Friday, Oct 07, 2022

Diversity, Inclusion Crucial For Company's Performance: Survey

According to the survey, about 77 per cent of the employers believe that not prioritising diversity, inclusion and belonging could adversely affect their company's performance.

Diversity, Inclusion and Belonging
Diversity, Inclusion and Belonging Getty Images

With a number of companies preferring a diverse workforce, a survey has revealed that a majority of employers believe diversity, inclusion and belonging are crucial for the performance of an organisation.

About 77 per cent of the employers surveyed believe that not prioritising diversity, inclusion and belonging could adversely affect their company's performance, according to a survey by global job site Indeed - Uncovering Blind Spots: Outlook on Diversity, Inclusion and Belonging (DI&B) in Indian workplaces.

The survey was conducted by Valuvox in March on behalf of Indeed among 1,142 employers and 1,430 employees, covering 10 sectors such as Banking, Financial Services and Insurance (BFSI), IT, media and entertainment, retail and telecommunications across 11 cities.

The survey further revealed that 39 per cent of employers believe that DI&B awareness in their organisations do not quite measure up.

Highlights the disparity between what employers believe and the reality, the survey found that 40 per cent of employers do not have a formal approach to DI&B. However, they are of the opinion that they are inclusive or actively discouraging discrimination.

Only 21 per cent of organisations surveyed have instituted formal DI&B policies, said the survey.

The survey also found that 73 per cent of employees wish to work at organisations that actively promote such initiatives.

"Greater acceptance of a diverse workforce has been gaining ground among Indian employers for more than a decade now. Companies understand that these initiatives are valuable in attracting and retaining talent, boosting innovation and productivity. With nearly half of all employers surveyed (49%) having implemented DI&B initiatives over the past 18 months or more, we can see that prioritising DI&B is at the forefront for organisations," Indeed India head of sales Sashi Kumar said.

Further, the survey also revealed that large organisations have been leading the curve when it comes to DI&B initiatives.

More than two out of three large businesses are aware or very sensitive towards the cause with 37 per cent of all large organisations surveyed having laid out formal DI&B policies and 33 per cent having adopted these policies.

About 73 per cent of small businesses either have inadequate awareness or lack awareness altogether. However, a significant proportion of medium-sized (19 per cent) and small organisations (12 per cent) than large (10 per cent) are on the path to formalisation, it added.