By BOOST LLC on May 15, 2023
This blog was originally posted on boostllc.net.
We know that DEIAB is important for creating an inclusive and successful workplace environment. It’s not simply a trend or lingo in the industry; it’s a movement. It’s about creating a more equitable environment where everyone has equal opportunities, regardless of their background. DEIAB, meaning diversity, equity, inclusion, access & belonging, provides a wealth of obvious benefits to a company, as well as a selection of hidden benefits that emerge over time as company culture begins to shift to a more equitable and fair interpretation than was previously established.
Benefits of Establishing a DEIAB Plan
You shouldn’t need to be convinced that you need a DEIAB plan, but below are some of the benefits. The business world continues to grow more and more diverse, and if your business isn’t keeping up, it could be the difference between record profits and bankruptcy. Even the terminology surrounding diversity and equity changes from time to time, the newer DEIAB replacing the old DEI acronym, expanding to include accessibility and inclusion. The right team is everything; make sure you’re inclusive so as to not scare off potentially great candidates with a workplace culture that lacks understanding.
- Meeting Customer Expectations. In 2021, President Biden signed Executive Order 14035 regarding Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce. The order prioritizes diversity for agency leaders and, in turn, government contractors with the goal of ensuring the nation’s largest workforce (the Federal government) reflects the diversity of the nation. While there aren’t provisions in the order for private organizations, a diversity action plan shows that GovCons are prepared to demonstrate how they are executing on a commitment to diversity that will have the competitive edge when bidding, by showing an ongoing effort to ensure that the business is modern, inclusive, and agile in responding to changes, whether they be external or internal to the company in question.
- Improved Creativity and Decision Making. Government contractors (GovCons) that demonstrate an awareness of and respect for the diversity of their stakeholders (customers, clients, personnel, etc.) are far more prepared to weather market shifts and economic downturns and are more likely to reach strategic goals and achieve growth targets. A team with a variety of viewpoints can lead to increased creativity, better decision-making and problem-solving, and increased innovation. The benefits provided by team members from other cultures can be exponential, as their fresh perspective brings details to the forefront that might not otherwise be noticed.
- Increased Profitability. A 2020 report by McKinsey & Company found that companies in the top quartile for gender diversity on executive teams, specifically, were 25% more likely to gain profitability well above the average compared to companies in the bottom quartile. Additionally, companies in the top quartile for ethnic and cultural diversity, as opposed to gender diversity, were 36% more likely to experience above-average profitability. According to a 2018 study by the Boston Consulting Group (BCG), companies with above-average diversity in their management teams reported 19% higher innovation revenues compared to companies with below-average diversity. Beyond the valuable gains to your company culture, there’s a significant revenue influence in the decision to focus on diversity and inclusion.
Things to Consider with a DEIAB / Diversity Action Plan
You know you need a DEIAB plan; now what?
- Drive DEIAB
- Identifying the organization’s relevant DEIAB opportunities and strategizing with these in mind
- Establishing achievable, realistic, and measurable goals; and
- Design and facilitation of efforts that demonstrate and document your organization’s approach and progress.
- Think broadly. One pitfall organizations fall into is failing to examine diversity thoroughly and broadly enough. Race and gender commonly lead the discussion, and often the ideas of age, disability status, socioeconomic differences, educational attainment, religion, or even geographic regional influences are not considered. Yet these factors are important variances that impact communication, understanding, teamwork, and belonging. The point of the diversity action plan is rooting out unfair bias and prejudices; failing to acknowledge these deep underlying issues can lead to a DEIAB plan that doesn’t make the impact you’d hoped for.
- Maintain Your Diversity Action Plan. While GovCons of all sizes have successfully built a set of DEIAB interventions, too many fail to maintain them. This is often the result of not clearly identifying the opportunities for advancing DEIAB initiatives or creating uninformed goals or objectives that miss the mark, or a lack of enthusiasm behind the push. You’ll need ongoing buy-in from your entire team to make your diversity action plan work, but the effects are well worth it.
For GovCons, the case is clear. An emphasis on diversity can lead to greater innovation, a more resilient workplace, and ultimately better profitability. Better diversity and equity doesn’t just happen; you’ll need a diversity action plan to put in place to push your company in the right direction. Could your organization use help getting your DEIAB plan in place? Let BOOST know when you’re ready to get started, and we’ll get you on the right track to create a diversity action plan that makes your workplace work better than ever before!
- Boston Consulting Group (BCG). (2018). How Diverse Leadership Teams Boost Innovation. Retrieved fromhttps://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation
- McKinsey & Company. (2020). Diversity wins: How inclusion matters. Retrieved fromhttps://www.mckinsey.com/~/media/mckinsey/featured%20insights/diversity%20and%20inclusion/diversity%20wins%20how%20inclusion%20matters/diversity-wins-how-inclusion-matters-vf.ashx
BOOST is a trusted partner and friend of Global Services. They offer Enterprise-level solutions to federal contractors (they only work in GovCon) in the areas of accounting, contracts, HR, and talent acquisition. BOOST provides both on-going and project-based support on any of the corporate needs of a growing GovCon. Their seasoned experts know the industry, know compliance, and understand how to get the job done. BOOST professionals may be reached at firstname.lastname@example.org.