The Advantages of Equity in the Workplace
A principle of workplace equity dictates that employees be treated fairly in all employment decisions, without regard to their gender, color, race or other personal differences. While workplace equity holds clear advantages for employees, the employers win as well. Thus, if you’re a manager or business owner, workplace equity is a principle worth embracing.
Employees who feel that they are being mistreated are not likely to want to do their best. On the other hand, those who feel they are being treated equitably are more likely to be motivated to do a good job. They know that they are being judged on the same scale as their peers, regardless of personal differences, so they feel that when they do a better job, they will be rewarded accordingly.
It costs a company a lot of money to replace employees who leave. Yet employees who don’t feel they are being treated equitably are likely to leave their jobs as soon as another job opportunity comes up. Treating employees equitably can reduce turnove, saving companies the money it takes to find and hire new employees.
Companies that tout an equitable workplace tend to have an easier time recruiting talented employees. Minority job seekers are attracted to such companies because they feel that they will be hired at a pay rate that is fair and will receive promotions and bonuses based solely on the quality and quantity of work they perform, not on the color of their skin or their gender.
Companies improve their chances of increased profits when they treat employees equitably because employees give more of themselves to their jobs and are willing to do more. This, combined with the fact that equity promotes the hiring and promoting of the most talented employees, all combine to help companies produce more and at a higher quality to stay ahead of competing businesses.