Many savvy modern businesses are utilizing diversity and inclusion services to ensure the workplace they run is as inclusive and diverse as possible. If you still haven’t caught on, it’s time to get on board with diversity in the workplace. Otherwise, you could find yourself on the wrong side of the statistics in the following areas:
1. Staff Turnover
A work environment that is not diverse can be less inclusive and friendly compared to a more accepting, mixed, vibrant office community. This factor alone could lead to more conflict in the workplace and less employee satisfaction. A more diverse culture is a more positive one, and with happier employees, you will see lower staff turnover rates.
A team can solve problems quickly when they are cognitively diverse. Having a varied mix of people in your office means you have a broad range of unique thinking styles at your disposal. Your team’s brainstorming and problem-solving sessions will likely be far more productive than a team of like-minded individuals from similar backgrounds. Fresh takes, different life perspectives, different ways of thinking – diversity creates a hotbed of talent and a vibrant pool of views – what business wouldn’t benefit from that?
3. Attracting Talent
A rich workplace culture that accepts and welcomes diversity can enhance your organization’s talent acquisition. You’ll have a wider talent pool to tap into, and gifted individuals who didn’t consider your company before will soon be attracted to work for you.
Studies suggest that businesses with a balance of genders are nearly a quarter more likely to do better in their industry than those that do not. With a range of skills, perspectives, and backgrounds in your workforce, employees will be happier and more able to use and match skills to problem-solve and boost the work environment overall. An inclusive environment is a happier, more cooperative environment, leading to improved productivity overall.
5. Customer Understanding
When you have a diverse workforce, your team is much more likely to have a good base of customer understanding. That includes creating more inclusive customer service processes and improving customer-facing experiences. Your employees will be more well-rounded in their shared wealth of knowledge, so they’ll always have relevant experience to draw from in wowing your customers.
6. Brand Image
According to recent research, customers want more diversity in marketing from brands. Researchers predict that diversity will be in greater demand as we advance as a global society.
Customers expect companies to reflect the more open approach to uniqueness we’re now taking as a society. If you want to encourage customers to love your brand, you must do more than just talk about inclusivity. You need to prove that yours is a diverse company that takes action to encourage inclusivity across the entire business.
7. Financial Returns
A study conducted in over 15 countries, targeting more than 1,000 large companies, showed organizations that put a lot of effort into racial and ethnic diversity are over 35% more likely to have above-average profits than competitors that are not making as much effort.
This significant disparity in profit margins likely comes down to the difference made by all the other benefits mentioned above. When you have low staff turnover, top talent, happy employees, and brilliant brainstorming sessions, it stands to reason that profits will be plump.
You can enhance diversity in your organization with step-by-step improvements. As the above seven points demonstrate, there are endless benefits to enjoy if you’re willing to put in the effort. Let 2023 be the year you create an inclusive, powerful workforce that competes with the leaders in your industry.