{"id":2814,"date":"2019-05-16T13:52:23","date_gmt":"2019-05-16T20:52:23","guid":{"rendered":"https:\/\/intuitblog.com\/?p=2814"},"modified":"2024-03-13T08:34:41","modified_gmt":"2024-03-13T15:34:41","slug":"5-surprising-benefits-of-fostering-diversity-and-inclusion-in-the-workplace","status":"publish","type":"post","link":"https:\/\/www.intuit.com\/blog\/social-responsibility\/5-surprising-benefits-of-fostering-diversity-and-inclusion-in-the-workplace\/","title":{"rendered":"5 benefits of a diverse and inclusive workplace"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Today, many companies <\/span><span style=\"font-weight: 400;\">embrace the meaning of diversity and inclusion in their businesses. Organizations around the globe put <\/span><span style=\"font-weight: 400;\">diversity initiatives at the top of their \u201cmust-do\u201d lists. And while it\u2019s widely accepted as the right thing to do, <\/span><span style=\"font-weight: 400;\">diversity and inclusion benefits<\/span><span style=\"font-weight: 400;\"> go far beyond that.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As it turns out, creating a culture of diversity and inclusion is good for your business in more ways than you might <\/span><span style=\"font-weight: 400;\">imagine. Inclusion<\/span><span style=\"font-weight: 400;\"> is a way of building on diversity and creating a feeling of belonging for everyone within an organization. It means creating a workplace culture in which employees feel valued,<\/span><span style=\"font-weight: 400;\"> respected, <\/span><span style=\"font-weight: 400;\">and accepted. They feel they\u2019re welcome to be themselves and can share their ideas in a friendly environment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">When these values work together, they improve the job experience for employees. <\/span><span style=\"font-weight: 400;\">But the benefits of a diverse and inclusive workplace run much deeper than that.\u00a0<\/span><\/p>\n<h2>What do diversity and inclusion mean?<span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although the terms appear together, diversity and inclusion mean slightly different things.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Diversity refers to the specific makeup of an organization or group. How many different cultures, races, sexual orientations, and ages do its members represent?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inclusion is how well an organization represents and enables diversity within it.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When thinking about inclusion, companies should focus on whether the thoughts, feelings, and opinions of diverse employees are met with value and respect.\u00a0<\/span><\/p>\n<h2>What are the benefits of diversity in the workplace?<\/h2>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/shereeatcheson\/2018\/09\/25\/embracing-diversity-and-fostering-inclusion-is-good-for-your-business\/#6d8a8b5c72b1\" target=\"_blank\"><span style=\"font-weight: 400;\">According to Forbes<\/span><\/a><span style=\"font-weight: 400;\">, companies ranking high in gender diversity outperform their competition by 15 percent. <\/span><span style=\"font-weight: 400;\">The results get <\/span><span style=\"font-weight: 400;\">even better for those who practice ethnic diversity \u2014 they do better than their competitors by 35 percent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover,<\/span><a href=\"https:\/\/www.sciencedaily.com\/releases\/2009\/03\/090331091252.htm%22%20\/t%20%22_blank%22%20HYPERLINK%20%22https:\/\/www.sciencedaily.com\/releases\/2009\/03\/090331091252.htm%22%20\/t%20%22_blank\" target=\"_blank\"> <span style=\"font-weight: 400;\">workplace diversity is an important predictor<\/span><\/a><span style=\"font-weight: 400;\">\u202fof a company\u2019s sales revenue and profitability, according to the American Sociological Association. Companies with the most racial diversity bring in, on average, 15 times more sales revenue than those with lower levels of racial diversity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our CEO, Sasan <\/span><span style=\"font-weight: 400;\">Goodarzi, has\u202f<\/span><a href=\"https:\/\/www.fastcompany.com\/90627867\/intuits-ceo-and-its-first-racial-equity-director-explain-their-approach-to-diversity\" target=\"_blank\"><span style=\"font-weight: 400;\">stressed<\/span><\/a><span style=\"font-weight: 400;\">\u202fthat Intuit\u2019s goals include reaching demographic numbers that will help those who are underrepresented in technology. \u201cBy our fiscal year 2023, we want a goal of 35% of women in technology and 16% underrepresented. Today, we are 28% women in technology, and we\u2019re about 11% underrepresented.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s great news for companies, but it\u2019s just the beginning of how <\/span><span style=\"font-weight: 400;\">the benefits of diversity are <\/span><span style=\"font-weight: 400;\">beneficial to leaders and workers alike. Let\u2019s look at some lesser-known benefits of nurturing diversity and inclusion.\u00a0<\/span><\/p>\n<h3>1. Diversity leads to greater innovation<\/h3>\n<p>In the study,\u202f<a href=\"https:\/\/images.forbes.com\/forbesinsights\/StudyPDFs\/Innovation_Through_Diversity.pdf\" target=\"_blank\">\u201cFostering Innovation Through a Diverse Workforce,\u201d<\/a>\u202fresearchers for Forbes found some fascinating associations between inclusion and innovation. Diverse employees bring a far-reaching set of life experiences and backgrounds to the table, meaning they often look at life through a different lens. That different perspective can open new ways to solve challenges or address problems.<\/p>\n<p>When different viewpoints mesh together, it has the potential to out-innovate the competition, or\u202f<a href=\"https:\/\/hbr.org\/2013\/12\/how-diversity-can-drive-innovation\" target=\"_blank\">as Harvard Business Review explained<\/a>, \u201cDiversity unlocks innovation by creating an environment where \u2018outside the box\u2019 ideas are heard.\u201d The results? Companies practicing diversity are 70 percent more likely to capture a new market.<\/p>\n<p>Intuit and Goodarzi\u202fappointed\u202fits<a href=\"https:\/\/www.fastcompany.com\/90627867\/intuits-ceo-and-its-first-racial-equity-director-explain-their-approach-to-diversity\" target=\"_blank\"> first racial equity director<\/a>, La Toya Haynes, who leads the Racial Equity Advancement Leadership Team (REAL Team). One of their top priorities in equity strategy is a direct focus on in-office language. Goodarzi and Haynes created an anti-racism guide to educate employees on<a href=\"https:\/\/www.intuit.com\/blog\/social-responsibility\/6-ways-to-abolish-racist-language\/\" > how to handle racism in the workplace<\/a>, which removes 800 phrases and words from Intuit\u2019s corporate language that may foster a divisive workplace.<\/p>\n<h3>2. Diversity makes it easier to recruit top talent<\/h3>\n<p>At a time when unemployment is low, recruiting talented, dedicated workers can be a challenge. They\u2019re looking for more than just compensation perks and packages.\u202f\u202f<a href=\"https:\/\/www.intuit.com\/blog\/social-responsibility\/leading-the-way-to-a-more-inclusive-workplace-with-intuits-lgbtq-ally-program\/\" >Intuit\u2019s Ally program<\/a>\u202fhas been created as an inclusion training program that teaches employees<a href=\"https:\/\/www.intuit.com\/blog\/social-responsibility\/4-roles-you-can-play-to-be-a-better-ally\/\" > how to be an ally in the workplace<\/a> so that every employee can feel empowered to bring their best selves to work. More than ever, this is a critical component of hiring and retaining top talent.\u202fA\u202f<a href=\"https:\/\/www.glassdoor.com\/employers\/blog\/diversity\/\" target=\"_blank\">study by Glassdoor<\/a>\u202ffound that diversity can mean the difference between whether or not someone wants to work for your firm.<\/p>\n<p>Researchers found that 67 percent of jobseekers considered a diverse workforce one of the important factors in choosing where to work. That was true regardless of whether or not the survey respondents were part of a minority. This shows that workers aren&#8217;t just open to the idea of a diverse workplace, but that they\u2019re beginning to expect it. The more you respond to this expectation, the better your chances are of hiring and retaining top talent.<\/p>\n<h3>3. Customers respond to diversity<\/h3>\n<p>Diversity isn\u2019t just changing the complexions of workplaces across the country; it\u2019s also changing the faces of consumers. The U.S. becomes more racially diverse every year, and that means buyers are more likely to be members of minorities.<\/p>\n<p>When a business establishes itself as having a culture that fosters diversity, it becomes more attractive to minority customers. A company with a diverse staff is more likely to be perceived as understanding the needs of a diverse customer base. Researcher Stephen B. Knouse, Ph.D., of the University of Louisiana at Lafayette, found a diverse employee base can communicate with different types of customers.\u202f<a href=\"https:\/\/www.researchgate.net\/publication\/254243532_The_Business_Case_for_Diversity_Is_Diversity_Cost_Effective\" target=\"_blank\">This helps employees better understand and meet their needs.<\/a><\/p>\n<h3>4. Diversity can improve a brand\u2019s image<\/h3>\n<p>As Goodarzi\u202f<a href=\"https:\/\/www.fastcompany.com\/90627867\/intuits-ceo-and-its-first-racial-equity-director-explain-their-approach-to-diversity\" target=\"_blank\">puts it<\/a>, \u201cWe must have a diverse and inclusive environment to be able to hear all voices. If we want to know what\u2019s important to [our customers], we actually have to be diverse like our customers.\u201d\u202fThe consulting firm DeEtta Jones\u202f<a href=\"https:\/\/www.intuit.com\/blog\/social-responsibility\/5-surprising-benefits-of-fostering-diversity-and-inclusion-in-the-workplace\/\" >reports<\/a>\u202fthat brands that value diversity enjoy better brand perception. One reason could be that customers perceive diverse-minded brands as being more in touch with their customers and being more forward-thinking. Potential customers may perceive brands that don\u2019t practice diversity as being bland and behind the times.<\/p>\n<h3>5. Diversity and inclusion boost employee engagement<\/h3>\n<p>Many studies indicate that positive work environments lead to greater success.\u202f<a href=\"https:\/\/www.forbes.com\/sites\/forbescoachescouncil\/2017\/12\/13\/promoting-employee-happiness-benefits-everyone\/#2be40154581a\" target=\"_blank\">Happier employees are more productive and engaged<\/a>. When you take the time to have employees describe the benefits of diversity inclusion to them personally, it creates a happier, more relaxed work environment, too. Employees feel valued and respected, which leads to greater collaboration and creativity.\u202fGoodarzi\u202f<a href=\"https:\/\/www.huffpost.com\/entry\/intuit-shows-why-di-remains-important-in-maintaining-an-inclusive-culture_n_5e7940f8c5b63c3b6495d27f\" target=\"_blank\">says<\/a>, \u201cIf anyone ever has the courage to come into my office and say, \u2018I want to drive change,\u2019 my job is to make sure they have everything at their fingertips because you can\u2019t just say you want to create an inclusive environment and make it so.\u201d This focus on open communication among all workers\u2014no matter their position in the company\u2014is a key component of a positive and open workplace.<\/p>\n<p><a href=\"https:\/\/blog.shrm.org\/workforce\/inclusive-workplaces-lead-to-engaged-employees%22%20\/t%20%22_blank%22%20HYPERLINK%20%22https:\/\/blog.shrm.org\/workforce\/inclusive-workplaces-lead-to-engaged-employees%22%20\/t%20%22_blank\" target=\"_blank\">Inclusive workplaces show that higher levels of engaged workers<\/a> correlate directly with better job performance. Disengaged employees cost U.S. companies an estimated $450 to $550 billion yearly through lost productivity,\u202f<a href=\"https:\/\/news.gallup.com\/businessjournal\/162953\/tackle-employees-stagnating-engagement.aspx\" target=\"_blank\">according to Gallup<\/a>. They also undermine the overall morale of a company since increasing employee engagement can boost profits by an average of $2,400 per employee per year. Compared with companies with low engagement levels, companies with engaged employees enjoy 2.5 times more revenue growth.<\/p>\n<h2>Diversity and inclusion at Intuit<\/h2>\n<p>At Intuit, the proud creator of TurboTax and QuickBooks,\u202f<a href=\"https:\/\/www.intuit.com\/company\/diversity\/%22%20\/t%20%22_blank\" target=\"_blank\">diversity<\/a> and inclusion is part of who we are. Our mission to power prosperity worldwide is fueled by our belief that every employee should be able to bring their whole self to work.<\/p>\n<p>While the meaning of diversity and inclusion go hand in hand, they\u2019re two different things. As explained by Intuit CEO\u202f<a href=\"https:\/\/www.intuit.com\/company\/executives\/sasan-goodarzi\/arzi\/%22%20\/t%20%22_blank\" target=\"_blank\">Sasan Goodarzi<\/a>, \u201cdiversity is a fact, but inclusion is a choice.\u201d\u202fIntuit\u2019s\u202f<a href=\"https:\/\/www.fastcompany.com\/90627867\/intuits-ceo-and-its-first-racial-equity-director-explain-their-approach-to-diversity%22%20\/t%20%22_blank\" target=\"_blank\">latest developments<\/a>\u202fin diversity and equity are meant to hold the entire company accountable for a strong and inclusive workplace.\u202f<a href=\"https:\/\/www.gallup.com\/workplace\/242138\/requirements-diverse-inclusive-culture.aspx%22%20\/t%20%22_blank\" target=\"_blank\">Gallup explains<\/a>\u202fdiversity as the range of differences in human demographics, such as race, gender, sexual orientation, religion, and age. In some cases, education levels and family characteristics might also fall under the category of diversity.<\/p>\n<p>Understanding the true meaning of diversity and inclusion positively affects all workers, regardless of whether or not they\u2019re part of minority groups. Diversity and inclusion don\u2019t just happen in a workplace, however. They take careful, conscious thought and a clear plan to ensure everyone emphasizes and understands the concepts at every level. And when employees embrace and nurture this type of environment, it benefits everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, many companies embrace the meaning of diversity and inclusion in their businesses. Organizations around the globe put diversity initiatives at the top of their \u201cmust-do\u201d lists. And while it\u2019s widely accepted as the right thing to do, diversity and inclusion benefits go far beyond that. As it turns out, creating a culture of diversity<\/p>\n","protected":false},"author":128776340,"featured_media":7983,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[237496400,1367,237496405],"tags":[237495638,237495859],"intuit_collection":[],"intuit_series":[],"coauthors":[237496056],"class_list":["post-2814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diversity-and-inclusion","category-social-responsibility","category-thought-leadership","tag-diversity-and-inclusion","tag-diversity-equity-and-inclusion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 benefits of a diverse and inclusive workplace - Intuit Blog<\/title>\n<meta name=\"description\" content=\"Creating a culture of diversity and inclusion can help improve the your employees&#039; experience and improve company performance as a whole.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.intuit.com\/blog\/social-responsibility\/5-surprising-benefits-of-fostering-diversity-and-inclusion-in-the-workplace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 benefits of a diverse and inclusive workplace - Intuit Blog\" \/>\n<meta property=\"og:description\" content=\"Creating a culture of diversity and inclusion can help improve the your 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