The Business Case

DEIB Business Development: Achieving Growth and Success through Unconscious Bias and Empathetic Leadership

At Equality Healthcare Consulting, we recognize the potential of diversity, equity, inclusion, and belonging (DEIB) to drive growth and success in healthcare organizations and other industries.

By addressing unconscious bias and promoting empathetic leadership, our expert consulting services help organizations unlock the power of DEIB and reap its benefits.

The Benefits of DEIB and Its Impact on Business Growth

Implementing DEIB with a strategic plan brings numerous advantages for organizations.

Here are key statistics that highlight the importance of DEIB for employee recruitment, retention, and engagement:

1. Companies with diverse management teams generate 19% higher revenue due to innovation (Boston Consulting Group).
2. Companies that have more diverse management teams have nearly 50% higher earnings per share than those that do not. (McKinsey, 2020) [10]
3. Inclusive companies are 1.7 times more likely to be innovation leaders in their market (Josh Bersin research).
4. Organizations with inclusive cultures are six times more likely to anticipate change and respond effectively (Deloitte).
5. 85% of CEOs with a formal diversity and inclusion strategy reported enhanced business performance (PwC).
6. Companies with higher levels of racial and ethnic diversity have a 35% higher likelihood of achieving above-average financial returns (McKinsey & Company).
7. Companies with diverse teams see a 2.3 times higher cash flow per employee over a three-year period (Deloitte).
8. Organizations with inclusive cultures have 44% higher employee retention rates (Gartner).
9. Companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians (McKinsey).
10. Businesses with gender-diverse boards generate 42% higher return on sales and 53% higher return on equity (Catalyst).
11. 57% of employees think their companies should be more diverse (Glassdoor)
12. The U.S. Bureau of Labor Statistics predicts a need for 1.1 million new registered nurses by 2022 to avoid a nationwide nursing shortage. DEIB initiatives can help attract and retain diverse nursing talent.

In the context of the workforce, DEIB plays a crucial role in various aspects, including:

• Employee recruitment and retention: DEIB initiatives help attract and retain top talent, reducing turnover costs and improving overall performance.
• Employee engagement: Inclusive work environments promote higher levels of employee engagement, leading to increased productivity and innovation.
• Generational cohort expectations: A diverse workforce, with different generational perspectives, can help healthcare organizations better understand and cater to the varying needs and expectations of their patient populations.
• Fostering innovation and efficiency, resulting in better resource management and cost savings.
• Workforce trends: By 2030, the demand for nurses will grow by 28%, while the demand for specialists will increase by 31% (Association of American Medical Colleges).
• Generation cohort expectations: Millennial and Gen Z employees, who will make up 75% of the workforce by 2025 (Deloitte), prioritize diverse and inclusive workplaces.

In the context of healthcare organizations, DEIB plays a crucial role in additional aspects, including:

• Patient demographics: As the US population becomes more diverse, healthcare organizations must adapt to serve a broader range of patient needs.
• Reimbursement: DEIB initiatives can contribute to higher reimbursement rates due to improved patient satisfaction and quality of care.
• Efficiency: Diverse teams foster innovation, leading to more efficient processes and better resource utilization.
• Patient satisfaction: Inclusive healthcare environments increase patient trust, leading to higher satisfaction rates.
• Population trust: DEIB efforts help build trust among diverse patient populations, encouraging them to seek care.
• Documentation and diagnosis accuracy: Culturally competent care improves the accuracy of documentation and diagnoses.
• Patient-centered care: DEIB initiatives promote patient-centered care by recognizing and addressing the unique needs of diverse patient populations.
• Patient outcomes: Improved cultural competence and inclusivity lead to better patient outcomes.
• Risk mitigation: DEIB initiatives help healthcare organizations identify and address potential risks and legal challenges.