What is Equity?
Equity is the act of recognizing that everyone comes from different backgrounds and needs different tools and types of support to have equal opportunities to be successful.
Equity is often confused with equality. Equality means treating everyone the same and expecting them to perform similarly as well, while equity asks us to recognize the differences and make efforts for everyone to have the chance to become successful with whatever path works best for them.
Why is Equity at Work Important?
Equity at work is important because when employees feel heard and cared for, they are more engaged and more productive. An equitable workforce promotes a culture of belonging and safety. When a workplace is equitable, it ensures that everyone has access to and an opportunity for success.
When companies have a culture of inclusivity and equity, they are more attractive to top talent, which helps improve retention and loyalty. This in turn helps promote a company with growth and success. When your people are actively engaged at work, your customers have a better experience engaging with your brand, there are fewer product defects, and your bottom-line increases. It’s a win-win. Aside from the good business sense, creating an equitable workforce helps your people be themselves and gives them opportunities they may not have had before.
Creating an equitable workforce, not only benefits your company, but your people.