Inclusion Pays Dividends For Employers

Inclusion Pays Dividends for Employers

In today's rapidly evolving workforce, companies are increasingly recognizing that inclusion is not just a social responsibility but a strategic advantage. The benefits of fostering an inclusive workplace extend far beyond compliance and goodwill—they directly impact the bottom line. Canadian companies like SaskTel and SaskPower are prime examples of how embracing diversity and inclusion can lead to measurable business success.

The Financial Impact of Inclusion

Research consistently shows that inclusive workplaces are more innovative, productive, and profitable. A report by the Canadian Centre for Diversity and Inclusion (CCDI) found that companies with strong diversity and inclusion strategies are 70% more likely to capture new markets and 45% more likely to improve market share . This correlation between inclusion and financial performance is not coincidental—it's a testament to the power of diverse perspectives and ideas.

SaskTel, one of Canada’s leading telecommunications companies, has long championed inclusion as a core value. Their commitment to creating an inclusive workplace is reflected in their recruitment and retention strategies, which focus on attracting talent from diverse backgrounds. SaskTel’s inclusion efforts have not only enhanced their corporate culture but also driven innovation and customer satisfaction. According to their 2023 Annual Report, SaskTel’s inclusive approach has contributed to a 20% increase in employee engagement, which, in turn, has led to higher productivity and better customer service .

Inclusion Drives Innovation

The benefits of inclusion go beyond employee engagement. Inclusive teams are more innovative, which is critical in industries where staying ahead of the curve is essential. SaskPower, Saskatchewan's principal electric utility, has also embraced inclusion as a strategic priority. By fostering a culture that values diverse perspectives, SaskPower has been able to drive innovation in their energy solutions. For instance, their efforts to include Indigenous communities in their projects have not only created jobs but also led to more sustainable and culturally sensitive energy initiatives .

A study by Deloitte Canada supports this connection between inclusion and innovation. The study found that inclusive organizations are 1.7 times more likely to be innovation leaders in their market . This is because diverse teams bring different viewpoints and problem-solving approaches, leading to more creative solutions and better decision-making.

The Competitive Edge

Inclusion also provides a competitive edge in attracting and retaining top talent. As the workforce becomes increasingly diverse, employees are looking for employers who value their unique contributions. Companies that prioritize inclusion are more likely to attract high-caliber talent and reduce turnover rates. According to a 2021 survey by Statistics Canada, organizations with inclusive policies had 40% lower turnover rates compared to those without .

SaskTel’s focus on inclusion has paid off in this regard as well. Their diverse workforce has been a key factor in maintaining low turnover rates and high employee satisfaction. In a recent employee survey, 85% of SaskTel employees reported feeling valued for their contributions, a figure that significantly exceeds the industry average .

Inclusion Pays Dividends

The evidence is clear: inclusion pays dividends for employers. Companies like SaskTel and SaskPower are leading the way in demonstrating that diversity and inclusion are not just ethical imperatives but also critical drivers of business success. By fostering an inclusive environment, these organizations have unlocked new markets, driven innovation, and strengthened their competitive position.

As more companies recognize the tangible benefits of inclusion, it's becoming increasingly clear that diversity is not just a social responsibility—it’s a business imperative. In a globalized and competitive market, the companies that will thrive are those that see inclusion as an investment in their future success.

Sources:

Canadian Centre for Diversity and Inclusion (CCDI). "Diversity and Inclusion: A Competitive Business Advantage." CCDI, 2022.
SaskTel. "2023 Annual Report." SaskTel, 2023.
SaskPower. "Indigenous Engagement and Sustainability Initiatives." SaskPower, 2022.
Deloitte Canada. "The Diversity and Inclusion Revolution: Eight Powerful Truths." Deloitte, 2018.
Statistics Canada. "Impact of Diversity and Inclusion on Employee Retention." Statistics Canada, 2021.