Creating a diverse workforce is the right thing to do. Beyond that, the benefits of a diverse workforce are far beyond politics and morality. A diverse workforce inspires innovation, encourages well-rounded decision making, fosters a more engaged employee and can even increase your bottom line.
Companies embracing diversity and inclusion report higher engagement, lower turnover and increased profits according to Harvard Business Review.
A diverse and inclusive workplace includes cultural, religious, gender and race diversity. Hiring employees at all levels from diverse backgrounds brings unique, fresh perspectives and leads leading to enhanced creativity and innovation. This can result in better problem-solving and decision-making.
What happens when you bring people with different points of view, different life experiences, perspectives and backgrounds together in a room? Well-rounded, diverse ideas and more inclusive decisions. The positive effects of fostering a diverse workplace go beyond the walls of your company. Your clients, policies, sales, reputation and community all benefit from diversity in your workforce.
Organizations with a more diverse workforce have a competitive advantage in recruitment, retention and results. According to Boston Consulting Group, businesses with above-average diversity on their management teams report 19 percent higher revenues from innovative products and services than those with less diverse leadership.
In 2018, the Harvard Business Review conducted a study that analyzed the financial performance of venture capitalists. Their findings showed that diversity in the workforce may improve fund returns and could even lead to more profitable investments.
One of the primary benefits of building diversity in the workplace, it broadens the pool of potential employees and can go a long way toward improving employee engagement and interaction. When employees feel comfortable and represented at work it can lead to increased productivity and profits.
In addition to all this, potential clients look favorably at diversity and it can positively impact increasing the reach of your business.
But benefits go beyond that. A diverse workforce promotes opportunities for everyone to learn and embrace different cultures, perspectives and ideas. This provides rich opportunities for everyone to experience amazing growth in both personal and professional realms.
The thought of bringing diversity to your business can be daunting. It’s intimidating to be open to bringing in fresh perspectives and people whose ideals challenge you and your norms but this is where growth occurs. It’s true in our personal lives and is definitely just as true professionally.
It’s important to understand that this is a journey and a process. Set your diversity goals to align with your mission and values. This means being honest with where your company is right now with diversity and inclusion and setting goals and putting a plan in motion to get where you want and need to be.
What works for other companies and even your competition might not be what’s right for your business. Formulate a plan and start working towards increasing diversity in your workplace. It will benefit you, your employees, your business and your community.
TASC CEO Blog 