Work Wonders
Back in late 2021, we decided that instead of chatting to each other about the challenges and triumphs of people management in small businesses, we should invite you to join the conversation. And the Work Wonders podcast was born! Managing people is serious business. We bring you all the latest, practical advice without the pain. The podcast is brought to you by Aster HR https://www.asterhr.com.au/ and your hosts are Angela Gauci and Susan Rochester
Work Wonders
The role of Diversity, Equity, and Inclusion in creating an engaged workplace
Continuing this season's theme of engagement and retention, in today's episode we explore Diversity, Equity, and Inclusion (DEI) and how it's essential for building an engaged, inclusive environment that not only makes employees feel valued but also improves retention.
DEI isn’t just about compliance—it’s about creating a culture where everyone can thrive. Research shows that companies with strong DEI initiatives have higher retention rates and more engaged employees.
We discuss:
- what is DEI
- why DEI matters
- how it links to employee engagement and loyalty
- practical strategies for fostering an inclusive workplace
You can find the show notes for this episode here
Would you like to submit a question to the show? Let us know on our website or via LinkedIn.
Brought to you by Aster HR, the Work Wonders Podcast is hosted by Angela Gauci & Susan Rochester and is recorded at Launch Pad at Western Sydney University.
All information or advice included in this podcast is general, has been developed as a starting point for your business, and should be tailored to your specific requirements. It should not be considered legal advice. We have made every attempt to ensure the accuracy and currency of this information at the time of recording. However, references to things like employment laws are subject to change. For specific advice relating to your business, please get in touch with us.
Welcome to the Work Wonders podcast brought to you by Asta HR, where we simplify the human side of business.
Speaker 2:I'm Angela and I'm Susan, let's dive into today's episode and find out what you've been wondering about.
Speaker 1:In today's episode, we're exploring the topics of diversity, equity and inclusion. We'll talk about more of how it creates an engaged and inclusive environment that not only makes your employees feel valued, but improves retention also In today's diverse and dynamic workforce and, I guess, a diverse and dynamic community as well.
Speaker 2:Dei or diversity, equity, inclusion isn't just about compliance anymore. It's about creating a culture where everyone can thrive. In this episode, we'll dive into why DEI matters for employee loyalty and share with you some as usual, some practical strategies for how we're going to foster an inclusive workplace, especially when it comes to retention. So let's get started.
Speaker 1:This is the Work Wonders podcast how we're going to foster an inclusive workplace, especially when it comes to retention. So let's get started. This is the Work Wonders podcast. Hi Angela, hi Susan. So DEI, or diversity, equity and inclusion is the topic for today. So diversity is about bringing people from different backgrounds, different perspectives and experiences obviously into the workplace. Equity ensures that everyone has access to the same opportunities and is included, and it's about creating an environment where everyone feels like they belong. But together, those two things can create a culture that fosters engagement and loyalty.
Speaker 2:Exactly. In fact, studies have shown that companies with strong DEI programs are more innovative and have higher employee satisfaction. According to a report from McKinsey, companies with more diverse executive teams are 25% more likely to have above average profitability. So there's financial benefits, but it's also about creating an environment where people feel respected, included and valued, and that obviously is going to directly impact retention, isn't it?
Speaker 1:Yes I'd say. That's why it matters, because we do want staff that feel okay where they're working and are more likely to stay. So if they're feeling that sense of belonging and being treated equitably, they're much more likely to stay. So if they're feeling that sense of belonging and being treated equitably, they're much more likely to stay. Look on the flip side if a person's not experiencing that there's a lack of diversity in the team, or maybe the practices aren't that inclusive, some people are feeling left out, somebody might be feeling marginalized. It can lead, obviously, to the opposite being high turnover rather than retention. So investing in DEI definitely is going to help your business to make sure that everyone has a fair chance to grow, succeed and obviously, the name of the game, stay.
Speaker 2:So this all sounds good, Angela, but how do we create inclusive and equitable workplaces?
Speaker 1:This is where I get out my magic wand.
Speaker 2:Oh, yes, is that right? Hang on, I'll get mine out too.
Speaker 1:No, look. So, companies, if you want to build an inclusive and engaging culture, it's going to start with listening to your workplace and to your employees and listening, like you said, into the diverse sort of community that we live and work in. You might think about putting together a small group of your employees to have some feedback or do some work with, but simply just regular check-ins with people. You know just the simple. How are you going? What can you tell me about the workplace? How can we improve? It Is kind of underrated, but so so valuable. Doing that can help you understand where those barriers might exist or where inclusion isn't happening. It's also important to sort of actively remove those barriers and addressing any sort of unconscious bias We've talked about that in previous episodes and certainly discriminatory practices. We don't want any of that if we're aiming for inclusion, obviously.
Speaker 2:No, definitely not. And just thinking about barriers, and you know we've talked in the past about getting feedback from employees about things. Well, please don't ask them for feedback if you're not going to do anything about it. It might be fine to know what the barriers are, but it's then assumed that you'll do something.
Speaker 1:Yes, don't ask me if you don't want to take action, that's right.
Speaker 2:That's a good summary, a good rule in life, actually, yeah. So what sort of things could you do? So, for example, there might be mentorship programs so you could use mentoring to support underrepresented groups, so that can be an effective way to promote inclusion. So I'm thinking, you know, if you just pick a group say women are a minority in your industry or in your business then it would be understandable if you could use the women that you do employ to help mentor others yeah.
Speaker 2:Depending on their willingness to do so, of course, and that may require a bit of training and encouragement as well, but be open to that. It's also important that leaders model inclusive behaviour. Yeah, very true. So what does that mean? That means that everybody's voice is heard, especially in meetings. We all know the saying. You know the squeaky wheel gets the oil, or however that goes, and some people do tend to be more squeaky than others and require more of your attention. But, as a leader, it's your responsibility to pay attention to what's going on from those who aren't making as much noise as well that's so true, and consider them in your decision-making processes. And really, when it comes to inclusion, leaders need to prioritise that, because they're setting the tone for the rest of the company.
Speaker 1:That's very true. The other piece of the puzzle we haven't talked about yet is equity, which is a critical piece. So when employees know that they have fair access to opportunities, as I said, or resources, pay, they're more engaged and committed. Obviously, but that transparent communication that you're talking about is really important. So about those things like promotion opportunities or pay you know, with secure jobs, better pay, the pay secrecy is not a thing anymore. So you know, these sorts of things are on the table and can be talked about Career paths and opportunities as well, like you touched on there. So having those really frank conversations with people about where they see their career going is key to keeping them around Exactly.
Speaker 2:And one thing I'd like to emphasise there is that it's not just about you knowing that you're doing everything fairly and equitably. It's about your employees seeing it and perceiving that.
Speaker 1:That's very true, yeah.
Speaker 2:Sometimes we can inadvertently give the impression of favouritism or people not being fairly treated, without really meaning to.
Speaker 1:Yeah, understanding how it lands for the other person, yeah, exactly.
Speaker 2:And those equity things are not just about pay, so it's about things like flexible working, dare we say why does this come up in every single conversation? And benefits that cater to a diverse workforce. So mental health support and parental leave policies it could be personal leave, it could be leave for particular holidays. So there's a lot of different ways that you can recognise that you have a diverse workforce and make sure that everyone gets equal access to the benefits that you offer. And, as we keep saying, when employees feel supported, they're more likely to engage and remain loyal to you. Absolutely, if today's episode is giving you some light bulb moments, why not leave us a review? We'd really appreciate it.
Speaker 1:So we've talked about what it is DEI and retention and how it impacts that and why you should do it. We've given you some practical strategies there, but now let's think about the link between DEI and retention and how that can improve that. So, look, one of the most powerful ways to improve retention is through fostering a culture of belonging. As we said, it starts with inclusive hiring practices and onboarding that make employees from all different backgrounds feel welcome, and that's obviously coming from your culture. But it's also important to create spaces where employees can bring their authentic selves to work.
Speaker 2:So that is really what belonging is about, isn't it? Exactly who I am belongs here, not who the mask I put on to go to work.
Speaker 1:Absolutely so, whether that's through inclusive language, creating diverse holidays or events that you celebrate together as a team, but ensuring that all employees' voices are heard during team meetings, things like that all contribute to that sort of sense of feeling belonging.
Speaker 2:That's true and I'm just thinking, you know, in terms of belonging. Having diverse leadership is also crucial.
Speaker 1:Yeah, that's true.
Speaker 2:You can't be what you can't see. Yeah, so I'm going to feel like I belong in an organisation that has leadership that reflect me in some way.
Speaker 1:Yeah.
Speaker 2:Either my background or you know my values. That's all part of belonging, so employees need to see that reflected in leadership positions and also feel like that means that there's a path for advancement for them.
Speaker 1:True. So measuring your efforts towards these things that we're saying is another important aspect to improving retention. If you set clear, measurable goals around these things, it's going to help you to understand how that's impacting retention and what sort of benefit you're getting from it. You know it could be things like whether you are hiring more diverse talent. You could take numbers on that. You could look at the promotion opportunities and whether that's equally shared amongst the different members of the team, or simply just creating more inclusive workplace policies. You could even audit the diversity and equity amongst your team and surveys, getting that feedback from your staff. All those sorts of things help to track your progress and adjust those strategies as you need to Exactly.
Speaker 2:And it's so important to track that progress, because DEI is not just a one-off. So true, so it's not like oh, we're going to do that, We've got a policy for that, so we're off. That's ticked off the list. It really requires that ongoing commitment, and part of that is going to be evaluating your efforts and how they are working for you and for your employees.
Speaker 1:So when diversity, equity and inclusion are done right, as we said, it's going to strengthen the loyalty of your employees. But when they feel that sense of belonging, they see equitable opportunities for themselves and they work in that inclusive culture, as we said, it's going to definitely impact retention because they're going to want to stay around in that environment, in that positive environment.
Speaker 2:Yes, that's right, and another thing that's key is fostering allyship. Allies in your organisation can use their influence to support and advocate for underrepresented groups, which is going to help build a more inclusive workplace. I think it's probably useful to also have inclusive leadership training, because you can help your leaders recognise their biases and become better advocates for diversity and support the growth of all employees in the business.
Speaker 1:Okay, so look, I think we've explored diversity, equity and inclusion, and the central role in building an engaging and inclusive workplace that's obviously going to lead to employee retention. So by fostering a culture of belonging, promoting equity and continuously improving the DEI strategies in your business, you're not just going to create a better workplace for you to work in, but you'll be building a stronger and more loyal team.
Speaker 2:Yes, and that building is right from attracting them, you know, making it a more attractive place to work so that you're broadening your talent pool. So we would really encourage you to take a closer look at what you're doing in terms of DEI and think about how you can make your workplace even more inclusive. There's even small steps that you could take, like listening to employee feedback or offering flexible work arrangements, that can have a big impact on retention.
Speaker 1:Or even just thinking about it yourself. Maybe this episode's made you stop and think about what practices you have in your business, and if you don't, that's okay. It's just room to start now, and thinking about it yourself is the first place to start, which is great. We had a great episode back in season two. If you haven't listened to it, it was an interview we did with Jess and Ben in season two, episode three, where we really unpacked diversity, equity, inclusion in a lot more detail.
Speaker 1:So if you'd like to know more, go back to that episode and have a listen and a sneak peek for you. Our upcoming episode will be with another guest interview with a business in Western Sydney who is doing wonderful things in their team, which I'm sure that you'll get a lot out of. So stay tuned for that and make sure you hit subscribe so you know when that episode's going to come out. Leave us a review while you're there. We'd love to know. We'd love your feedback and please share it with anyone in your network you think will get value from today's episode. Your support helps us to continue to bring important conversations like this to the table. Thanks for listening to the Work Wonders podcast brought to you by Asta HR. Hit the subscribe button now to never miss an episode, and if you'd like to continue the conversation with us, you can find us over at astahrcomau. See you in the next episode.
