Over two-fifths of UK businesses agree that DE&I policies increase productivity, according to new research from Perkbox.
The research highlights the importance of effective diversity & inclusion (D&I) in supporting a workforce’s productivity, with 42 percent of businesses reporting an increase due to improved policies.
Despite this, nearly a fifth (17%) of businesses still don’t think it is necessary to improve DE&I in the workplace.
Improved productivity
A quarter (25%) of those who have taken action have seen a direct correlation between improved policies and increased revenue. The research revealed that 33 percent of teams are noticeably happier due to improved D&I policies, 32 percent of teams became more creative and innovative. Also, 31 percent are finding it easier to attract new talent.
However, Perkbox found reluctance for further improvement stems from fundamental barriers, including concerns around employee privacy, skills shortages and budget constraints:
- 32% of businesses want to respect their employees’ privacy and understand they may not wish to share aspects of their personal lives.
- 22% have access to a limited talent pool and are under pressure to hire fast.
- 20% don’t have the budget to hire external consultants to support improving DE&I.
Mona Akiki, Chief People Officer at Perkbox comments: “The benefits of creating a workplace which is more inclusive should certainly be incentive enough for action on D&I. But it makes good business sense too. To stand out against competitors, businesses need the best talent, more creative workforces, and the ability to deliver the services that their own diverse customers demand – which D&I naturally supports.”
“To attract and retain that diverse workforce, it’s important that your benefits and rewards package isn’t just a one-size-fits-all offering. Employees deserve maximum choice and the ability to select what is meaningful to them — this will make them feel genuinely valued as individuals, rather than be seen as just another number.”
Supporting D&I across a borderless workforce
Almost two-thirds of businesses (62%) will be increasing the number of remote staff they hire outside of their main country of operations over the next year. DE&I is particularly important for these borderless businesses as they begin to benefit from greater diversity in their cultural make-up.
Consequently, nearly a third (29%) of businesses have begun encouraging rewards and recognition by employees and managers to ensure that colleagues in any location feel acknowledged and part of company culture.
However, only 26 percent provide each employee with a benefits pot that allows them to choose the rewards and support that suit them best.
Gautam Sahgal, CEO of Perkbox states:
“To be competitive in the talent market, leaders must create a strong company culture. One which reflects and meets the needs of a modern workforce.
“This becomes increasingly important as more businesses embrace borderless working. With a globally dispersed workforce, businesses need to work harder to ensure their people feel valued and part of something bigger. Key to this will be offering benefits which can be tailored to accurately reflect the modern workforce, as opposed to settling for a one-size-fits-all approach.
“In addition, installing a reward and recognition offering will be critical to showing employees that you see and appreciate their efforts, no matter where they’re working from. ”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.