Diversity and Inclusion in the Workplace
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Makayla Cruz
CoPIs:
Carolyn Ramos, Nina Rivera
College:
College of Business and Public Management
Major:
Management
Faculty Research Advisor(s):
Ipek Kocoglu
Abstract:
Diversity and inclusion (D&I) initiatives in the workplace aim to actively foster an environment that values and respects individual differences across various dimensions such as race, gender, age, sexual orientation, disability, religion, and cultural background. Such efforts are crucial in shaping employee satisfaction, retention, and overall company performance. For instance, Wells Fargo has implemented an extensive D&I strategy, which includes the establishment of diversity councils, employee resource groups, and diversity training programs. Through these initiatives, the bank demonstrates its commitment to promoting diversity and engaging with diverse stakeholders, creating a more inclusive work environment. Furthermore, McKinsey & Company research emphasizes that diversity is essential in boosting financial performance. Their research showed that businesses with diverse management teams typically outperform their similar counterparts regarding economic indicators. This relationship implies that promoting diversity in management teams can improve the quality of decisions made and support the organization's success. Companies can better adapt to shifting market dynamics, innovate more successfully, and produce superior financial results by utilizing diverse perspectives and experiences. Therefore, companies prioritizing diversity and inclusion programs stand to benefit both financially and in terms of employee retention and satisfaction.