The Why Behind DE&I Initiatives: Examples, Benefits, Definition, and more

Organizations have a special responsibility to create a more just world, and this article takes a closer look at what DE&I initiatives are and how companies implement them to be active proponents of change. Defining diversity, equity, and inclusion is the act of welcoming people from different backgrounds, while equity is the practice of ensuring all people within an organization have equal opportunities and preventing all forms of discrimination, bias, and harassment. Equity is better understood by considering the common fence analogy of three people trying to watch a baseball game, but it's not a fair distribution of resources. The most important details in this text are the definitions of equity, inclusion, and bringing DE&I initiatives to life. Equity involves giving people the resources they need to enjoy a baseball game, while inclusion involves creating a company culture of acceptance, civility, and respect.

Dr. Robert Sellers uses an analogy to link diversity, equity, and inclusion. He likens diversity to the act of inviting everyone, while equity involves taking suggestions from all attendees and adding them to the playlist. Additionally, inclusion involves creating an environment where it's acceptable for people not to dance, such as karaoke, games, or alternative activities. The most important details in this text are the benefits of creating and implementing a Diversity and Inclusion (DEI) initiative. These include increased profitability, better recruitment and retention, improved productivity, and improved workplace relationships.

DEI initiatives require funding to expand talent acquisition and hiring campaigns, but the initial and ongoing costs are often well worth the increased profitability. Companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability than companies in the fourth quartile.