In the globalised, modern world that our businesses are operating in, it is crucial to facilitate diversity in the workplace.
Before we cover the reasons and benefits of having diversity in your business, let’s clarify what it really means:
Diversity covers important and interrelated dimensions of human identity such as race, ethnicity, gender, gender identity and expression, socio-economic status, nationality, citizenship, religion, sexual orientation, ability, and age.
It’s a broad spectrum, reflective of the differences and similarities between people and extremely relevant to your business as diversity impacts your bottom line, and beyond.
We’ve complied a few facts to get you thinking about the influence diversity often has on business performance and productivity:
A 2015 McKinsey report on 366 public companies found that those in the top quartile for ethnic and racial diversity in management were 35% more likely to have financial returns above their industry mean, and those in the top quartile for gender diversity were 15% more likely to have returns above the industry mean.
In a global analysis of 2,400 companies, conducted by Credit Suisse, organisations with at least one female board member yielded higher return on equity and net income growth than those that did not have any women on the board.
A 2015 study from Bersin by Deloitte showed that diverse companies had 2.3 times higher cash flow per employee over a three-year period than non-diverse companies did.
As you can see, having a diverse workplace positively enhances your company’s capabilities. Not only does it reap benefits financially, but it fosters innovation, drives motivation, creates cultural harmony and allows you to truly expand your talent and performance.
You can facilitate diversity in your workplace through a few mechanisms;
Encourage teamwork activities, such as lunches, workshops and seminars that get your employees together while exploring different elements of diversity.
Develop opportunities and policies that cater and support minority candidates – invest in initiatives that make your workplace safe, inclusive and attractive.
Facilitate diversity training for current employees, maximising education and awareness.
Ultimately, workplace diversity fosters growth, innovation and performance.
Build, attract and maintain a team that is inclusive, well-rounded and harmonious team – you and your business will experience far-reaching benefits.