The Role of Diversity, Equity and Inclusion in Modern Businesses

Embracing Diversity, Equity, and Inclusion (DEI) isn’t just a moral imperative—it’s also a strategic necessity for business success. 

DEI initiatives encompass a range of policies and practices designed to create inclusive environments where individuals from diverse backgrounds feel valued and respected. Across the globe, there’s a growing recognition of the significance of DEI in organizational settings. 

In the United States, 54% of employees affirm that their employers are actively prioritizing DEI efforts. Similarly, in Southeast Asia, 43% of workers report the presence of diversity programs within their organizations as of 2023.

Understanding the pivotal role of DEI in today’s business landscape is essential. By fostering diverse perspectives and creating equitable opportunities, DEI not only enhances employee satisfaction and retention but also drives innovation and fosters a positive corporate culture. 

Let’s delve deeper into how prioritizing DEI can fuel your company’s success and propel it toward a brighter future.

Why Should Organizations Embrace DEI?

A thriving organizational culture that prioritizes diversity, equity, and inclusion (DEI) is pivotal for optimizing every facet of your business operations, spanning from attracting and retaining top talent to driving innovation and maximizing performance. 

To ensure your company embodies these principles effectively, it should strive to meet the following standards:

  • Equality – Establishing fairness and transparency in all aspects of employment, including pay, recruitment, promotions, and access to resources. This can be achieved through strategies such as benchmarking salaries and leveraging reliable payroll software solutions to ensure equitable compensation practices.
  • Openness – Cultivating a company culture that fosters respect and fairness towards all employees, where open communication and feedback are encouraged, and grievances are addressed promptly and fairly.
  • Belonging – Creating an environment where individuals from diverse backgrounds feel a sense of belonging and are empowered to share their perspectives, talents, and experiences freely. 

Championing diversity, equity, and inclusion (DEI) in your business yields numerous advantages:

More Creativity & Innovation at Work

Encouraging collaboration among employees from diverse cultural backgrounds and expertise levels fosters a fertile ground for innovation and creativity. 

Diverse teams bring together unique experiences, perspectives, and knowledge, fueling the generation of novel ideas. Research underscores this effect, showing that companies with diverse management teams experienced a remarkable 19% increase in innovation revenue compared to their homogeneous counterparts.

An Improved Reputation

Prioritizing DEI not only broadens your talent pool but also deepens your understanding of customers, building trust and enhancing your reputation. In an era marked by mass employee resignations, known as the “Great Resignation,” job seekers are increasingly scrutinizing potential employers’ commitment to DEI initiatives.

For Gen Z and millennial workers, a company’s stance on societal and environmental issues, including diversity and inclusion, significantly influences their career decisions. 

Studies reveal that a substantial portion of these younger employees (52%) are dissatisfied with their organizations’ progress in creating diverse and inclusive workplaces, emphasizing the need for businesses to intensify their DEI efforts.

A Culture of Trust Is Built

Establishing a culture of trust is vital for your company’s success. This involves fostering an environment where every employee feels a sense of belonging and confidence in their workplace interactions. 

Leadership must initiate honest dialogues with diverse team members, demonstrating vulnerability and actively listening to their experiences. Addressing instances of discrimination and bias is essential, with managers encouraged to engage with diverse employees, understand their concerns, and incorporate their feedback. 

By embracing this approach, your organization fosters genuine connections, promotes inclusivity, and drives collective success and innovation.

High Retention Rates

Replacing resigned employees consumes significant resources, impacting morale and productivity. Strengthening your DEI efforts is a proactive strategy to mitigate turnover.

Research underscores the importance of prioritizing DEI: 78% of employees prioritize working for companies that value diversity, with 50% considering it very important. Those satisfied with their organization’s DEI initiatives report higher levels of happiness and job satisfaction, particularly regarding compensation and professional growth opportunities.

Gen Z and millennial workers, in particular, are attuned to DEI’s influence on employee retention. They are more likely to reject job offers lacking purpose or ethical alignment. Conversely, those satisfied with their organization’s DEI efforts are inclined to stay longer, recognizing the value of a socially and environmentally responsible workplace.

Everyone is Encouraged to Reach Their Full Potential

A DEI-centric culture empowers employees to reach their full potential, fostering connection, loyalty, and performance improvement through constructive feedback.

Deloitte’s 2022 study highlights Gen Z’s desire for workplaces where they can freely share ideas and contribute to building inclusive environments. Nearly 90% of employees whose employers empower them feel a strong sense of alignment with their company’s values and objectives.

Increased Performance & Profitability

Research consistently shows that diversity, equity, and inclusion (DEI) significantly impact business success. Firms with the most gender-diverse management teams are 25% more likely to outperform those with less diversity. Similarly, higher levels of female representation correlate with stronger performance. 

Inclusive teams are 35% more productive, and businesses with ethnically and culturally diverse workforces in the top quartile experience 36% higher profitability. 

Prioritizing DEI initiatives is not only socially responsible but also strategically beneficial for driving organizational success. By fostering diversity and inclusion, businesses harness diverse perspectives and talents, leading to enhanced innovation, better decision-making, and increased profitability.

Embracing Diversity and Inclusion for Success

Diversity, equity, and inclusion (DEI) are essential components of successful business operations. By prioritizing fairness and equality, organizations experience heightened levels of innovation, employee retention, performance improvements, and increased profitability.

Moreover, championing DEI demonstrates empathy and support for both prospective employees and customers, showcasing an understanding of their challenges and aspirations. Effective initiatives aimed at fostering a sense of belonging throughout the employee experience and customer engagement processes are key to achieving this.

Addressing pay equity challenges is paramount. Partnering with Sprout Solutions for a payroll system in the Philippines ensures fair and timely compensation for all employees. Book a consultation today for more information about our digital payroll solution.

Easter Celebration 2024 at Joy~Nostalg: A Staycation to Remember

This year, our family is on the lookout for an exceptional way to celebrate Easter. Since we normally just stay in Metro Manila during Holy Week, we searched for things that our daughters Zeeka and Yani can do and enjoy this coming Easter. We found our answer in the Easter Celebration 2024 announcement of Joy~Nostalg Hotel & Suites Manila, a magical event that promises not just a staycation but an unforgettable experience.

Here is the copy of the super cute poster: Hop into Candyland!

But before getting into these, let me share our staycation experience first with you!

Our Unforgettable Staycation Experience

Before diving into the Easter festivities, I must share our incredible staycation experience at Joy~Nostalg. It was our first time staying in this elegant oasis in the city, and it left us in awe. We stayed at a one-bedroom executive suite, perfect for our family of four.

The suite was astonishingly spacious, featuring a well-equipped kitchen, a luxurious bathtub that the kids adored, and ample room for all of us to relax comfortably. The attention to detail and the helpfulness of the staff made our stay even more enjoyable, setting the stage for an unforgettable staycation.

During our stay, we had the pleasure of dining at The Nostalgia Dining Lounge on the 6th floor, an experience that truly stood out thanks to the exceptional service and personal touches we received. The manager went above and beyond to ensure our comfort, demonstrating remarkable attentiveness and kindness.

Noticing that our youngest, Yani, might not find something to their liking in the buffet, the manager had a special serving of mashed potatoes prepared, a gesture that deeply touched us and made Yani’s dining experience delightful.

After Yani decided to return to the room post-meal, Zeeka and I seized the opportunity for a lovely mother-daughter date, reveling in the cozy ambiance and exquisite dishes. Meanwhile, EJ, ensuring Yani was settled and content back in the room, opted for room service. Despite not joining us at The Nostalgia Dining Lounge, he reported that the room service meal was equally satisfying. This dining experience was a testament to Joy~Nostalg’s commitment to personalized service and culinary excellence, making our staycation all the more memorable.

They also have amazing amenities like their pool, gym and spa.

Feasting and Festivities at the Easter Brunch

Now here are the details of the Easter Celebration 2024 at Joy~Nostalg. It will begin with an exquisite brunch at The Nostalgia Lounge & Bar. Some of the dishes that will be served are egg shakshuka, salmon coulibiac and chocolate gateau. This dining experience, priced at Php 1,888 nett per adult, with kids dining for free with two paying adults (perfect for families!). It’s a great start to the Easter festivities.

Family Fun with Easter Activities

At the heart of the Easter Celebration 2024 at Joy~Nostalg are the activities designed for children. The hotel has planned an egg-citing egg hunt, chocolate egg crafting sessions, and a crafts corner with egg painting and Easter coloring books, ensuring a fun-filled day for our little ones.

Savor the Sweetness of Candyland

The Candyland Buffet is a highlight of the Easter Celebration 2024, offering a plethora of sweet treats and chocolate surprises. Additional activities, such as balloon twisting by guest artists, will bring extra joy and color to the celebration, captivating children’s imaginations.

Exclusive Staycation Package for Easter Celebration 2024

The Family Fun Offer provides everything needed for the perfect Easter staycation. With spacious accommodations, access to all amenities, and Php 1,500 dining credits, along with a special Easter amenity, it’s a package designed for families to create lasting memories. Starting at Php 8,510 nett for a Studio Executive (check out the poster above), including buffet breakfast, it offers great value for a memorable Easter.

Be Part of the Easter Celebration 2024

Make Easter 2024 extraordinary by celebrating with us at Joy~Nostalg Hotel & Suites Manila. We’re now considering to make this a yearly tradition. Whether you’re drawn by the luxurious accommodations, the delicious dining, superb amenities or the exciting children’s activities, Joy-Nostalg is the perfect setting for a family Easter celebration.

For more details and to make reservations, contact The Nostalgia Lounge & Bar at +632 7719 1160 or tndl@joynostalgsuites.com. Room reservations can be made at +632 5318 7888 or HB2D6-RE1@accor.com. Stay updated with the latest offers and news by following Joy~Nostalg Hotel & Suites Manila on Facebook, Instagram, and Viber.

Let’s make Easter Celebration 2024 at Joy~Nostalg a joyous, unforgettable experience for your family.

Simplifying Your Tax Filing: How to Calculate Your Income Tax Return with Taxumo

In the maze of tax regulations and the dread of deadlines, calculating your income tax return is a task many of us would rather avoid. However, understanding how to calculate your income tax return accurately is crucial for managing your finances effectively. With Taxumo, this daunting task becomes a streamlined process, allowing freelancers, self-employed individuals, and small business owners to file their taxes with ease and confidence. In this guide, I’ll walk you through the steps on how to calculate your income tax return, ensuring you’re well-prepared for tax season with Taxumo by your side.

Understanding Your Tax Obligations

Before diving into the calculation, it’s important to understand your tax obligations. The amount of income tax you owe depends on your total income, deductions, and the tax laws applicable to your specific situation. Taxumo simplifies this by providing a user-friendly platform that automatically considers these factors, ensuring compliance and maximizing your potential deductions.

Step-by-Step Guide: How to Calculate Your Income Tax Return with Taxumo

Step 1: Gather Your Financial Documents

Start by gathering all necessary financial documents, including the receipts or invoices issued to clients, receipts for deductible expenses, Certificate of Withheld taxes received (2307s) and any other relevant financial records. This will ensure that your calculation is accurate and that you’re taking advantage of all possible deductions.

Step 2: Log Into Your Taxumo Account

With all your documents ready, log into your Taxumo account. If you don’t have one, signing up is quick and easy. Taxumo’s dashboard is designed to be intuitive, guiding you through every step of the way.

I suggest that you also go through the Intro to Taxumo session. Here are the detials:

Book a session here: Intro to Taxumo Session

Step 3: Enter Your Income and Expenses

Enter your income and expenses into the system. Taxumo’s platform categorizes your financial data efficiently, making it easy to input your information accurately.

Step 4: Review Your Deductions

Review your deductions carefully to ensure that you’re claiming all applicable benefits. If you have copies of your Form 2307s that you have received, encode it and upload it into Taxumo. There is a withheld tax tab for that. This step is crucial for minimizing your tax liability and maximizing your return.

Step 5: Calculate Your Income Tax Return

With a click of a button, Taxumo calculates your income tax return. The platform uses the latest tax tables and regulations to ensure accuracy. You’ll see a detailed breakdown of your taxable income, deductions, and the total tax due or refunds (negative tax dues).

Step 6: File and Pay Online

Once you’ve reviewed your calculated tax return, you can file and pay directly through Taxumo. The platform is accredited by the tax authorities (accredited Tax Software Provider), ensuring that your tax filing is official and secure. Taxumo also offers various payment options for your convenience — from credit card, mobile banking, even installment plans.

Why Choose Taxumo for Calculating Your Income Tax Return?

Calculating your income tax return can be complex, but Taxumo makes it simple. Our platform is designed for ease of use, accuracy, and compliance, ensuring that you can manage your taxes confidently and efficiently. Here’s why thousands trust Taxumo for their tax needs:

  • User-Friendly Interface: Navigate the tax filing process with an intuitive platform designed for non-experts.
  • Automatic Calculations: Taxumo does the heavy lifting, ensuring your tax calculations are accurate and compliant with current laws.
  • Secure and Reliable: With encryption and data protection, your financial information is safe with Taxumo.
  • Expert Support: Have questions? Our team of tax experts and customer representatives is here to provide guidance every step of the way.

Conclusion

Calculating your income tax return doesn’t have to be a daunting task. With Taxumo, you can navigate the tax season with ease and confidence, knowing you’re maximizing your deductions and minimizing your tax liability. Whether you’re a freelancer, self-employed individual, or small business owner, Taxumo is your partner in simplifying tax filing. Sign up today and experience a stress-free tax season.

Embrace the simplicity and efficiency of calculating your income tax return with Taxumo. Take control of your taxes and focus on what you do best—growing your business and pursuing your passions.