Although “equality” and “equity” are different by only two letters, their meanings are significantly different. Whereas equality involves giving all employees the same resources, equity involves distributing these resources based on individual needs.
Although equity and equality are important to all employees, understanding the issues is especially critical for managers and leaders. Knowing how equity and equality are different is key to the promotion of equity in your workforce.
Discover what workplace equity and equality are, why they matter to your company, and how you can work to attain equity in your workforce.
What Is Workplace Equality?
Workplace equality is equal treatment for everyone in the workforce.
- Employees at all levels enjoy the same privileges, rules, and experience design.
- Equality does not take into account specific needs related to demographics.
- Lack of accommodations for demographic-related needs can result in an unfair work environment.
- The promotion of equality increases the biases that prevent your company from creating a culture of inclusivity.
What Is Workplace Equity?
Workplace equity identifies ways to fulfill employees’ demographic-based needs.
- These needs typically are related to ethnicity, age, religion, gender identity, sexual orientation, or physical or mental disability.
- Equity takes into account the different needs for employees with similar demographics to bridge the gap between the minority and majority groups.
- The goal of providing equity is to empower minority groups.
What Is the Value of Workplace Equity?
Developing workplace equity makes your company more attractive for job candidates and profitable for stakeholders.
- Equity creates diverse thought processes that contribute to decision-making and innovation.
- Equity promotes needs-based development for all employees.
- Equity enhances employee engagement, job satisfaction, attraction and retention.
- These factors increase your bottom line.
How Can Equity Be Worked Toward?
There are four main ways to increase equity in a company:
- Attract talent from different ethnic backgrounds, age groups, genders, and other demographics to increase innovation.
- Encourage all employees to share their contributions to experience empowerment.
- Show all employees that leadership equally values them.
- Provide all employees the individual support needed for career growth and success.
Looking for Accounting and Finance Talent?
Let Mercer Bradley help your Winnipeg company increase equity by adding diverse accounting and finance talent to your team. Find out more today.