4 Effective Ways for Businesses to Achieve Inclusive Growth and Development

4 Effective Ways for Businesses to Achieve Inclusive Growth and Development

In today’s world, where every business aims to grow and expand, inclusive growth is also necessary. Businesses that focus on their growth while ensuring that all sections of society can benefit from it are more likely to succeed in the long run. Inclusive growth is about ensuring that everyone has equal access to opportunities, resources, and benefits that come with economic growth. Here are four effective ways for businesses to achieve inclusive growth and development.

1. Develop a Diversity and Inclusion Strategy

Businesses that seek to achieve inclusive growth must first develop a diversity and inclusion strategy. The strategy must be designed to promote diversity, equity, and inclusion at all levels of the organization. This includes hiring, promotions, and employee retention. A diverse and inclusive workforce brings in different perspectives, ideas, and cultures that can lead to better decision-making and innovation. The strategy should also focus on engaging with diverse communities in the workplace and in the market.

For example, in 2014, Microsoft launched its global diversity and inclusion initiative. The company implemented programs such as inclusive leadership, unconscious bias training, and employee resource groups to promote diversity and inclusion across its workforce. As a result, Microsoft’s workforce diversity increased by 50% between 2014 and 2019.

2. Invest in Education and Training

Inclusive growth requires constant investment in employee education and training. Providing access to education and training can enable individuals to develop new skills, improve their productivity, and take advantage of new opportunities. Businesses should invest in training programs that aim to upskill their employees, especially those from underrepresented communities. The training can be in the form of workshops, mentorship, or online courses.

For example, AT&T launched its workforce training initiative in 2018. The company aims to re-skill its workforce, especially those in underrepresented communities, to meet the demands of the digital economy. AT&T has invested over $1 billion in the initiative, with over 200,000 employees already trained.

3. Support Small and Diverse Businesses

Businesses can achieve inclusive growth by supporting small and diverse businesses. Small and diverse businesses create jobs, build wealth, and contribute to the economy. Investing in small and diverse businesses can lead to economic growth and development, especially in marginalized communities. Businesses can support small and diverse businesses by purchasing goods and services from them, mentoring them, and offering financial support.

For example, Bank of America launched its Diverse Business Connect program in 2015. The program aims to connect small and diverse businesses with procurement opportunities across the bank. Since the launch of the program, Bank of America has committed over $50 million to support small and diverse businesses.

4. Measure and Report on Progress

Businesses that seek to achieve inclusive growth must measure and report on their progress. Measuring progress enables businesses to identify areas for improvement and adjust their strategies accordingly. Reporting on progress demonstrates a business’s commitment to diversity, equity, and inclusion, and provides transparency to stakeholders.

For example, in 2021, Intel released its 2020 Diversity and Inclusion report, which highlighted its progress towards achieving a more diverse and inclusive workforce. The report indicated that women and underrepresented minorities made up 46.2% of Intel’s US workforce, and that the company met its 2020 goal of 40% diverse hires.

In conclusion, businesses that aim to achieve inclusive growth must implement strategies that promote diversity, equity, and inclusion, invest in education and training, support small and diverse businesses, and measure and report on their progress. Achieving inclusive growth requires a long-term commitment, but businesses that prioritize inclusivity are more likely to achieve sustainable growth and development.