote awareness and education around these topics. They can also implement practices such as blind resume screening to reduce unconscious bias in hiring, and offer flexible work arrangements to accommodate diverse needs and lifestyles.
Embracing diversity and inclusion is not only the right thing to do, it also makes good business sense. By fostering a culture that values and supports all individuals, companies can improve their performance and create a more innovative and productive workforce.
TRech has its HeadQuarters in Spain, a country which is increasingly taking measures to eradicate discrimination in the workplace. If you are a company with presence in Spain, here are some of the laws you should be aware of:
👉 In Spain, the Organic Law on Gender Equality (Ley Orgánica de Igualdad Efectiva de Mujeres y Hombres) was passed in 2007 with the aim of promoting equal treatment and opportunities for men and women in all areas of life, including the workplace. The law prohibits discrimination based on gender, and requires companies to implement measures to promote gender equality, such as equal pay for equal work and opportunities for career advancement.
👉 Additionally, in 2018, the Law on Effective Equality between Women and Men (Ley de Igualdad Efectiva entre Mujeres y Hombres) was enacted. This law reinforces and expands the measures established by the 2007 law, including requiring companies with more than 50 employees to have an equality plan in place that includes specific measures to promote gender equality in recruitment, training, promotion, and pay.
👉 In terms of diversity beyond gender, the Spanish Constitution guarantees the right to non-discrimination based on race, ethnicity, religion, sexual orientation, or any other personal or social condition. Additionally, Spain has a law to promote the inclusion of people with disabilities (Ley General de Discapacidad), which requires companies to make reasonable accommodations to facilitate the integration of people with disabilities into the workplace.
Overall, Spanish laws are aimed at promoting diversity and inclusion in the workplace, with a particular emphasis on promoting gender equality. Companies operating in Spain are required to comply with these laws and implement measures to promote diversity and inclusion in their workforce.
It is not just for ethics or performance, it is the law
As Training experts, we have created programmes to equip companies and its employees to build a more inclusive workplace culture, reduce bias and discrimination, and promote diversity and inclusion at all levels of the organization.
Get in touch to learn more about our D&I training offers.