here is a list of challenges that the performance plastics industry is facing today. From sustainability and resource depletion to technology innovation, labor disruptions, skill gaps and more; the key to uncovering solutions to these challenges lies within the workforce.

A diverse workforce brings new perspectives, experiences and skills to the business, which can lead to more innovative problem-solving and decision-making. Equity ensures that all employees have access to the same opportunities, which can help in attracting and retaining top talent from various backgrounds. When employees feel included and valued, they are more likely to be engaged and committed to their work, leading to higher productivity levels. A sense of belonging can reduce turnover rates, as employees are more likely to stay with a company where they feel a part of the community.

Moreover, people are the greatest asset of every successful organization. For HR leaders, DEI+B can help to recruit top talent, as per the Great Place to Work Canada 2023 workforce study: 76% of job seekers would prefer a company that was Great Place to Work Certified (Thakur, 2023).

A diverse team can also better understand and cater to a diverse customer base, opening new markets and opportunities for growth. Companies that prioritize DEI+B often have a better brand reputation, which in turn attracts customers and clients who value social responsibility. Customers who conduct fair and sustainable business themselves want to ensure their suppliers are doing the same.

Financially, DEI+B initiatives have been linked to increased profitability.

Incorporating DEI+B into company culture and workflows not only enhances business resilience, but also boosts innovation and profitability. A six-year research study conducted by McKinsey & Company has shown that:

• Companies with diverse management teams have a 33% increase in profitability.
• Ethnically and culturally diverse businesses are up to 36% more profitable than less diverse companies.
• When gender diversity is considered, the profitability gap widens even further with companies in the top quartile for gender diversity on executive teams being 25% more likely to have above-average profitability than other companies.

Additionally, businesses that deploy DEI+B strategies effectively can see improvements in sales, pipeline development, market expansion and talent retention (Dixon-Fyle et al., 2020).

It’s clear that DEI+B is not just a moral imperative but also a business one, providing a competitive edge in today’s global marketplace. By promoting an inclusive environment and aligning DEI+B programs with business goals, businesses can unlock their full potential and drive sustainable growth and success.

Implementing DEI+B effectively in businesses requires a variety of different approaches that integrate these principles into the core of the organization’s culture and operations. It begins with a thorough culture assessment to understand the current state and identify areas for improvement. Aligning DEI+B initiatives with organizational goals is crucial, it is better using metrics, benchmarks and milestones to track progress and ensure accountability.

It’s important to move beyond mere words and take actions that reflect a commitment to DEI+B. DEI+B should be centered in the business strategy, ensuring that it is not treated as a separate or secondary concern. Holding executive leaders accountable for DEI+B outcomes is a key strategy that can drive meaningful progress.

A comprehensive framework for building a successful DEI+B strategy includes establishing measurable goals, mobilizing resources and cultivating a culture of innovation and inclusivity. Regularly setting DEI+B goals and measures, tracking rates of hiring, promotions and exits by demographic categories and setting diversity targets are all practices that can help operationalize DEI+B.

Using data to track and measure progress is essential for understanding the impact of DEI+B initiatives and making informed decisions. Being intentionally inclusive of all employees in DEI+B programs ensures that everyone feels like they belong and are valued.

Ultimately, the effective implementation of DEI+B in businesses is not a one-time effort, but an ongoing process that requires commitment, structural transformations, cultural shifts, behavioral changes and continuous learning and adaptation. By taking these steps, businesses can create a workplace that is more diverse, equitable, inclusive and provides employees with a sense of belonging. This will not only benefit employees, but also enhance the organization’s performance and success.

1. Dixon-Fyle, S., Dolan, K., Hunt, D. V., & Prince, S. (2020, May 19). Diversity wins: How inclusion matters. McKinsey & Company. https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters
2. Thakur, N. (n.d.). 11 benefits of getting great place to work® certified^TM. Great Place to Work.
   https://www.greatplacetowork.ca/en/articles/11-benefits-of-getting-great-place-to-work-certified