This is no time to ‘quiet quit'—why we have to push past DEI fatigue

4 Mins Read 26-11-2024

Submitted by Sayoojya on вт, 11/26/2024 - 07:05

In September 2023, the World Economic Forum highlighted that the future of Diversity, Equity, and Inclusion (DEI) initiatives in the US was in jeopardy. Similarly, the Tech Talent Charter's annual Diversity in Tech report, released in February 2024 and based on DEI data from over 700 UK tech employers, noted a comparable trend.

Anecdotally, organisations are ‘quiet-quitting’ their DEI strategies due to economic, political, and social pressures, putting all that has been achieved at risk.

But critically, and if we take just one of those pressures, continuing to invest in DEI during economic uncertainty helps businesses navigate tough times more effectively and positions them for long-term success and sustainability.

Several studies and facts over the last six years support the benefits of DEI for businesses, even during economic challenges:

Innovation and Creativity
- A Boston Consulting Group (BCG) study found that companies with more diverse management teams have 19% higher revenues due to innovation.
Decision Making:
- A study by Cloverpop found that inclusive teams make better business decisions up to 87% of the time.
- These teams also make decisions twice as fast as half the meetings, demonstrating efficiency and quality.
Employee Engagement and Retention:
- According to a Gallup report, employees who feel included are more engaged. Companies in the top quartile for employee engagement experience 59% less turnover, 41% less absenteeism, and 21% higher profitability.
Attracting Top Talent:
- The Society for Human Resource Management (SHRM) notes that 76% of job seekers and employees report that a diverse workforce is important when evaluating companies and job offers.
Reputation and Brand Loyalty:
- A PwC survey found that 86% of women and 74% of men say that employer policies on diversity, equity, and inclusion are important to them when considering job offers.
- Companies with firm DEI commitments also often see increased customer loyalty and positive brand perception.
Financial Performance:
- McKinsey & Company’s “Diversity Wins” report shows that companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability. Companies with high ethnic and cultural diversity on executive teams were 36% likelier to have above-average profitability.
Market Understanding and Reach:
- A Harvard Business Review article noted that diverse teams are better at understanding the needs of diverse customer bases, leading to more effective marketing and customer service strategies
Resilience and Adaptability:
- Research by Deloitte indicates that inclusive cultures are 6 times more likely to be innovative and agile, key traits for resilience during economic downturns
Ethical Imperative and Social Responsibility:
- Beyond business metrics, promoting DEI is part of corporate social responsibility. It improves societal well-being and contributes to a fairer and more just community, which in turn fosters a positive business environment.

All these studies highlight that DEI is not just a moral imperative but also a strategic advantage that can help businesses thrive, even in challenging economic conditions.

So, it is clear that the benefits of continuing to invest and drive DEI strategies and practices outweigh any downsides. Our call to action is that we all have to dig deep to achieve success in DEI and, like any marathon, to overcome cumulative fatigue sometimes you just need to slow the pace. After all, tired legs can still do the work, it just might take a little longer to get to the finish line. But if that means we still achieve what we set out to, well, then without question it’s worth it.

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