The business world is constantly evolving, and the fact is, diversity and inclusion has never been more vital to business success than it is now.
Affirmative action, as a tool to promote this diversity, is shaping modern business in very positive ways.
Studies have shown that diversity and inclusion in the workplace can have a number of benefits for companies, including increasing creativity, improving employee satisfaction and improving financial performance.
According to a 2020 McKinsey & Company report, companies in the top quartile for ethnic and gender diversity in their leadership were respectively 36% and 25% more likely to outperform the national average financially.
The importance of affirmative actions
We can see, therefore, that affirmative action has played a significant role in promoting diversity. And that brings immeasurable gains to your business.
Not least because they ensure equal opportunities by prioritizing historically disadvantaged groups in hiring and promotion decisions, resulting in a more diverse and inclusive workforce.
By applying affirmative action, companies not only create a more diverse work environment, but also cultivate a more inclusive mindset among employees.
This mindset can improve collaboration and teamwork, leading to greater sharing of ideas and more creative solutions to problems.
More satisfaction in the work environment
In addition, diversity and inclusion also contribute to greater employee satisfaction. Employees feel more valued and respected in an inclusive environment, which can lead to greater engagement and productivity.
According to a 2018 study by the Boston Consulting Group, companies with more diversity on their management teams reported 19% higher revenues due to innovation.
Understanding these numbers is simple. If in Brazil we have more than 50% of the population composed of blacks and browns, this means that the overwhelming majority of its customers will also be blacks and browns.
Therefore, with a board that has the power to make decisions being diverse, there are more chances of having a better understanding of your customer’s behavior and consequently creating products that better meet their expectations.
Improved brand reputation
In addition to internal benefits, diversity and inclusion can improve a company’s reputation. Because it comes to be seen as inclusive and diverse, being more attractive to customers, partners and potential employees.
This is a particularly notable trend among Millennials and Gen Z, who place a high value on inclusion and diversity. In short, affirmative action, by fostering diversity and inclusion, has a significant impact on business.
Not only do they improve financial performance, they also foster creativity, increase employee satisfaction, and improve the company’s reputation.
That’s why I like to say that diversity and inclusion is no longer just “the right thing to do” – it’s an essential and effective business strategy. And above all, they are a way of collaborating to create a better and fairer world for everyone.
