The construction industry lags in embracing Diversity, Equity, and Inclusion (DEI), an aspect that’s not just morally right but also a proven catalyst for superior financial performance.
The significance of DEI transcends mere optics. A compelling business case for DEI is a 2020 study by McKinsey, which unveiled that companies boasting diverse workforces are 35% more likely to outshine the financial performance of their less diverse counterparts on the national industry average.
This edge comes from the enhanced capability of diverse and inclusive firms in serving their workforce, communities, and clientele more effectively.
Here’s how championing DEI can be a conduit to success in the construction domain:
- Fostering Leadership Diversity: A leadership team that mirrors a diverse pool of experiences and perspectives is a wellspring of innovative solutions. By actively pursuing diversity among the top levels, construction firms set a precedent that echoes through the entire organization, fostering a culture of inclusivity.
- Community Collaboration: Partnering with community organizations that are proponents of DEI not only fortifies a company’s social standing but also expands its access to a broader talent pool. Through such collaborations, construction firms can bridge the prevailing skills gap while demonstrating corporate responsibility.
- Championing Diverse Subcontractors: By extending opportunities to diverse subcontractors, construction firms build a network of varied expertise and resources. This practice not only improves the quality of work but also reflects the firm’s commitment to promoting an inclusive business ecosystem.
- Reaping Tangible Rewards: The effort invested in fostering a DEI-centric culture is not altruistic; the rewards are tangible. From enhanced financial performance, heightened innovation, to an enriched company reputation, the merits are many and long-lasting.
The construction sector stands at a juncture where the adoption of DEI is not a choice but an imperative for sustained success and relevance. The roadmap might be challenging, but with the right strategies and a genuine commitment to fostering a more diverse and inclusive culture, the rewards awaiting are substantial and far-reaching.
Want to increase diverse thinking at your construction company? Contact us today.