As a Professional Employer Organization (PEO), PrestigePEO recognizes diversity, equity, and inclusion (DEI) as pillars to any successful business. These principles offer an unmatched opportunity to expand the scope of a company’s trajectory with progressive change and an enhanced ability to overcome challenges.

The inclusion of different cultures, beliefs, and backgrounds is often valued by clients and employees in unspoken ways. These elements create space for expression and individuality for employees and expand opportunities into new market space for businesses. A company that values DEI not only extends itself to a greater audience but can also become a more competitive employer. Research from McKinsey & Company shows that gender-diverse companies are 15% more likely to outperform their competitors and ethnically diverse companies are 35% more likely to do the same.

Businesses that already include a DEI strategy into their workplace and those looking to develop can do so by utilizing the steps below. It takes a unified effort to foster these changes, and learning is the first step forward.

Six Simple Steps to Start:

1. Craft and curate your DEI strategy with leadership and non-executive teams.
2. Listen to your employees and find out what they view as the keys to successful DEI strategies.
3. Hold regular meetings between leaders and employees to talk about cultural differences.
4. Enforce a “no tolerance” policy regarding biased comments or attacks in the workplace.
5. Implement a diversity training program for all employees.
6. Work with your HR and recruiting team to uncover hiring gaps.

Growing businesses with solid DEI standards become more appealing to new candidates searching for their next career move. Hiring individuals of all ages, races, and genders will reflect a broader potential for succeeding in that environment. Furthermore, the benefits of DEI for a business are incredibly innovative. For example, a younger hire can offer advanced technological skills, while a mature candidate could hold more professional experience. Each diverse employee can provide a unique approach to business challenges to reach more cumulative and successful conclusions. The incorporation of a DEI strategy is a strategic plan a competitive company can’t ignore.

There are critical differences between diversity, equity, and inclusion; understanding each is the best way to shine a light on the places where your business can grow. “Diversity acknowledges our differences and celebrates them,” says LaToya Velez, Senior HRBP, PrestigePEO. While inclusion is “the act or practice of including and accommodating people who have historically been excluded because of their race, gender, sexuality, or ability.”[1] Inclusion offers every employee the same opportunity to advance and contribute to the team. Finally, equity is fairness and justice in the way people are treated. [2]. This guarantees a level playing field for all employees to participate in the workplace. LaToya also states, “a DEI strategy recognizes, celebrates, and respects differences while ensuring equal opportunities and creating a sense of belonging for all.”

PrestigePEO is leading its DEI strategy by example, proudly honoring its female leaders and their achievements. This year, our Director of Marketing, Nancy Arato, won a Gold Stevie Award for Women in Business. The distinction is offered by the American Business Association. Nancy’s award was earned in the category of “Communications or PR Campaign of the Year for Marketing, Business to Business.” This award exemplifies the success an inclusive workplace can achieve. Female leadership guides our business to market-leading success while simultaneously displaying equal opportunity in our workplace.

The possibilities offered by diversity, equity, and inclusion are endless. In the pursuit of implementing these new concepts, it can be helpful to remind existing employees that these new concepts do not diminish theirs but only allow for a greater team to grow.

For more information on how to build a DEI strategy for your business, visit the PrestigePEO Diversity Center.

[1] Merriam Webster definition of “Inclusion”

[2] Merriam Webster definition of “Equity”