How are diversity & inclusion good for business?
Our world has progressed into an era of globalization that is pushing our businesses out of their confined shells and giving them a strong nudge to diversify in order to keep up with the competition. For businesses, this is more than just a step in the right direction. It’s a step that contributes to a conducive environment to attain the ultimate goal of gaining profit and increasing productivity.
A diverse workforce does much more than make the company look good in the eyes of the public. A diverse workforce that represents many facets of the broader population is an asset to business organizations, enriching recruitment pools, unleashing innovation and creativity, and enhancing the potential to engage in diverse marketplaces.
Diversity & inclusion in Israel
The Israeli society is comprised of more than 15 cultures, each with their own distinctive traditions and background, setting diversity at the core of Israel’s identity as a nation.
For many businesses in Israel, diversity is a key component to success. “Almost 10 years ago we initiated the Forum for Diversity Hiring in Israel … Today there are over 100 members, who are the biggest businesses in Israel, that are part of this forum.” Sigal Shelach, CEO at JDC Israel | Triple Pundit, May 7th, 2018.
In addition to inclusive hiring practices, Israel’s business sector is upgrading its professionalism in cultivating approaches to promote workplace diversity. In the 2019 Maala ESG Index, 78% of rated companies, compared with only 51% in 2014, attested that they have defined diversity policies and developed guidelines for the creation of a multicultural working environment. In addition, 75% appointed a diversity officer, compared with only 38% in 2014; and 86% work in cooperation with external support organizations to promote diversity.
Israeli corporate social responsibility (CSR) efforts have a high bar set by regulatory and other government-led efforts, complementing a wealth of corporate-led initiatives which are working to move the needle in diversity. They are making considerable headway in responding to the challenge of representing the Israeli society’s diversity in its workforce. As an indicator of this progress, 2020 inclusion targets set by a governmental committee for the Israeli market, have already been reached.