7 Key Benefits of Workplace Diversity
By Krish Pattni – 30/01/2020
Workplace diversity is often discussed as an intrinsic good; a position most would agree with. There is, however, a compelling case to make that it is in the interest of businesses to build inclusive and diverse workplaces.
Creating environments in which diverse groups of people can collaborate effectively is profoundly beneficial for business and here are a few reasons why:
1) Identifying New Talent
The fact that there are underrepresented communities means that there is underutilized talent.
Targeting groups of people for recruitment that your competitors may have ignored can provide a distinct competitive advantage.
2) Attracting Talent
The diversity of a workforce is something employees have been shown to consider when deciding on whether to accept job offers.
Ensuring that your workforce is representative of the society it operates in needn’t be a burden.
Rather, it provides leverage and opportunities to develop talent, while reducing the risk of losing employees to competitors with little to no diversity initiatives.
3) Reducing Staff Turnover
Since the millennial generation entered the workforce, employee turnover has risen considerably.
Young people are far more likely to try their luck at new companies than ever before, and so retaining talent is vital to any organization.
Creating an environment where a diverse group of people can collaborate and contribute will improve results and reduce the cost of hiring and training staff as regularly.
Threats and Opportunities
In order for your business to maximize its potential, you must be able to access the entire community you work in.
Hiring a diverse workforce can provide insights into specific markets and customers, as well as providing opportunities to channel a range of voices through communications to resonate with a range of potential customers.
5) Adding Brand Value
Companies with diverse employees benefit from positive public perception; creating added brand value that can both help to build a stronger relationship between your business and its stakeholders.
It can also add an insurance policy against any potential communication missteps, which I’ll discuss below.
6) Retaining Brand Value
Avoiding being perceived as culturally insensitive has been a topical issue over the last few years, with incredibly damaging ads being created and distributed from major companies and brands.
H&M’s ‘Coolest monkey in the jungle’ debacle along with Pepsi’s Kendall Jenner ad are two highly publicized ad campaigns that were incredibly culturally insensitive and damaging to their respective brands.
Having a screening process with more diverse teams could well have saved the companies a lot of money and prevented the avalanche of negative headlines.
This does require empowering employees to point out instances of potential cultural issues and miscommunications.
Diversity of Staff = Diversity of Thought
7) Improving Staff Efficiency
According to research, companies with more diverse employees solve problems and innovate faster than more homogenous teams.
Including a range of thought, perspectives and experiences in your team can strengthen your cohesiveness and create new opportunities for business.
Maximising the Benefits of Diversity in the Workplace
While workplace diversity has a number of benefits that can enhance the productivity of your business, diversity alone is limited in how effective it can be, if it isn’t accompanied by appropriate workplace practices and structures.
In our next piece, we’ll address how you can maximise the benefits of diversity in your business.
Are you looking to improve the diversity and inclusiveness of your business, but are unsure of the right steps to take? Babbasa can offer your business support with intercultural and intergenerational communications, employee recruitment, youth mentoring, and outreach. Contact firstname.lastname@example.org for more information.