Workplace diversity isn’t just a question of ethical consideration. It’s so much more than that.
Diversity increases revenue. It inspires greater innovation in the workplace. It engages employees, which not only leads to higher productivity rates, but cultivates an environment where employees are happier and more fulfilled.
Companies should want diverse teams, rather than seeing it as an obligation to fulfill. Workplace diversity comes with distinct advantages, which leads to higher business success rates. Here are just a few of the reasons why diverse workplaces are celebrated.
It’s Good for Employees
50 percent of U.S. employees believe their companies should be doing more to diversify their workplace. Nearly 80 percent of employees report that they don’t want to work for a company that doesn’t value and prioritize diversity, inclusion, and equity. This should be a no-brainer, but there are still too many organizations who aren’t hearing the voices of their employees who are advocating for change.
Research has proven time and time again that when employees are confident that their companies support diversity, and they feel included and represented in the workplace, that their ability to innovate increases by up to 83 percent. They believe they’ll be taken more seriously, which encourages them to be more committed and engaged at work. Diverse teams also bring different perspectives to the table, which enhances decision-making and problem-solving.
All of these forces allow for greater creativity, which means a greater number of ideas being funneled through your company, which produces better results that set your company apart from the competition.
It’s Good for Customers
Your customers are diverse, and your employees should mirror that same diversity. When your entire team can come together and advocate for what’s best for your customers, you’ll be positioned to better market your products or services.
It’s Good for Business
Diverse companies typically make more money than those that aren’t as inclusive. Research from McKinsey uncovered that organizations in the top quartile for ethnic and racial diversity are 35 percent more likely to have higher returns. Those who are in the top quartile for gender diversity are 15 percent more likely to have above-average returns. It should be obvious as to why, as made apparent in the above sections. Diverse companies are more innovative and this translates to better products and services. All of this is necessary to have better business outcomes.
Maybe you already do value diversity in the workforce, but there is always more we can be doing to promote inclusion. Not only do we need to invite our teams into this discussion, but we must also hold each other accountable as well. It’s always strange having to have this conversation, as it seems so obvious, but it’s a conversation that must keep happening. There’s still so much more work that needs to be done.