Diversity, Equity, & Inclusion
Diversity has always been a core part of Wyoming’s strength and depth of character. It adds vibrancy and innovation to our community and our economy.
When businesses recognize and embrace different perspectives, they are better prepared to provide opportunities that grow Cheyenne. By engaging in diversity, equity, and inclusion (DEI), we can help lift our community and strengthen the health, prosperity, and competitiveness of both Cheyenne and Wyoming.
What does DEI Mean?
Diversity refers to the inherent differences that exist amongst a group of people. Diversity manifests in traits such as age, race, gender, religion, sexual orientation, and even cultural diversity, like socioeconomic status, religious beliefs and education.
Equity refers to giving someone the support they need to be successful. Equity helps fill some of the opportunity gaps that perpetuate broader inequalities in our society. (Equality, on the other hand, refers to giving everyone the same thing. This approach neglects the diversity inherent in humanity and how we can navigate opportunity gaps.)
Inclusion involves creating a supportive, welcoming, and respectful environment for people of all backgrounds to participate. Inclusion is about taking action: dedicating resources and time to creating a space that embraces all perspectives.
DEI in Business
DEI is important for today's businesses to continue to thrive. While the topic of diversity has garnered national attention in recent years, many business owners are not confident in their ability to advance diversity and inclusion in the workplace. However, DEI can all help businesses create vibrant, thriving companies. Beyond a moral imperative, DEI can benefit business owners and broader communities alike.
Here's the Stats
DEI plays a crucial role in growing our national economy, as well as in the success of American business. Increasing DEI in business is projected to have widespread benefits for the country.
Consider some of these statistics:
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By 2024, Deloitte projects employees over the age of 55 will make up 24.8% of the working population, as compared to 11.9% in 1994. And, by 2024, less than 60% of the U.S. labor force is expected to be defined as “white non-Hispanic.” Women are also expected to make up a larger portion of the overall U.S. workforce, rising from 46.8% of the workforce in 2014 to 47.2% in 2024.
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Another McKinsey study found that the national GDP would add $25 billion if just 1% more disabled people were hired. The American economy stands to gain $8 trillion by 2050 simply by closing the racial equity gap.
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There have been many studies that show the benefits of DEI in the workplace for individual businesses. Statistically, merchants that increase DEI in the workplace have 19% higher innovation revenues, a 35% performance advantage over their homogenous counterparts, and are 36% more profitable.
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Studies show diverse teams are better at problem-solving, decision-making and innovating. Companies with an inclusive culture are not only considered a great place to work by employees, but also highly regarded by consumers. Some of the most diverse companies aren’t only successful in their industry; they also score highly on employee engagement, customer brand loyalty, and Net Promoter Scores.