With Hispanic Heritage Month in full swing, there’s no better time to examine the latest data and trends in diversity, equity, and inclusion to better understand the wants, needs, and motivations of underrepresented groups in the American workforce. Here are three reasons to reexamine and prioritize your DEI strategy today:
Workforce demographics are shifting
A massive shift in workforce demographics is underway. Baby Boomers are leaving in droves, allowing Millennials and Gen Z to take their place as the generations most well-represented in the workforce. But the shift isn’t only generational. With America's population becoming more diverse, the workforce naturally follows suit. Gen Z, the emerging generation of young employees, is the most racially diverse in US history with roughly 48 percent identifying as non-white. Hispanic employees specifically are projected to comprise approximately 21.2% of the labor force by 2030 according to the Bureau of Labor Statistics. Initiatives to attract and retain employees from traditionally underrepresented groups unlock a growing pool of young talent who can help drive the future of your organization.
It impacts the entire organization
Employees don’t just want better for themselves – they expect their organizations to do better for all. Roughly 56% of workers view DEI investments as a positive for their organization, with 60% saying it’s at least somewhat important to work at a company with colleagues of various racial and ethnic backgrounds. DEI initiatives are not merely selling points for underrepresented candidates; they are welcomed and coveted by more than half of the overall workforce. It’s no surprise then that 85% of global business leaders report having DEI budgets.
A stronger culture equals better business outcomes
Broadly speaking, DEI initiatives are designed to:
- Create opportunities for traditionally underrepresented demographics
- Enhance company culture and promote organizational growth by incorporating a wider range of experiences and opinions
- Foster an environment where all employees feel supported and welcomed
A sense of belonging is essential for employees to feel and perform at their best. DEI programs help foster this sense of belonging by creating an environment in which employees can be their authentic selves. A safe, supportive, and nurturing workplace empowers all individuals to share their unique perspectives and contribute to the organization's overall mission, driving the culture and business forward.
The way forward
As we observe Hispanic Heritage Month, it’s important to be cognizant of the impact DEI initiatives can have on your organization, employees, and the broader community you serve. Creating a more inclusive workplace promotes a diversity of thought that directly drives innovation, productivity, and business growth.
Proven solutions, such as academic assistance programs, employee resource groups, and talent development initiatives can help expand your organizational reach and create a sustainable pipeline of bright young talent for the foreseeable future. Finally, investing in DEI demonstrates to current and prospective employees that you’re a company with a purpose beyond revenue. It sends a clear message that you are committed to the success of your people, the growth of your organization, and a more equitable world of work for all.
