Society is rapidly changing and organisations must reflect the diversity of the cities they operate in and the customers that they serve. They risk becoming unrelatable businesses. For example, by 2051 29.7% of the UK population will be from a black, Asian and ethnic minority background. This is an increase from 5.5% in 1991.
Most organisations are not taking advantage of the available skills and experiences in the marketplace that will improve their decision-making effectiveness or rates of innovation. For example, the spending power of disabled people in the UK is £249 billion per annum, however, disabled people are underrepresented in the workplace and including them in your product development life cycle could allow you to tap into this market potential.
Engagement & Retention
Non-inclusive workplaces has a significant impact on employee retention which can be costly to a business. Inclusive workplaces increase employee retention and engagement. This is particularly important when more people are influencing your employer brand in public forums like Glassdoor.