As inflation continues to cause chaos around the world, more communities and individuals are falling closer to the poverty line, and nearly 50 million Americans are living in households at or below the 125% poverty line threshold.
Despite the challenges, companies are deploying inclusive business frameworks that support diverse hiring initiatives and equitable treatment of employees, leading to results you can’t ignore.
These initiatives are improving the lives of millions in communities across Africa, allowing organizations to provide the products and services diverse markets need. These practices also foster innovation, loyalty, and a deeper sense of connection to local communities.
Learn all about inclusive business practices and how they impact communities across Africa in today’s article.
Coach Diversity Institute has the services you need to support your inclusive business journey!
The Importance of Inclusive Business Practices
Africa presents a massive opportunity for businesses as external investments and more stable regimes take hold. In fact, your business community can see several tangible benefits by implementing inclusive practices, including:
- Higher employee engagement – 83% of millennials are engaged when they feel their company offers an inclusive workplace culture (Deloitte). That engagement means more contributions to team discussions, meeting deadlines and goals, and helping team members.
- More innovation – Inclusive business practices lead to more innovative teams. 1.7x more innovative, to be exact (SAP). Innovation leads to product and service improvements, especially for those in lower socioeconomic communities.
- Better decision-making – Inclusive leaders are 87% more likely to make better decisions vs. their non-inclusive counterparts (IMD). These leaders and small business owners understand how their actions impact their teams and customers, both positively and negatively.
Inclusive businesses are aware of and actively working to improve social and economic challenges by integrating low-income communities into the value chain as consumers, producers, and entrepreneurs. Their inclusive business practices create a sense of belonging for employees and boost the economic opportunities in these communities.
Success Stories from Across Africa
Private-sector non-profits, and local communities have made significant progress in creating inclusive opportunities. These opportunities not only expand market presence but also contribute to more economic stability in their regions. Check out some case studies highlighting Africa’s high-growth markets.
Zambia
Companies like Nature’s Nectar target agribusinesses with low-impact and self-sustaining bee hives. These hives complement local farmers by providing supplies and support, leading to 20-30% increases in income. The company also boasts a massive gender equality win by employing female farmers, who comprise half the workforce.
Kenya
Mobile phone networks unlock access to economic opportunity, and Safaricom’s M-Pesa program allows money to move around the country. Since 2007 (Washington Law), this service has helped over 15 million people gain access to financial services, making it possible to secure money where bank accounts previously didn’t exist.
South Africa
Woolworths South Africa specializes in luxury goods and retail food offerings. Despite the luxury connotation, the company integrates inclusivity by forming partnerships with local suppliers and valuing sustainable practices. These priorities enhance local economies, supply chains, and distributor resilience.
Strategies to Build an Inclusive Business
Now that you’ve seen some success stories and understand the benefits that come with inclusive business practices, it’s time to implement them in yours. A few strategies can get you started on the right foot:
- Implement diverse and inclusive hiring practices – Deploy a diversity-focused applicant tracking system (ATS), utilize anonymous interviews, revise job descriptions, and reevaluate requirements. Finding ways to broaden your talent pool will make you more inclusive and help you find qualified candidates.
- Invest in employee resource groups (ERGs) – Leverage ERGs to host activities and provide support to underrepresented employees. These groups can also generate awareness and increase collaboration between colleagues.
- Train a certified diversity coach – Certified diversity coaches are powerful business leaders who recognize areas of opportunity while providing guidance, support, and education to workforces. Coach Diversity Institute is one such provider offering certification courses to support your next diversity coach.
- Promote inclusive communication – Create safe spaces for all employees to voice their viewpoints, concerns, and ideas. An ecosystem that fosters inclusive communication encourages honest and productive feedback.
- Recognize and coach – Celebrate wins and coach when individuals miss the mark. Don’t be afraid to call out bad behavior, and never tolerate bias or microaggressions.
- Invest in products and services for lower socioeconomic communities – Economic access is only possible when businesses provide market-based solutions that communities at the base of the economic pyramid can afford. Developing these products and services unlocks that access for lower socioeconomic communities and opens the door to potential new markets for your business.
These strategies and the method of their execution will depend on the type of business and the resources you can dedicate. However, intertwining these strategies with your overall business objectives will expedite the results.
Overcoming Barriers to Inclusivity
Unfortunately, deploying widespread changes to your operation will likely invite some challenges. These challenges include everything from unconscious bias and lack of awareness to active resistance and limited buy-in from stakeholders.
Preparing yourself to overcome these barriers to inclusivity will involve a hands-on approach consisting of several of the following methods:
- Enrolling teams in unconscious bias or multicultural awareness courses.
- Taking a zero-tolerance policy on discrimination, microaggression, and non-inclusive behavior.
- Acting as an ally and advocate for diversity, equity, and inclusion (DEI).
- Keeping teams up-to-date on regulatory changes.
- Evaluating cost implications of DEI initiatives.
- Adjusting projects and initiatives to serve underserved individuals better.
Perhaps most importantly, you must dedicate consistent effort to change. Creating an inclusive workplace environment doesn’t happen overnight; a bad apple can spoil your progress, meaning you can never take a day off.
Measuring the Impact of Inclusive Business Initiatives
It’s impossible to know the true impact of your efforts without keeping tabs on progress through a mix of qualitative and quantitative metrics and KPIs. There are an almost unending number of KPIs you can choose, but you should focus on those that relate most to your efforts.
Popular metrics include:
- Headcounts – Diversity of headcount, diversity per role, senior management diversity, diversity of talent pool, and diversity during the hiring process
- Employee satisfaction – Employee survey results, referrals, and retention
- Net promoter score (NPS) – Employee NPS and customer NPS
- Employee engagement – Absenteeism, schedule adherence, and productivity
- Performance – % to goal, benchmark reporting, and performance reviews
- Philanthropic effort – Days volunteered, donations received, and environmental impact surveys
In addition to tracking the performance of your initiatives, it’s ideal to share your results. Transparency in your efforts and progress creates buy-in from stakeholders and can help you pivot when progress is lackluster.
Drive Growth with Inclusion: Partner with Coach Diversity Institute
A long tradition of economically disadvantaged communities throughout Africa makes it the poorest continent on Earth. Inclusive business models and practices are changing the game, creating countless livelihood opportunities and enhancing productive competition in many countries across the continent.
Strategies like investing in education, producing products and services for lower socioeconomic communities, and hiring from a diverse talent pool support inclusive business practices. Companies like Nature’s Nectar and Woolworths South Africa take these practices to heart with outstanding results.
Ready to position your business as one of the most inclusive in Africa? Partner with Coach Diversity Institute to train diversity coaches, provide organizational education, and support your sustainable development goals!