Missed an article in this column? Be sure to read the other installments of Deep DEI-ve.
In the dynamic landscape of modern business, achieving success requires a delicate balance between putting the business first and prioritizing people. The bottom line is a critical metric. There is and always will be a focus on profits, but now there’s a caveat—being intentional about the culture and, more importantly, being inclusive.
Prioritizing the business is essential for survival and growth. A healthy bottom line ensures the company can invest in innovation and expansion and, most importantly, continue to drive economic growth and employment opportunities. For business leaders, profitability remains the driving force behind decisions, as it should be. Without profit, there are no enterprises, there are no jobs, and there are no contributions to the economy. However, the common misconception lies in thinking that a strong business focus must come at the expense of people, particularly in terms of diversity, equity, and inclusion.
As emerging demographic shifts continue to disrupt the business world, so too do the expectations of employees, customers, and shareholders. A business that neglects the human element risks losing customer trust, becoming outdated, and ultimately operating inefficiently.
Today’s workforce represents a myriad of backgrounds, experiences, and perspectives. Numerous studies show diverse teams are more innovative, better at solving complex problems, and more adept at connecting with a global customer base. However, diversity alone isn’t enough. To maximize the potential of a diverse workforce, leaders must also prioritize the equity and inclusion portion.
Equity acknowledges there are different starting points and creates measures to ensure employees have fair access to opportunities and resources regardless of their starting point. It is much easier said than done as it requires systemic breakdowns, evaluation of new policies, procedures, etc. It can become a woke action instead of a strategic business decision if not approached properly.
On the other hand, inclusion refers to creating a culture where every individual is respected. They are valued and encouraged to be themselves. Also, easier said than done. When either of these is missing, diversity is often just expensive tokenism; therefore, the benefits of true diversity remain unrealized.
This is where intentionality is more important than ever. For DEI to be impactful, leaders have to stop playing at DEI and be deliberate in their efforts. We are well beyond words. DEI requires action and intention.
Leaders set the tone and lead by example. Leaders must examine hiring practices, promotion policies, and company culture to identify and rectify areas of bias as they are direct threats to business productivity. A company-wide commitment to DEI is more than an email blast. If intentional, it will be integrated into the organization's values and reflected in the day-to-day operations.
Intentional DEI efforts lead to potential business benefits. First and foremost, it enhances the company’s reputation as more customers and investors become more socially conscious; many are choosing to support businesses that align with their values. Companies committed to DEI are more likely to attract and retain loyal customers and investors.
Intentional DEI also helps mitigate risks. Discrimination claims are up 50% since 2022 and more costly than ever in today's litigious society. By proactively addressing these issues, businesses can protect themselves from legal troubles and safeguard their business's integrity.
Putting the business first remains essential but no longer means sacrificing the well-being and advancement of people. Prioritizing DEI is a strategic move that could enhance a company's reputation. Striking the right balance between business, success, and people-centric values is no longer optional. It is a necessity for your business strategy. In short, business first. People always.
Plan to Attend or Participate in the 2024 Vibe Conference, February 26 – February 28, 2024
To learn more about the latest trends, issues and hot topics, and to experience and taste the best products within the on-premise beverage community, plan to attend the Vibe Conference at Town & Country in San Diego, California. Visit VibeConference.com.
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