The benefits of having a diverse workforce
Having a diverse workforce is something that a lot of us know is a “good to have.” But why does is really matter and what are the key benefits? This topic is outlined in more detail in this blog.
Key Benefits of a diverse workforce
Studies have shown that a diverse workforce leads to more innovation. This study found that companies with more diverse management teams have 19% higher revenues due to innovation. This shows that a diverse workforce can be an integral part of a thriving business.
When hiring employees, building a diverse workforce will give your company access to a wider talent pool, which comes with employees with a wide range of skills for your company to utilize. Additionally, prospective jobseekers will look to work for your company as a result of your fair and diverse workplace practices[1]. According to one survey, 32% of jobseekers wouldn’t apply to a company lacking in diversity.
Employees find more job satisfaction in a working environment that is fair and diverse. Having a diverse workforce will help your company retain its key workers, whilst also saving resources in employee turnover. A diverse workforce will also lead to more inclusion in your company, helping to foster a working environment where all voices are heard, and employees feel that their viewpoints matter.
How can your company support and grow a diverse workforce?
Whilst a fair and transparent hiring policy will allow you to attract a diverse range of candidates, it is important that your company focuses on building a strong foundation based on fair and diverse employment practices, which takes an active approach to improve and support existing diversity in their workplace. These practices should include equal pay, frequent and open communication, and equal progression opportunities, which will allow a diverse workforce to flourish.
In addition to this, encouraging, promoting and facilitating a more diverse leadership team will help to develop these diverse viewpoints and perspectives. Positive changes in diversity higher up in your company will most likely have a ripple effect, and workers will be able to see the benefits throughout your business, as well as finding their own role models.
In the present day, the vast majority of top companies view diversity as an important business imperative, with the ability to improve their brand, increase performance and engage their employees. As a result of this, these businesses embrace diversifying their workforce and view the process similar to a marketing campaign. The candidate market is also increasingly aware of diversity issues, with younger workers, in particular, expecting inclusion as a mandatory part of their workplace. Through effective diversity campaigns, businesses can highlight their efforts towards potential talent and show that they are striving towards building a diverse workforce.
Conclusion
A diverse workforce comes with many benefits to companies no matter their size. All companies should be working towards making sure their workforce is diverse and inclusive and their hiring process is fair and transparent, not just because it is the right thing to do but because it also makes good business sense.
Sources
https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation
https://www2.deloitte.com/us/en/insights/focus/human-capital-trends/2017/diversity-and-inclusion-at-the-workplace.html
https://www.forbes.com/sites/bonniemarcus/2015/08/12/the-lack-of-diversity-in-tech-is-a-cultural-issue/?sh=1ebde1579a21
https://www.weforum.org/agenda/2019/04/business-case-for-diversity-in-the-workplace/
https://smallbusiness.chron.com/advantages-diverse-workforce-18780.html
https://onlinemba.wsu.edu/blog/10-benefits-of-diversity-in-the-workplace/
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