{"id":46657,"date":"2023-01-17T18:03:24","date_gmt":"2023-01-17T23:03:24","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46657"},"modified":"2023-01-18T11:54:34","modified_gmt":"2023-01-18T16:54:34","slug":"the-importance-of-diversity-in-manufacturing","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/the-importance-of-diversity-in-manufacturing\/","title":{"rendered":"The Importance of Diversity in Manufacturing"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_single_image image=&#8221;46658&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<strong>The Benefits<\/strong>\r\n\r\n<a href=\"https:\/\/www.elitepersonnel.com\/our-2\/2021\/3\/25\/what-is-deampi-and-why-is-it-important-for-your-organization\">Diversity, Equity and Inclusion<\/a> (DE&amp;I) has taken center stage in nearly all industries across the globe\u2014and for good reason. While DE&amp;I can be seen simply as good PR, there are hard numbers attached to its success. In fact, we\u2019ve learned that employee performance in <a href=\"https:\/\/www.achievers.com\/blog\/diverse-teams-at-work\/\" class=\"broken_link\">diverse teams<\/a> \u201cis 12 percent higher than employee performance in companies with no inclusivity efforts.\u201d Employees also tend to be more motivated when they\u2019re happy with their company\u2019s DE&amp;I strategy; <a href=\"https:\/\/www.adp.com\/spark\/articles\/2019\/06\/improving-the-employee-experience-through-diversity.aspx\">studies show<\/a> these workers are 19 percent more likely to stay with a company committed to these efforts, and collaboration with peers is 57 percent more effective. A strong focus on DE&amp;I fosters a demonstrably more positive working culture. It creates top performers, it fosters innovation, and it inspires. Simply put, it\u2019s good business.\r\n\r\n<strong>The Issue<\/strong>s\r\n\r\nWe\u2019ve written about the <a href=\"https:\/\/www.arffinancial.com\/development\/whats-causing-the-labor-shortage-in-manufacturing\/?urlsource=blog\">labor shortage<\/a> in manufacturing, caused for the most part by the coronavirus pandemic. There is a deficit of over 500,000 manufacturing industry jobs at the moment. Manufacturing jobs tend to have a less-than-stellar reputation, especially among the younger generations. But there is also a need for a more diverse workforce within the industry\u2014specifically when it comes to women. An <a href=\"https:\/\/www2.deloitte.com\/us\/en\/insights\/industry\/manufacturing\/manufacturing-industry-diversity.html\">article from Deloitte<\/a> hones in on the male-dominated aspect of the job, noting that less than one-third of professionals in manufacturing are women\u2014but females make up half the United States workforce. Women are also more likely to abandon the industry than men. Why? For one thing, there is a decided lack of work\/life balance and flexibility in these types of jobs. While the pay and benefits may be intriguing for some, working conditions make it difficult to start and raise families (a <a href=\"https:\/\/www.bizjournals.com\/bizwomen\/news\/latest-news\/2022\/11\/parental-leave-survey.html?page=all\" class=\"broken_link\">solid parental leave<\/a> policy is incredibly important for women both with and without children). Attrition among women can <a href=\"https:\/\/www.aauw.org\/resources\/research\/factory-flaw\/\" class=\"broken_link\">also be attributed to<\/a> harassment, unequal pay, and being passed over for new opportunities within their organizations.\r\n\r\n<strong>The Actions<\/strong>\r\n\r\nIt\u2019s critical for a business\u2019s bottom line to commit to a robust DE&amp;I strategy. With more female participation in manufacturing, we can break down the societal stereotypes that this is a \u201cno girls allowed\u201d career. Changing the reputation now will pay for itself in the generations to come, with newly inducted female leaders serving as role models and mentors for younger women. Slowly chipping away at the underrepresentation is the best way to change peoples\u2019 mindsets.\r\n\r\nBut <em>how<\/em> can industry leaders appeal to these groups? According to <a href=\"https:\/\/www2.deloitte.com\/us\/en\/insights\/industry\/manufacturing\/manufacturing-industry-diversity.html\">Deloitte<\/a>, \u201cManufacturers cannot just focus on recruiting diverse talent, but must continue to focus attentively on building an inclusive culture, fostering growth opportunities and pathways to careers, and living these values at every level of the organization. This effort should start with leadership, who must do the hard work to educate themselves about DE&amp;I so they can create this culture.\u201d To start, some manufacturers focus on the top of the food chain: Hiring females that hold manager-level or executive positions can increase the number of female job applicants\u2014these applicants can finally see themselves having a seat at the table within the industry. Managers can also adjust their hiring practices by incorporating <a href=\"https:\/\/www.gem.com\/blog\/how-to-measure-diversity-in-hiring\">diversity metrics<\/a>, networking with organizations aligned with underrepresented communities, and introducing balance by looping diverse employees into the interview process. Incorporate your DE&amp;I commitment into your website and job postings.\r\n\r\nEducation on this topic can go a long way. Consider tapping into a <a href=\"https:\/\/www.arffinancial.com\/development\/loans-by-product\/lines-of-credit\/?urlsource=blog\">line of credit<\/a> to tackle some <a href=\"https:\/\/www.linkedin.com\/learning\/topics\/diversity-equity-and-inclusion-dei\">DE&amp;I courses<\/a> for yourself and <a href=\"https:\/\/honehq.com\/lp\/deib-training\">staff<\/a>. Remember to keep yourself accountable: incorporate DE&amp;I into your company\u2019s annual goals or KPIs and deliver a quarterly status update so everyone knows how you\u2019re progressing. And lean on your current staff to help create strategies to improve DE&amp;I in your organization.\r\n\r\nDE&amp;I is not a one-person job. It requires the care and attention of everyone in your workforce\u2014it\u2019ll eventually benefit us all. As we look to increase diversity and inclusion at all levels of the workforce, it\u2019s important to remember that even the smallest strides are still better than none.\r\n\r\n&nbsp;\r\n\r\n\r\n<span style=\"font-size: 12px; line-height: 15px;\">Your privacy is important to us. ARF Financial will never sell or rent your information to any third party.\u00a0<a href=\"https:\/\/www.arffinancial.com\/development\/privacy\/?utm_source=Outbrain&amp;utm_medium=OutbrainBlog&amp;utm_term=Outbrain&amp;utm_content=GoingGreen&amp;utm_campaign=GoingGreen\">Click here<\/a>\u00a0for more information about our privacy policy.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<!-- \/wp:post-content --><\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;46658&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]The Benefits Diversity, Equity and Inclusion (DE&amp;I)&#8230;<\/p>\n","protected":false},"author":5,"featured_media":46658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,868],"tags":[398,402,400,399,443,386,535,220,213,1034,870,872,1033,877,1032,1035,943,173,401,224,222,172,1045,142],"class_list":{"0":"post-46657","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-financing","8":"category-manufacturing-financing","9":"tag-affordable-business-loans","10":"tag-affordable-small-business-growth","11":"tag-business-expansion","12":"tag-business-growth","13":"tag-business-line-of-credit","14":"tag-business-loans","15":"tag-equipment-leasing","16":"tag-flex-pay-loans","17":"tag-line-of-credit","18":"tag-manufacturing-brown-field-projects","19":"tag-manufacturing-business-loans","20":"tag-manufacturing-expansion","21":"tag-manufacturing-green-field-projects","22":"tag-manufacturing-line-of-credit","23":"tag-manufacturing-loans","24":"tag-manufacturing-revolving-line-of-credit","25":"tag-operations","26":"tag-restaurant-funding","27":"tag-small-business-expansion","28":"tag-small-business-financing","29":"tag-small-business-funding","30":"tag-small-business-growth","31":"tag-the-importance-of-diversity-in-manufacturing","32":"tag-working-capital"},"acf":[],"yoast_head":"<!-- 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