P2P

60 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | S U M M E R 2 0 2 1 adding women to the leadership team made organizations "more open to change and less risk-seeking" (Reynolds ), meaning that they chased new opportunities while reducing the associated risks. This is not a surprising finding – it logically follows that more ideas and perspectives will result in a better product. In fact, a report from Deloitte determined that "cognitively and demographically diverse teams can enhance innovation by 20% and identify/reduce risks by up to 30%" (Man). Compared to a non-diverse team, bringing together people with varying life experiences and skill sets can refine and enhance processes (Heinz), increase the chances of solving a problem (Reynolds), and quicken and improve decision-making (PM Editorial). Recognizing, respecting, and including the differing perspectives of team members is crucial to fully realizing the benefits of a diverse team, however. Simply increasing numbers of historically underrepresented group members does not mean that they are truly included in the organization. Achieving inclusion has additional benefits in terms of employee morale. Diverse organizations show more job satisfaction among employees, increased levels of trust in the organization, and the opportunity for employees to be themselves without fear of backlash or exclusion (Kaul). By creating a culture that values DEI, businesses can better hire and retain talent. Broadening the pool of candidates provides the business with more choices (Man) and increases the odds of finding the best person for the job (Hunt). In addition, investments in DEI may also reduce the amount of recruiting required for open positions. Diverse candidates may be more likely to actively seek out firms that show true investment in DEI: "When talents [sic] search for a job, many consider the level of diversity and inclusion an important factor… A diverse and inclusive company has many advantages over companies that do not advertise their diversity and inclusion policies" (Man). An inclusive culture will also better retain talent; after all, "inclusion is what maintains diversity" (Heinz). If an employee feels respected and included, they may be less likely to leave (Man) and more engaged. In a survey by Deloitte, "83% of millennials reported higher levels of engagement when they believed their company fosters an inclusive culture" (Purdue University Global). On the other hand, if an organization speaks about a commitment to DEI but does not follow it up with concrete action, employees may question the authenticity of that commitment and decide to leave (Heinz). In a 2019 Yello survey, 70% of respondents said they would "consider looking for a new job if their employer didn't demonstrate [emphasis added] a commitment to diversity." "Simply increasing numbers of historically underrepresented group members does not mean that they are truly included in the organization." D E I T F S E R I E S

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