In today’s cannabis industry, the need for Diversity, Equity, Inclusion, and Belonging is more important than ever. As HR professionals, we play an essential role in creating the needed change. DEIB is not just about meeting standards or ticking boxes; it’s about creating a diverse and inclusive culture that values different perspectives and voices. In this article, we’ll explore how DEIB can bring transformative change to the cannabis industry and how it can help us overcome challenges and drive innovation.
Imagine a workplace where every voice is valued, and each person brings a unique perspective to the table. This is not just a dream; it’s a proven formula for innovation. The BCG Henderson Consulting Groups DEIB and revenue study found that companies with diverse management teams had 19% higher revenue due to innovation. In the fast-paced cannabis industry, where adaptability and creativity are essential, diversity is not a luxury but a necessity.
Equity ensures that every member of our team has equal access to opportunities. It’s about recognizing that some people may face barriers that others don’t. By removing these barriers, we create an environment where hard work and talent, not circumstances, determine success. According to the Corporate Leavers Survey by the Level Playing Field Institute, fairness at work significantly reduces turnover, which is particularly important in a constantly changing industry.
Inclusion is the heart of a thriving workplace. It’s about creating an environment where everyone feels heard, seen, and valued. Deloitte’s research shows that organizations with inclusive cultures are twice as likely to meet or exceed financial targets. Inclusion in the cannabis industry means creating a culture where everyone, from budtenders to board members, feels like they belong and can contribute meaningfully.
Belonging is the ultimate goal of DEIB efforts. Employees who feel like they belong are more engaged, productive, and satisfied. BetterUp’s study found that a high sense of belonging led to a 56% increase in job performance. In the cannabis industry, where passion and purpose often drive success, fostering belonging can make the difference between a thriving company and a struggling one.
Here are some practical steps you can take to implement DEIB in your workplace:
– Conduct regular DEIB audits to assess your current practices, policies, and culture. Identify areas for improvement and set actionable goals.
– Foster open dialogue about diversity, equity, inclusion, and belonging. Create safe spaces for employees to share their experiences and insights.
– Invest in DEIB training for all employees, with specialized sessions for leadership to ensure they can lead by example.
– Measure progress by setting measurable goals for DEIB initiatives and regularly tracking progress. Transparency in these efforts can motivate the entire organization and highlight areas that need further attention.
By embracing diversity, equity, inclusion, and belonging, we build innovative, more resilient, profitable businesses and contribute to a more just and equitable industry. As HR professionals in the cannabis industry, we have a unique opportunity and responsibility to lead this transformation. Let’s take proactive steps today towards creating workplaces where everyone can thrive, fostering a sense of belonging and a community of innovation and mutual respect.
References:
- BCG Henderson Institute. (2018). How diverse leadership teams boost innovation. Boston Consulting Group. https://www.bcg.com/publications/2018/how-diverse-leadership-teams-boost-innovation
- Korn Ferry. (2007). The corporate leavers survey. https://www.kornferry.com/content/dam/kornferry/docs/article-migration/The%20Corporate%20Leavers%20Survey%20.pdf
- Deloitte. (2017). Global human capital trends. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/central-europe/ce-global-human-capital-trends.pdf
- BetterUp. (2019). BetterUp’s new industry-leading research shows companies that fail at belonging lose tens of millions in revenue. https://www.betterup.com/press/betterups-new-industry-leading-research-shows-companies-that-fail-at-belonging-lose-tens-of-millions-in-revenue
