Companies are spending more than ever on diversity and inclusion initiatives, but they’re still failing to create environments that value difference.
Research finds that unequal work environments – where employees dread going to work, don’t feel they can be honest with their manager, and may witness or experience sexual harassment or age discrimination – are the primary reason workers quit their jobs. Approximately one in four employees dreads going to work because they do not feel safe, respected, or valued. Inequality creates exclusion and isolation detrimentally impacting innovation, productivity, engagement, and retention.
When businesses create a culture that fosters a sense of belonging and inclusion it results in a 56% increase in job performance, a 50% drop in turnover risk, and a 75% reduction in sick days. For a 1,000-person company, this translates to an annual saving of more than $5M; for a 10,000-person company, it’s more than $50M – according to a Harvard Business Review study.