Benefits of SME Diversity Inclusion

Embracing diversity and nurturing inclusivity in small and medium-sized enterprises (SMEs) can yield numerous benefits. The DARE Project creates a more vibrant, innovative, and resilient company culture that offers triple benefits for employees, customers, and the business. Below, we outline the advantages of becoming more inclusive and diverse in the workplace, supported by key facts and figures. Here are some examples of the benefits of embracing diversity and inclusion practices and policies. By understanding and leveraging the benefits, SMEs can create a more dynamic and successful business environment. Embrace diversity and inclusion with DARE to unlock your company’s full potential. Let's look at a few reports that have identified some of the benefits SMEs can achieve.

• According to McKinsey, companies in the top quartile for gender diversity are 25% more likely to have above-average profitability.
• A study by Deloitte found that inclusive companies are 2.3 times more likely to be high performing.
• The European Commission reports that businesses with diverse leadership teams have a 19% higher revenue due to innovation.

Here are some of the key areas that SMEs can benefit from inclusivity and diversity.

• Increased Innovation & Creativity: Diverse teams are 1.8 times more likely to be innovation leaders in their market.
• Enhanced Employee Engagement & Morale: Inclusive companies have 39% higher employee satisfaction.
• Improved Decision-Making: Diverse teams make better decisions 87% of the time.
• Broader Talent Pool & Recruitment Advantage: Companies with inclusive cultures are 3.5 times more likely to outperform their peers.
• Better Customer Understanding & Market Reach: Inclusive businesses see a 70% increase in their ability to capture new markets.
• Enhanced Reputation and Brand Image: 78% of consumers say they are more likely to buy from a business that embraces diversity and inclusion.
• Reduced Turnover and Increased Retention: Companies with high diversity levels experience 22% lower turnover rates.

Embracing diversity and inclusion is not only the right thing to do but also a strategic advantage for SMEs. By nurturing a diverse and inclusive workplace, SMEs can drive innovation, attract top talent, improve employee satisfaction, and enhance their market competitiveness. This, in turn, leads to a stronger, more resilient business that is well-equipped to navigate the challenges of today’s global market. Have a look at the below document, download and share for more information.