Often when businesses look at initiatives and programs that are geared towards a social cause, the question that gets asked is Why should I? or how does this benefit my company?
Well, the answers are almost as broad as the topic of D&I itself, but here are a few starting points.
Let’s start with the financial-
When an organization has a good D&I program, statistically they also have better profit margins and lower costs. In fact, according to Deloitte, 31% is the ‘tangible uplift in business performance’ that is achieved by diverse and inclusive organisations.
This can be contributed to a number of factors including employee performance (efficiency), community recognition (willing buyers) and sound decision making.
So let’s explore those factors too:
Employee performance- An engaged workforce is generally higher performing and working for an organization where you feel included and valued will clearly contribute to engagement. Furthermore, where there are opportunities to learn from each other, see new perspectives and feel a sense of psychological safety drives many people to share their ideas, have dedicated focus and feel like they are making a difference.
Community Recognition- It is human nature to seek a connection and build a relationship of trust before we engage in major decisions like auto purchases. We already know that, but when a community can honestly see themselves reflected in their choice of dealership, then the recognition in the community grows, the customer retention rate increases, and the word of mouth is much more positive. Beyond that, D&I can also impact if you are seen as a good corporate citizen and a reflection of those you serve.
Decision making- The best way to make a bad decision is to make it with limited information. This can often occur through group think and lack of perspective. Having a diverse group of people who are comfortable sharing their voice (inclusion) means that you will be armed with more information and various perspectives. Knowledge really is a powerful thing, and the knowledge of a group will far outweigh the knowledge of an individual or all like minded individuals.
Still need more reasons? How about reduced turnover, stronger talent attraction, reduced absenteeism, healthier workforce, greater collaboration and team effort, increased work ethic, brand loyalty, potential for greater niche market share, easier legislative compliance, and generally happier employees and customers.
Join us next month to take a look at the HOW of D&I strategies.
Would you like to know more about improving these factors? Email us at info@dealerpilothr.com