Diversity and inclusion are not nice to have. They are not irrelevant to or a drag on financial returns. They are essential for risk management and avoiding unnecessary costs. Companies like to say in their annual reports that their people are their most important asset. Diversity and inclusion — along with pay, training, and turnover — are important indicators to determine whether they put their money where their mouth is.
A survey by Korn/Ferry International found that more than 2 million people leave their jobs each year because of unfairness in the workplace. The hiring costs which result from high turnover are a huge stumbling block to company success, not to mention the time investment that goes into screening applicants and acclimating new hires to their role. Still, the greatest hindrance to progression lies within the heart of the issue – that is, to devalue and exclude employees because they are different is to also place limitations on their contributions and ability to grow.