Having a diverse workforce is essential to successful recruitment and retention efforts. “If you want to be a diverse and inclusive organization, you need to be in those locations where you can find that diversity. And I’m not talking just about race and ethnicity. We also value diversity of thought and experience,” Perez says. Without it, companies waste money on recruitment efforts that fail or workers who leave their company.

But companies can’t just talk about diversity and inclusion. They have to create a culture that values it. “It is crucial to have a culture within the company that values diversity,” says Perez. “It’s important to provide everyone with access to development and to demonstrate that diverse candidates are advancing within the company.”

Ingram says one of the biggest returns on investment for diversity and inclusion comes from improvement to retention programs, especially among marginalized populations.”It doesn't matter if you recruit them if your climate is not inclusive,” she says. “If you haven't started working to build an inclusive and equitable workplace, even if they come, they're not going to stay, and it's going to cost you more money in the long run.”

“Diversity and inclusion are so intertwined with company culture and how you integrate an employee into it,” Jaras says. Successful companies that create this kind of inclusive culture have workers who are more satisfied and more productive because they feel supported and included.  

Compete in a Global Marketplace

Diversity also allows companies to compete in a global marketplace by better understanding the needs of their customers around the world, says Perez.