JUNE 13, 2023
DEIB Improves Customer Satisfaction
With DEIB efforts being cut back during these challenging times, it’s important that we know the effect this work has on the bottom line, in addition to of course being the right thing to do.
There is evidence to suggest that DEIB programs can improve customer satisfaction.
Here are a few examples:
A study by McKinsey & Company found that companies with diverse executive teams were more likely to have above-average profitability than those with less diverse teams. The study also found that diverse companies were better able to understand and serve the needs of diverse customer segments, leading to increased customer satisfaction.
A report by Deloitte found that inclusive organizations were more likely to have higher levels of customer satisfaction and loyalty. The report found that organizations with a strong focus on inclusion and belonging were more likely to understand the needs and preferences of diverse customer segments, leading to better customer experiences.
A survey by Forbes found that 71% of consumers said that they were more likely to buy from a brand that supports social justice issues. The survey also found that 83% of millennials said that they would be more loyal to a brand that supports causes they care about.
As these studies suggest, organizations can help to improve customer satisfaction by creating a more diverse and inclusive workplace culture. It only makes sense, as good things happen when an organization’s leadership and workforce reflect the makeup of the customers they serve.
When organizations reflect the diversity of the communities they serve and prioritize the needs and perspectives of marginalized groups, they are better able to understand and serve their customers.
This has been shown to lead to increased customer satisfaction, loyalty, and profitability.
Organization At Its Best Founder and Chief Executive Officer, Tawana Bhagwat, has more than twenty-five years of experience directing Human Resource administration, change management, learning and development, facilitation, DEIB, and executive coaching.