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The face of the workforce is changing. Millennials and Gen Z are the most diverse generations in history—only 56% of millennials are white, compared to 75% of baby boomers. With this shift comes the increased imperative to support diversity, equity, and inclusion (DEI) in the workplace, as employees no longer want to work for companies that don’t foster a sense of community and belonging. A recent Glassdoor survey found that 67% of job seekers consider workplace diversity an important factor when considering employment opportunities.
The retail and hospitality industry is not exempt from employees’ DEI expectations. HR leaders at retail and hospitality companies must have an impactful DEI program in place to increase employee loyalty and create a workplace culture that is welcoming for all. Here’s how to create a diverse, equitable, and inclusive workplace through benefits, policies, and initiatives.
What is diversity, equity, and inclusion in the workplace?
DEI in the workplace refers to the programs, policies, and benefits offered by an organization to promote the fair and equal treatment of all employees, regardless of their race, ethnicity, gender, age, sexual orientation, religion, disability, or any other characteristic that may be used to discriminate against them. Companies that prioritize DEI strive to create an environment where every employee has the same opportunities for success and receives equitable support both in and out of the workplace.
The importance of DEI in the retail & hospitality industries
The retail and hospitality industries present unique challenges when it comes to DEI. Front-line retail and hospitality workers are one of the most diverse groups across industries: Close to three-quarters of front-line hospitality employees are women, and 55% are Black or Latine. However, this trend doesn’t reach the executive level. Women only hold 26% of board positions in the retail industry, while only 13% of people from historically marginalized communities hold executive positions. Retail and hospitality companies can’t claim a commitment to diversity without first ensuring that diverse talent is both represented and supported at all levels of the organization.
For retail and hospitality companies, hiring diverse talent, ensuring equitable opportunities, and creating an inclusive culture can have powerful impacts on the business:
- Increased profitability: According to McKinsey, companies in the top quartile for ethnic and cultural diversity in their executive teams were 25% more likely to have above-average profitability than companies in the bottom quartile.
- Improved employee engagement: Research by Deloitte University found that 83% of millennials are actively engaged when they feel that they're working for a company that fosters an inclusive culture.
- A better customer experience: A study commissioned by Sephora found that two in five shoppers have experienced discrimination based on their race or skin color. Hiring and supporting diverse front-line retail and hospitality workers can help retailers eliminate bias and identify new opportunities for inclusivity.
- More loyal customers: Diversity at every level creates a company that is more likely to appeal to a wide customer base. A recent survey found that 75% of Gen Z consumers will end relationships with companies that run ad campaigns that they perceive as macho, racist, or homophobic.
- Improved employee attraction: Research shows that 40% of millennials have not pursued or turned down a job because they don’t believe their potential employer is inclusive. A true commitment to DEI shows potential employees that the company is dedicated to uplifting diverse voices.
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