A Diversity and Inclusion (D&I) Policy is not a required governance document under current Irish law, however, there are several reasons why a business might consider creating and utilising a Diversity and Inclusion (D&I) Policy.
Many aspects of D&I do overlap with legal compliance. An organisation must fulfil its obligations under equality law. It is rare for an organisation that truly lives its D&I policy to find itself defending equality claims.
A stated policy allows for better and more inclusive decision-making within an organisation. Once the policy is in place, and used by everyone, every decision can be made in light of the policy. It can be used in approaches to job advertisements, annual reviews, and business decisions. The policy itself can provide for bringing a variety of stakeholders into certain decisions to allow the benefit of more comprehensively inclusive decision-making.
An organisation that takes diversity and inclusion seriously will benefit from enhanced creativity and innovation. A diverse team that include all voices allows for different perspectives and fosters innovative and creative solutions.
Inclusive cultures attract a wider pool of talent, and by having a policy on how to approach hiring, an organisation can reach potential employees who it might previously have overlooked.
An inclusive workplace will also lead to better staff retention. Inclusivity is by its nature people-centred, and this approach will lead to workers feeling more valued and will improve job-satisfaction. Inclusive workplaces foster better communication and understanding leading to reduced conflict and better conflict resolution. Inclusivity will also ensure better employee morale, engagement, performance and productivity.
There is some research showing that companies with diverse workplaces outperform less diverse competitors financially. Diverse teams are also better equipped to tackle complex problems and identify and mitigate risk.
Diversity and inclusion is an important part of corporate social responsibility (CSR). In order to meet CSR goals, it is important for an organisation to demonstrate a commitment to social equity.
D&I is important for brand image and reputation. Organisations with strong a strong culture of diversity and inclusion are viewed more favourably by clients, customers, partners, suppliers, and investors. Understanding and demonstrating a diverse customer base will enhance market reach, market competitiveness and customer satisfaction. Diverse teams and their knowledge of cultural nuances allows better access to international markets.
A considered D&I policy can bring so many advantages to a business, its outputs and its culture. A tailored policy can bring benefits to almost every organisation.
The above is for information purposes only and is not intended as legal advice. Fitzsimons Redmond LLP would be delighted to talk to you about creating a D&I policy for your business. Please contact us on 01-6763257.
By Lisa Quinn O’Flaherty
Partner at Fitzsimons Redmond LLP
