3 Advantages of a Diverse Workforce
by Rebecca Ferlotti
Over time, “diversity” and “inclusion” have shifted from buzzwords to attainable and necessary goals for business owners. It is important to look at all types of diversity when identifying diversity shortcomings, and not only pay attention to demographics but also to psychographics as well. Many companies are moving towards a more holistic hiring approach, one that seeks out a broader talent pool and takes extra measures to remove biases.
Ultimately, the advantages of having a diverse workforce far exceed having a homogeneous team; companies that have low cultural and gender diversity are 29% less likely to achieve above average profitability. And with all the added benefits—creativity, trust, and relatability—the decision to make diversity a priority is not a difficult choice.
Diversity encourages creativity
With any business, it is important to look at the big picture to spur innovative ideas. That creative sweet spot starts with a diverse group of people, all with unique world views and experiences. If everyone on your team looks the same, acts the same, and thinks the same, business might stay steady, but it is highly unlikely it will remain on an upwards profit trajectory.
A study done for the American Psychological Association uncovered when individuals have intercultural friend groups, they were more likely to showcase desirable employee traits such as entrepreneurial spirit. When your team members are exposed to that diversity, creativity is right around the corner.
Diversity builds trust with your team
When your team members feel left out, they’re less likely to innovate, but if you support diversity and inclusion, there is an 83% uptick in innovation. A diverse team begins with an inclusive environment, so all employees and C-level managers need to be on board, continually fostering and buying into the concept that diversity is a key to success.
Train employees to use inclusive language—ensuring no one is misgendering another employee, among other protocols—and have a way for employees to report discrimination. Make diversity a crucial part of your organizational success, and your team will thrive.
A diverse workforce reflects your diverse clientele
Consumers are not all the same. The more diverse your team, the better the chances are someone will be able to relate to each customer. Much of that relatability is affected by perceived similarities, or attributes customers believe they have in common with employees. Discussions they have with your team members cause affinity to grow as they uncover actual similarities. In a ubiquitous internet-driven world with global market capabilities, a diverse and inclusive work environment gives your company the highest chance for success in attracting a wide-ranging clientele.
Companies have made great strides in fostering a diverse and inclusive workspace, but there are always more initiatives and better ways to reach out to diverse job candidates. The crux of a diverse team is its management. Continue to hold each other accountable, no matter who needs a reminder, and your business will have a better chance to thrive.