AccountancyManagerLast updated: February 10, 2023
Elizabeth JonesJanuary 25, 2023
Having a robust, proactive approach to diversity, equity and inclusion (DEI) isn’t just the right thing to do, it makes good business sense.
Diversity, equity, and inclusion are defined as ‘a conceptual framework that promotes the fair treatment and full participation of all people.’ Although the ideas of diversity, equity and inclusion are interconnected and often lumped together, it's important to understand what they mean individually.
Diversity means the mixture of different people represented at your business. This includes:
Equity (in this sense) refers to fair treatment of all people – but it doesn’t mean treating everyone the same. That’s the important distinction between equity and equality. Equality only works if everyone is starting from the same place. Equity acknowledges that imbalances exist and works to balance them.
Inclusion refers to the personal experience of the people working at your practice. It’s about embracing each and every employee – and making sure they have the opportunity to make meaningful contributions.
You can achieve diversity, but unless you’re giving value to each person’s point of view, you’re not achieving inclusion… And you’re not unlocking the power of your diverse workforce.
Inclusion is crucial to employee retention – if people don’t feel valued, heard or empowered they’re more likely to leave. This, of course, applies at every hierarchical level.
Diversity, equity and inclusion are a linked set. It means that you have a range of voices, all of whom are enabled to share their best work and be valued for it. And, when you can support input from everybody, your business benefits.
“Diversity in the workplace boosts an employer’s brand and presents a company as a more desirable place to work as organisations with diverse workforces are generally more progressive and inclusive of different individual characteristics and perspectives.”
– LinkedIn, The impact of diversity and Inclusion on business performance
“More diverse companies, we believe, are better able to win top talent and improve their customer orientation, employee satisfaction, and decision making, and all that leads to a virtuous cycle of increasing returns.”
– McKinsey, Why Diversity Matters
“74% of Millennials believe their organization is more innovative when it has a culture of inclusion.”
In a perfect world, progressing humanity would always carry more weight than making money. But to support people in employment, you have to consider the financials too. So for business owners, accountants and bookkeepers, the financial question is a valid one.
The answer has been tackled by many reputable names – with results proving that companies with more diverse workforces perform better financially:
“I am not suggesting you should do it for the money but if it positively impacts the culture of the organisation, productivity and the bottom line surely it is a no brainer?”
– Forbes, 8 reasons why diversity and inclusion are essential to business success
At Bright, we’re committed to not only promoting diversity, equity and inclusion – but building a business that’s led by these pillars. We’ll be sharing insights and updates over the coming months.