It’s a proven fact that diversity in the workplace results in a variety of advantages like increased profitability, more productivity, and better team morale. Diverse workplaces also benefit from a reduced rate of employee turnover, and longer employee retention. Workers like diversity in the workplace!
So, what exactly do we mean by a diverse workplace? The concept refers to having employees representing a wide range of races, backgrounds, nationalities, languages spoken, ages, sexual orientations, and gender identities, as well as physical and mental abilities. By utilising proactive employer services that help companies hire people from diverse backgrounds, we enhance and expand our possibilities. Let’s take a closer look at the many advantages diversity in the workplace has to offer:
Productivity & Profits
These are the goals of any company, the reason why we work and do business in the first place! Inclusive companies actually attract top quality professionals, and the workforce as a whole is more engaged and focused because of it, thus driving up profits as well as increasing productivity. One recent survey showed that companies boasting a diverse executive team had a 20% better chance at achieving profit goals than those that were dominated by Caucasian males. Money talks and people are listening!
Problem Solving & Creativity
Bringing together people who have a wide variety of skills, experiences, insights, and perspectives results in a synergy of thought that has the ability to strategically tackle a vast range of problems and find innovative solutions to them. There is power in numbers, and more so when they are made up of diverse individuals who are each contributing in their own unique way.
Decision Making
The wider range of knowledge and experiences brought to the table by a diverse workforce allows them to make better, more highly educated decisions on important issues, which leads to more positive results. A recent study showed that diverse management teams performed their decision-making processes faster and with better results than non-diverse management teams were able to achieve in over 90% of the cases! The diverse teams formed by enlightened hiring practices prove time and time again that they are smarter, more innovative, and have greater awareness, all qualities that are highly beneficial in any business environment.
Reputation
The businesses that promote and foster workplace diversity are viewed as being more socially responsible and humanitarian, which greatly increases their standing and reputation in the eyes of an ever-changing world. This reputation serves to attract new partners, markets, and customers, once again demonstrating the business power of diversity.
Employee Satisfaction & Retention
Over 20% of polled workers stated that diversity and inclusivity were deciding factors in choosing to apply to work at a company, enjoy job satisfaction there, and stay on long term. The feelings of camaraderie and positive connections they felt for their fellow employees were increased by diversity, proving once again that the concept is attractive, powerful, and results in a superior company culture that is ready to take on any challenge.
The Australian Government’s Public Service Commission has further information on workplace diversity. The bottom line is diversity helps your bottom line, ensuring your business is competitive and prosperous!
