Missed an article in this column? Be sure to read the other installments of Deep DEI-ve.
The complexities of today’s business environment demand a new approach. One that transcends traditional profit-centric business models yet embraces the pursuit of financial success with a caveat: cultivating a people-focused culture. I assure you this isn’t a romantic aspiration but a pragmatic necessity in an era where inclusivity and diversity are more than buzzwords; they are critical factors for successful enterprises.
Central to this approach is the recognition that a healthy bottom line and a thriving, diverse workforce are not mutually exclusive. They’re interdependent. Companies are experiencing increases of as much as 2.3 times more cash flow per employee when the two properly align. A robust financial status positions a company to innovate, expand, and contribute significantly to economic growth and job creation. Profit remains the lifeblood of business (and that is not likely to change). Yet, emphasizing financial health does not necessitate sacrificing the well-being and advancement of employees or customers. And if you do, it could cost more than dollars to repair.
Instead, try a modern approach. One where we acknowledge the changing workforce demographics and the evolving expectations of employees, customers and shareholders are ushering in a new era of how we do business. Ignoring the human element is a recipe for becoming ineffective and obsolete. Neither is going to have people begging for seconds.
Diversity is more than a noble goal, and we must stop viewing it as such. It’s a business imperative. A team diverse in backgrounds, experiences, and perspectives is a powerhouse of innovation and effectiveness vital for solving complex challenges and resonating with a global customer base. The direct link between diversity and increased profitability is undeniable. Yet diversity alone doesn’t cut it.
Intentionality is the differentiator. Moving beyond lip service and taking action. It’s about reevaluating and reshaping hiring practices, promotion policies, and everyday interactions to illuminate any biases (perceived or real) that threaten revenue and reputation.
The benefits of a robust DEI Strategy are tangible and significant. It enhances a company's reputation in a market where customers and investors are increasingly value-driven. A genuine commitment to DEI attracts and retains a diverse customer base and workforce, directly impacting profitability.
So you know it’s not all about dollars and cents for me. Here’s a story.
In the heart of a bustling little city was a quaint family-owned inn called The Nest. Despite its charming ambiance and dedication to service, The Nest struggled to differentiate itself in a competitive market.
Annie, the owner, prided herself on a traditional approach to hospitality but realized the inn was struggling to fill rooms and its restaurant sales were declining. After attending a hospitality conference, she realized The Nest severely lacked diversity, so she sought out the expertise of a DEI consultant to transform the inn into a more inclusive space.
They revamped their hiring and training practices to emphasize cultural competency and diversity. They also redesigned the marketing content to appeal to a broader range of guests and incorporated inclusive amenities to cater to diverse customer needs.
The transformation was gradual, but impactful. The new staff brought fresh, new perspectives and ideas. One of the staff members suggested The Nest introduce diverse cultural aspects so all guests could experience different cultures through cuisine and entertainment. The evenings became a hit and attracted a blend of local and leisure travelers alike, creating a unique niche for the property.
One guest suggested the inn address accessibility, and so they introduced accessibility features in select rooms and common areas, enhancing the stay for guests with disabilities and also positioning The Nest as a leader in accessible hospitality.
The Nest’s reputation and profit grew as guests appreciated its inclusive atmosphere, which led to an increase in repeat and referral business. The owner realized their commitment to DEI was not just a moral choice, but a strategic asset and a competitive advantage. Ultimately, the inn didn't merely adapt to a changing market; it led the change, proving that true hospitality knows no bounds.
The moral of this story is that a commitment to DEI must be evident in every aspect of the business, from internal processes to external engagements.
Remember: Business first. People always.
Plan to Attend or Participate in the 2024 Vibe Conference, February 26 – February 28, 2024
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