Over two-fifths of UK businesses agree D&I policies increase productivity
London, 11th October 2022: Research from Perkbox, the global benefits and rewards platform, has highlighted the importance of effective diversity & inclusion (D&I) in supporting a workforce’s productivity, with 42% of businesses reporting an increase due to improved policies. Despite this, a fifth (17%) of businesses still don’t think it is necessary to improve D&I in the workplace.
A quarter (25%) of those who have taken action have seen a direct correlation between improved policies and increased revenue. The research revealed that 33% of teams are noticeably happier due to improved D&I policies, 32% of teams became more creative and innovative, and 31% are finding it easier to attract new talent.
However, Perkbox found reluctance for further improvement stems from fundamental barriers, including concerns around employee privacy, skills shortages and budget constraints:
- 32% of businesses want to respect their employees' privacy, and understand they may not wish to share aspects of their personal lives
- 22% have access to a limited talent pool and are under pressure to hire fast
- 20% don't have the budget to hire external consultants to support in improving D&I
Mona Akiki, Chief People Officer at Perkbox comments:
“The benefits of creating a workplace which is more inclusive should certainly be incentive enough for action on D&I. But it makes good business sense too. To stand out against competitors, businesses need the best talent, more creative workforces, and the ability to deliver the services that their own diverse customers demand – which D&I naturally supports.
“To attract and retain that diverse workforce, it’s important that your benefits and rewards package isn’t just a one-size-fits-all offering. Employees deserve maximum choice and the ability to select what is meaningful to them — this will make them feel genuinely valued as individuals, rather than be seen as just another number.”
Supporting D&I across a borderless workforce
Almost two-thirds of businesses (62%) will be increasing the number of remote staff they hire outside of their main country of operations over the next year. D&I is particularly important for these borderless businesses as they begin to benefit from greater diversity in their cultural make up.
Consequently, nearly a third (29%) of businesses have begun encouraging reward and recognition by employees and managers to ensure that colleagues in any location feel acknowledged and part of company culture. However, only 26% provide each employee with a benefits pot that allows them to choose the rewards and support that suit them best.
Gautam Sahgal, CEO of Perkbox states:
“To be competitive in the talent market, leaders must create a strong company culture. One which reflects and meets the needs of a modern workforce.
“This becomes increasingly important as more businesses embrace borderless working. With a globally dispersed workforce, businesses need to work harder to ensure their people feel valued and part of something bigger. Key to this will be offering benefits which can be tailored to accurately reflect the modern workforce, as opposed to settling for a one-size-fits-all approach.
“In addition, installing a reward and recognition offering will be critical to showing employees that you see and appreciate their efforts, no matter where they’re working from."
About the research
The research was conducted by Censuswide on behalf of Perkbox during June 2022. It surveyed 508 workplace managers and leaders in the UK between 20.06.22 – 24.06.22. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
Perkbox is the global benefits and rewards platform that allows companies to care for, connect with and celebrate their employees, no matter where they are and what they want. With over 10 years’ experience, Perkbox is trusted by more than 4,500 companies with users across the globe. Its location agnostic platform helps companies with diverse and dispersed workforces harmonise their Employee Value Proposition (EVP) — keeping each employee happy, healthy, and motivated.