Diversity in the workplace is a popular topic for discussion, and while the focus of these conversations usually revolves around equality – employers shouldn’t lose sight of the fact that diversity is actually better for their bottom line.
Research has consistently shown connections between increased diversity and things like higher productivity or greater innovation. Consider the following four distinct benefits that come with a diverse workforce:
1) Lower Turnover
Employee retention is crucial to any company. When your business encourages diversity, it’s not only showing a forward-thinking mentality, it’s accurately representing the US population, your customers and clients.
This will be especially true moving forward. Millennials are the most diverse generation in the history of the United States. In fact, 44 percent of Millennials are minorities, and almost half say they try to find employers that have diversity and inclusiveness when considering a job offer.
If workers realize that a business values diversity, then they’re likely going to be more satisfied because they feel accepted work, regardless of their race, gender, nationality or sexuality.
2) A Better Company Brand
When it comes to branding, diversity is good look; however, branding isn’t just about optics.
Diversity is a tool for human resources to develop stronger teams and a better overall organization. If diverse teams produce better goods or solutions, it has a massive, far-reaching impact for a brand.
3) Higher Profits
One recent study discovered that diverse teams can boost revenues by 19 percent. This is because a diverse workforce is more prone to relate to and comprehend the needs of a diverse client base. Clearly, there’s an enormous financial benefit to be had for companies who embrace diversity and inclusiveness.
4) A Wider Range of Solutions
A primary reason people tell younger generations to travel is because they can immerse themselves in other cultures and points of view they might not ordinarily come across. Finding out about other beliefs and perspectives held by a people with a range of races and religions helps in escaping homogeneous thought processes and positively effects a worldview.
Simply put, when you bring a big range of ideas, viewpoints and habits to the workplace, you’re not only creating a diverse team, you’re weaving a tapestry of ideas: one that is broad, agile and can deal with a wide variety of issues. We all have our own distinct point of view, and a diverse workforce reduces a company’s blind spots by adding all these points of viewpoints together.
In addition, diverse teams are also more innovative because staff members are exposed to several attitudes and methods of expression. It basically creates a laboratory of ideas and innovation.
Add Talented Candidates to Your Team with Help from NSC!
At NSC, we have years of experience in connecting our clients to applicants from diverse backgrounds. Please contact us today to find out how we can support diversity at your organization.