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Diversity, equity and inclusion are no longer just a matter of marketing and temporalities, but rather it is a business strategy.
Competitive advantage attracts great benefits both for companies inside and for society.
The adoption in companies ranges from diagnosis, advice, acceptance of managers, review of policies and exposure to employees of the new culture; Only then will it be possible to transmit the values to the outside.
The month of June is considered throughout the world as the date of pride for the LGBTIQ+ communities and the marketing of brands turns in their favor; however, diversity, equity and inclusion (DEI) are no longer temporary issues, since the value proposition of companies has changed. Now, companies achieve a differentiator in the market by connection, followed by their unique values and less importantly, the quality of their products, points out Seres, Fundación Sociedad y Empresa Responsible together with LabS Diversidad. In that line, Ana Sofía Ríos, Corporate, Banking and Finance Partner at Chevez Ruiz Zamarripa, and Brian King, President of Marriott International in Latin America and the Caribbean, explained to Merca2.0 the actions in favor of diversity and inclusion from within the business.
Diversity, equity and inclusion is a competitive advantage, as it attracts benefits and opportunities for both companies and society: diverse teams improve productivity, creativity and productivity.
Embracing this advantage makes companies more innovative, socially committed and with long-term objectives while stimulating a paradigm shift.
According to Ana Sofía Ríos, Corporate, Banking and Financial Partner at Chevez Ruiz Zamarripa, “it is important that companies put diversity, equity and inclusion, and above all, the firm has it as a priority because it has a social and moral reason, but it is also true that it is good for business. We have seen that there is a strong correlation with the profitability and creation of values in the company with diversity and inclusion”.
According to Sintec Consulting and Outperform the Future, companies with high DEI indices have 2.3 times higher cash flow per employee, are 1.8 times more ready for change, and they are 1.7 times more likely to be innovation leaders within their sector.
Adopt a DEI culture: the actions of companies and brands go from the inside out
According to Mckinsey, inclusion is a multifaceted construct that must be maintained in an integral manner and must start from the leaders and with the defense of organizational systems and practices.
Ana Sofía Ríos, Corporate, Banking and Finance Partner at Chevez Ruiz Zamarripa, recounted the steps to adopt a DEI culture within a company, in her case: an office with more than 600 employees.
The diagnosis is part of the job, having great representation of the various groups in society is decisive, but also ensuring that it is not reduced as one advances towards senior management positions and administrative positions.
“We need a diagnosis so that they tell us how we can create diverse teams and not only create them, but make them grow and develop within the firm and continue to grow and reach those leadership positions”said the Partner of Chevez Ruiz Zamarripa.
After the diagnosis, the Partner said from her experience that the next steps are to surround herself with advisers and allies who guide the path of transformation.
Likewise, for the business to work, the first thing is that the directors agree: “If they are convinced, it can permeate down,” he added.
Once with the diagnosis, advice and acceptance of managers, the next step is the review of policies and the adoption of other tools; the attraction of talent is one of them and wondering what can be offered to train and train them so that the culture expands. This, with the aim that the environment be open, equitable and inclusive and that “Know the policies that were analyzed and adapted”pointed out Ana Sofía Ríos, Corporate, Banking and Financial Partner of Chevez Ruiz Zamarripa.
With this execution, the firm was able to focus its efforts and began to consolidate actions and launched the LeaderShe program focused on changing the communication of interaction, performance and a tolerant and equitable work environment.
Culture DEI perpetuates actions in favor of LGBTIQ+ pride throughout the year
Once the DEI culture has been adopted within the companies and by all the collaboratorsactivism is beginning to be linked to decisions, as explained by Brian King, President of Marriott International in Latin America and the Caribbean.
The leader explained that his work with the DEI culture dates back two decades: in 1999 Marriott International was the first hotel chain to offer employees equal benefits for same-sex couples and in 2010, they created the first organization of employees of the LGBTIQ+ community to foster an inclusive work environment.
By adopting the DEI culture with diverse and inclusive payrolls,“Marriott International has led the fight for inclusion and equality during a time when the LGBTQ+ community continued to be unfairly frowned upon in most of the world,” the leader said.
Thus, the culture implemented within the company was a turning point to support the community throughout the year by associating with organizations and groups that go beyond the theme of LGBTIQ+ pride throughout the year, such as: sponsors of the Human Rights Campaign Rights (HRC), as well as allies from PFLAG, the National Center for Lesbian Rights, Out & Equal Workplace Advocates, Immigration Equality, the International Gay and Lesbian Travel Association, and other LGBTQ+ organizations.
“As a company that works together with the community, we can start a conversation to inspire and encourage change”said Brian King, President of Marriott International in Latin America and the Caribbean.
However, according to an analysis by PageGroup, 34 percent of Mexicans consider that the organization is poorly prepared to develop the DEI culture. This, although for 40 percent of employees it is important to belong to a company that promotes diversity and inclusion.
The need of the market is evident and more and more companies are opting for added values. According to the experience of previous leaders, changes do not appear from one day to the next, but the most important thing begins with communication, the detection of problems and the change decision.