Importance of Diversity and Inclusion in the Administration of Modern Companies

Diversity and inclusion has taken on great importance in the administration of modern companies, due to its positive impact on organizations, providing value proposals that They allow us to be more competitive, attract and retain talent, improve performance, foster a healthy work environment, understand customer needs and improve decision making. decisions.

modern business administration has undergone a significant change in its management model, leaving aside stereotypes, to focus on a more diverse and inclusive business management model.

Well, it is not just about fashionable terms, it goes much further, modern business administration has discovered that the Diversity and inclusion are key pillars to boost the productivity and growth of organizations.

Companies that have a diverse workforce have a greater advantage over their competition, since they have a team with diverse skills, knowledge, attributes and abilities that foster creativity and innovation, providing value propositions.

Of course, this allows management to make better decisions, addressing problems and challenges from different perspectives and offering different solutions.

In addition, a business administration with serious and effective diversity and inclusion strategies have greater ability to recruit and retain talent quality.

What are the contributions of diversity and inclusion in business administration?

Diversity and inclusion has become so important in the business administration of the modern era, due to its positive impact on organizations, among the positive effects are:

Diversity and Inclusion as a Competitive Advantage

Diversity in the workplace is a reflection of the plurality of society, a company that has With a diverse team you can benefit from a wide variety of perspectives, experiences and skills.

This diversity of thought promotes innovation, creative problem solving, and adaptability to change; Because, in a globalized market, organizations that cultivate diversity have a better understanding of local markets, which gives them a significant competitive advantage.

Attraction and Retention of Talent

The younger generations, particularly millennials and Generation Z, deeply value diversity and inclusion, for them a place of diverse and inclusive work is not only desirable, but often essential, companies that excel in these areas better attract and retain these talents, reducing turnover costs and ensuring an engaged and motivated workforce.

Improved Financial Performance

Numerous studies have shown that companies that promote diversity and inclusion obtain better financial results. For example, a report from McKinsey & Company found that companies in the top quartile in terms of gender diversity were more likely to outperform your competitors in profitability. The reason is clear, diversity leads to a better decision-making process, greater innovation and a better understanding of the client.

Better Reflection of Society and understanding of Clients

In an era where social media and instant communications are ubiquitous, businesses are more exposed to scrutiny than ever. public, since those who present themselves as exclusive or disconnected from social realities run the risk of losing the support of consumers.

On the other hand, organizations that reflect the diversity of society they not only earn the respect of their customers, but also have a better understanding of their needs and wishes.

Promotion of a Healthy Work Environment

A work environment where diversity is celebrated and inclusion promoted tends to be healthier, with employees what do they feel more valued, respected and satisfied in their roles.

This positivity in the work environment Reduce absenteeism, increase productivity and strengthen corporate culture.

Better Decision Making

Decisions made by diverse teams tend to be more comprehensive and considered, Since they are examined from multiple perspectives, this decreases the risk of “groupthink” and enables organizations to address challenges and opportunities in a more holistic way.

How to implement diversity and inclusion in business administration?

Implementing diversity and inclusion in business administration is a continuous process that requires commitment, strategy and action.

Achieving remarkable results is not a simple process, which has meant that many leaders and workers feel frustrated at not achieving significant progress in organizations, and the main cause is the lack of strategies with a clear action plan that can be measurable and sustainable in the long term.

However, some steps to introduce and consolidate these practices are:

1. Commitment from the top: Management must lead the change, demonstrating a genuine commitment to diversity and inclusion; this implies allocating resources and time for this initiative.
2. Initial diagnostic: Carry out a diagnosis of the current situation of the company in terms of diversity and inclusion, identifying areas for improvement.
3. Set clear goals: Define what you want to achieve with diversity and inclusion initiatives, and these objectives must be measurable and achievable.
4. Training and awareness: Provide regular employee training on diversity and inclusion to increase awareness and reduce bias.
5. Review of policies and practices: Ensure that recruitment, promotion and retention policies are fair and inclusive.
6. Promote open communication: Foster an environment in which employees feel comfortable sharing their experiences and concerns related to diversity and inclusion.
7. measure and evaluate: Use metrics to assess progress toward diversity and inclusion goals, and make adjustments as needed.
8. Promotion of inclusion in the day to day: Encourage the participation of all employees in decisions and activities, guaranteeing that each voice is heard.
9. recognition and reward: Recognize and reward leaders and teams that actively promote diversity and inclusion in the company.
10. Establish responsibilities: Designate individuals or teams that will be responsible for overseeing and promoting diversity and inclusion initiatives.
11. request feedback: Regularly ask employees for feedback on how they feel about diversity and inclusion in the workplace and act accordingly.
12. long term commitment: Diversity and inclusion are not objectives that are achieved overnight, it is essential to maintain a continuous commitment and adapt to new circumstances and learning.

Conclusion

In the modern business landscape, diversity and inclusion are not only the ethically right thing to do, but are also essential for success and the sustainability of any company.

Organizations that choose to actively embrace and promote diversity and inclusion are in a position of strength, prepared to meet the challenges of the 21st century with creativity, flexibility and a deep understanding of the complexities of the globalized world in which we operate.

Ultimately, investing in diversity and inclusion is not just an investment in the community and people, but in the very future of the company.

Bibliographic references

• Vilarino Albert (2019). The importance of diversity in companies. © Haz 2023 Magazine – C/ Príncipe de Vergara, 8. 1st right 28001. Madrid. https://hazrevista.org/rsc/2019/11/la-importancia-de-la-diversidad-en-las-empresas/
• Jann S. Brown et al. (2023). It's time to get strategic about diversity, equity and inclusion (DEI). McKinsey & Company. https://www.mckinsey.com/featured-insights/destacados/ya-es-hora-de-ser-estrategicos-sobre-diversidad-equidad-e-inclusion/es