A report released by education and training charity IGD reveals that a diverse and inclusive workplace can help the food and grocery industry improve profitability, productivity and employee engagement.
The study found that diversity and inclusion (D&) initiatives can help businesses open new sources of talent for the future. PwC UK’s People and Organization Consulting Partner Jon Terry added that D&I can help companies keep one step ahead of changing consumer demand, tap into underserved markets and get closer to their customers.
The median gender pay gap in the food and grocery industry is 6.8%, which is lower than that of the whole UK economy. The ethnic diversity of corporate boards is 11.4% which is very close to reflecting the diversity of the British working population. However, women lagged slightly in leadership roles and less than 10% of food and grocery companies are prepared for ethnic pay gap reporting.
The report cited three reasons for the importance of D&I for food and grocery businesses. The first is that it allows businesses to get close to customers and meet their changing expectations and demands. The second is it helps improve a company’s market share. The third is it puts a company in the spotlight which helps in attracting customers who prefer to spend their money on diverse and inclusive businesses.