Importance of Diversity, Equity, and Inclusion for Businesses

Businesses are recognised for the values and ethics they uphold and stand by. These ideals make t

... hem showcase integrity, honesty and morality. High...
Importance of Diversity, Equity, and Inclusion for Businesses
Antoine Fraser Image
Antoine Fraser
Wednesday 19th of June 2024

Businesses are recognised for the values and ethics they uphold and stand by. These ideals make them showcase integrity, honesty and morality. Highly respected brands are epitomes of honourableness and set examples for others to follow. One of the common principles that these entities adhere to is maintaining equality and diversity in the workplace. It is essential in a country like Canada, which is filled with a multicultural population comprising various ethnicities, backgrounds and races, to adopt diversity, equity and inclusion.

However, there is still a gap in implementing these employment standards in every organisation. The problem lies in underlying biases that may not be apparent, but surface when deserving candidates are not promoted or growth opportunities are handed over to a specific group. These biases can affect the workforce’s confidence and impact their morale, leading to deterioration of productivity and collaboration. Thus, here is why diversity, equity, and inclusion are important for businesses. This information will inspire entrepreneurs to build cohesive teams without prejudices.

1. Understanding Diversity, Equity, and Inclusion

Diversity, equity and inclusion (DEI) are prominent terms in every workplace that wants to improve its credibility and acquire talented employees. Organisations supporting DEI are considered the best workplaces because they offer equal opportunities to all workers. The management is receptive to ideas and promotes open communication and participation through delegation. They ensure that all employees are valued, empowered and given the same growth avenues.

Such organisations ensure that no one is discriminated against or harassed for belonging to a specific group, such as religion, colour, sexual orientation, gender, ethnicity, culture, etc. These entities have equal representation from every segment, which helps to bring different perspectives into the picture. Thus, if you plan to purchase a business for sale in Canada, you must recruit workers based on this policy to maintain fairness.

2. Differences Between Diversity and Inclusion

Inclusion and diversity sound similar but have different connotations in the workplace. Inclusion means involving everyone in the processes and procedures. It includes offering access to resources and learning opportunities without any limitations. It aims to create a cohesive group or team that works together and supports each other. It ensures that no one is ostracised or disrespected because of being different.

Diversity means that the workforce must have equal representation from all segments. If it is not equal, there should be a significant population of minority groups, such as women, blacks, Asians, and indigenous people. However, they should not be recruited to showcase diversity superficially, such as hiring one person from each group who becomes stressed about representing their community in a large team. Entrepreneurs must work on developing DEI over a period and ensure equivalent representation and inclusion.

3. Significance of Diversity and Equity in Workplaces

DEI is important for workplaces because it allows businesses to bring people from different backgrounds into the team, which helps them understand varied viewpoints and opinions. It helps to cater to the multicultural target audience in a better way. It helps the business to acquire talented candidates who want to work in a positive work culture and retain them.

Thus, if you plan to acquire a business for sale Canada, you must adopt DEI in the office space to increase profits. It helps to foster a collaborative and creative work culture that boosts morale and encourages innovation. It improves the brand’s image and enhances the productivity of the employees through increased engagement.

4. Ways to Implement Diversity and Inclusion in Offices

Business owners can build a diverse, inclusive and equitable workplace by executing policies and setting the framework. Entrepreneurs must define clear goals for achieving DEI, such as increasing the representation of minorities by 30% in five years. The employees must be trained to identify hidden biases and educated to remove them completely, even if they are unconscious. The recruitment process must focus on DEI, skills, qualifications and expertise.

The organisation must ensure complete intolerance for discrimination, whether verbal, physical, or implied. Inclusivity must become a part of the culture. It should include an open-door policy, flexible work arrangements, work-life balance, equal pay for equal work, recognition and rewards for excellent performance, etc. Everyone should be treated equally and encouraged to participate and grow with the business.

5. Handling Discrimination-Related Issues

Entrepreneurs who purchase a business for sale in Canada must know the government regulations that make DEI mandatory in workplaces. The Employment Equity Act and the Canadian Human Rights Act ensure that equal employment opportunities must be extended to minority groups like women, aboriginal people, individuals with disabilities and other minorities. These laws also advocate the elimination of discrimination. Thus, it should not be taken lightly.

Business owners must employ policies to deal with issues related to DEI in the workplace. If there is a discrimination-related problem in the office, the human resource team must understand the concern and investigate the matter without bias. The organisation must take disciplinary action if discrimination is established through evidence against the perpetrator. Depending on the extent of harassment and discrimination, they can terminate the employee or suspend them for a designated period.

6. Challenges to Building Diverse Workplaces

It may seem easy to create a plan for improving DEI in the workplace, but executing it in the real world can be challenging. It may be hard to find candidates from diverse groups during recruitment, and the minority candidate may not be as skilled as others. In addition, employees who have been trained to eliminate bias may still harbour prejudices against colleagues, which can lead to disagreements and unproductive results.

The prevalence of remote work has made it difficult to increase cross-departmental collaboration and build team spirit. Without face-to-face interactions, colleagues may lose touch and feel isolated. Also, the underrepresented employees may stick together and create groups in the workplace that can threaten inclusivity and equity. Thus, entrepreneurs who are starting up or have acquired a business for sale in Canada must build a space that takes pride in its diversity and welcomes everyone with open arms. The leader must instil these qualities in everyone and promote an equitable culture.

Wrapping Up

Implementing diversity, equity and inclusion in the workplace is a must to increase efficiency and build a high-growth team that understands the market. These businesses are equipped to meet the needs of the customers and ensure they do not offend or upset any groups.

Author Info
Antoine Fraser

Antoine Fraser (born in 1981) is a writer and guest lecturer of Masters in Business Administration in different Universities of Ottawa. He was born and raised in Belleville, Ontario and moved to  Ottawa, Ontario, to attend the most prestigious Carleton University. He also holds a PhD degree from School of Management, Branford. The interest of his research has been in the field of small business programming, public policy and small firm growth. He has also published in trade publications with insight from globalisation and finance. His affiliation with Business2Sell is a matter of pride for us. 

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