What can you do with a business degree?
21 Oct 21
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Categories: Business Management, Retail, Logistics and Supply Chain Management, Undergradute
Diversity in the workplace has become a concept increasingly discussed in recent years, Diversity, Equity and Inclusion (DEI), are commonly heard terms in the business world, and while many businesses may make a token effort to ensure that they are providing some form of diversity training, this is simply not enough.
In reality, every company including any new business start-up should be making DEI one of its priorities. The reason for this is simple. With the right initiatives in place an organisation will feel the benefits, not least when it comes to their bottom line.
While not every company can use the same one-size-fits-all approach to successfully implementing their own DEI programme, it is still worth looking at what DEI covers, and understanding what value it can bring to your business start-up.
What is Diversity, Equity and Inclusion?
Often referred to as DEI, Diversity, Equity and Inclusion are principles that are mutually reinforcing within an organisation. It is not sufficient to focus on only one element of DEI. An understanding and focus on every part of DEI is important if you want to get diversity in the workplace completely right.
Diversity – a diverse community, group or organisation which contains a variety of different cultural and social characteristics.
Equity – ensuring everyone has access to the same opportunities, treatment and advancement in the workplace. Identifying and removing any barriers that may prevent some from being able to participate fully, this can take many forms including gender biases.
Inclusion – how individuals with different identities feel in a larger group – are they included? Even when you have a diverse team, not everyone will automatically feel included.
The Importance of DEI to a Start-up
Those companies that do not have DEI practices in place can miss out on opportunities that will allow them to “tap into” the potential of their employees. Put simply, a diverse team is more innovative and likely to make better decisions.
Recent research carried out by McKinsey & Company in partnership with The Society for Human Research Management (SHRM), looked at a range of companies with different levels of diversity in the workplace. What this research found was the companies with gender and ethnic diversity were 15% and 35% respectively better performing than less diverse companies. They also found that this diversity led to increased sales revenue, higher profits and more customers.
What Does this Mean for Start-ups?
The message for any business start-up is clear, implement DEI procedures as part of your first stages of business, and this could significantly assist on the road to becoming a successful organisation. And to do so, savvy businesses could be looking for someone with the appropriate business management knowledge to take on this complicated, yet worthwhile task.
Bsc Hons Business Management at the University of Bolton – A road to success
If you consider your future to be in business, and want to bring the benefits of DEI into your own start-up or someone else’s, one of our range of Business Management courses could be the step you are looking for.
At the University of Bolton, we offer several different undergraduate Bsc Hons Business Management courses that could pave the way to a rewarding career. We are a small university, which we believe brings certain benefits to our students. Not only could our dedicated and passionate lecturers offer you a fantastic standard of education, but our friendly, inclusive university provides you with the perfect setting for taking those first steps in further education.
The University of Bolton has been voted No.1 for Student Satisfaction for the past 3 years*. Why not join those who have made a choice to experience #UniAsItShouldBe and start your studies with us?
If you would like to know more about the university or our Business Management courses, we would be delighted to talk to you. Our team of friendly advisors can be contacted by sending a message to email@example.com or calling us on +44 (0)1204 900 600.
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The Growth Company
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