Driving DEI: A Key Element in Growth & Innovation

Intuitively, we know that diversity, equity and inclusion (DEI) is important for human progress. Of course, it’s critical because of the inherent need for more equality, fairness, and representation. But diversity isn’t just a social good, it’s a must-have for businesses that want to stay competitive.

The term DEI often conjures images of a workplace consisting of people of different colors, sexual orientation, cultures and genders. While those things certainly explain a component of diversity, it’s only part of what diversity includes and what makes it so important. Physical and social aspects only make up about half of diversity. The remainder lies in diversity of thought construct.

To stay competitive and relevant, great organizations must constantly self-examine, improve, grow and evolve. They need to challenge the status quo. Good business necessitates examination from every angle to uncover new approaches and discover new opportunities. Different perspectives lead to better innovation and create more relevant and creative products, and a more interesting world.

Numerous studies have shown a clear correlation between companies with diverse teams and business success. It’s pretty simple: diiverse companies are more likely to financially outperform their peers. The McKinsey report, “Diversity Wins”, is a great source for this reasoning, and demonstrates that the business case for gender and ethnic diversity in top teams is stronger than ever. For five years their research has shown a positive, statistically significant correlation between company financial outperformance and diversity, on the dimensions of both gender and ethnicity.

Leaders that are intentional about infusing DE&I, and building a staff with diverse backgrounds and diverse thoughts, will see enormous return on their investment. Their businesses will undoubtedly see true growth and innovation, which will eventually lead to increased revenue.

By this logic and understanding, lack of diversity in thought is a detriment to progress, profit and growth. And in male-dominated industries, like tech, where innovation and iteration are currency, the value of DEI is explicit. I can’t think of an industry where a single-vision perspective is more detrimental than in tech, where the end-users of our products, platforms and services are truly global. Creating a company that reflects the incredible diversity of consumers, suppliers and communities is truly essential.

Of course, knowing the value of DEI is one thing. Actually doing something about it is another step entirely. Talking about diversity can be challenging, and implementing organization-wide changes to create a more diverse workforce can feel insurmountable. The journey towards a more diverse and inclusive workplace can be difficult, and, at times, wearying. In a male-dominated industry that’s long adopted certain ways of thinking, change will not come without some pushback. But just because it’s hard doesn’t mean it’s impossible. Changing culture is a long-term process. It takes a great deal of effort and commitment by every leader in the organization. But the benefits of driving in a more diverse future in the male-dominated industry of tech far outweigh the challenges we will face along the way.

In any industry, the best thing people can do to drive DEI is to embrace empathy. Once you prioritize listening and seek a deeper understanding from people of different backgrounds, you’ll understand how to design an organization that supports diverse individuals.

Only when a workplace is designed to support a diverse workforce will it attract one. And, as we know, a more equitable future — one of equal opportunity for people of every race, color, sexual orientation, gender and ability — is a more profitable one.

Markita Jack is head of Diversity, Equity and Inclusion at Iterable.