5 Benefits of Diversity in the Workplace

5 Benefits of Diversity in the Workplace

Workplace diversity might sound like business jargon for many. However, the truth is, diversity needs to be an ingrained goal for each and every organization out there. It’s solely not about the reputation, though. It’s also not about the social goal of being inclusive. But a diverse workforce can have several tangible benefits to you and your business.

According to a study by BuildForce Canada, 20% of the labor market will shut down in the next decade. Hence, in order to replace them, the businesses need to employ people from underrepresented groups, Indigenous natives, women as well as new Canadians. Workforce diversity can help your business attain several high-level goals like increased innovation with magnified results.

So, what is this workplace diversity all about? Simply put, it is about employing people from all walks of life. If you are an entrepreneur and if you are thinking about implementing a diversified workforce in your company, you should be okay with employing people irrespective of their backgrounds, ages, genders, religions, abilities, and races. Basically, it’s about having a team from different socioeconomic statuses.

Why is Workforce Diversity a Win-Win?

Companies that can have a diversified workforce will offer a variety of newer ideas, learning opportunities, and perspectives towards the company’s growth. Diverse employees, from all walks of life, will bring together various talents, skill sets, experiences, to bring forth creative and innovative solutions. Whereas, a group of people from similar backgrounds will probably solve a problem in the same way.

On the other hand, a culturally diverse team can create a kind of esprit de corps, along with a feeling of positivity for the benefit of the company. And how does it help? Well, a diversified solution to a problem will create a feeling of camaraderie amongst the team members and they will be encouraged to cooperate more during the upcoming ventures of the company.

5 Sure Shot Benefits of Workforce Diversity

When you can put a variety of ideas and world views in one room, you’ll come out with many profound ideas. Here are 5 benefits of having a diversified workforce –

1.       Enhanced Productivity

According to a study by McKinsey & Co., the public companies in the US with a diversified workforce have a 95% higher ROI on equity as compared to the homogenous brands. Hence, it’s been proved that workplace diversity will not only breed creativity but will also enhance the productivity of your teams. Also, creativity will lead to better output and more diverse brainstorming sessions. Also, you will benefit from diversified solutions from a diversely productive team.

2.       Increased Creativity

Touching the same vein, workforce diversity will boost creativity. Think about it; when there is a sameness in the office, you will get similar solutions and similar kinds of creative outputs. By employing only heterogeneous groups, with people from similar cultures and socioeconomic backgrounds, you will limit the overall creativity and innovation of your firm. However, with a diversified employee background, you will be able to bring diverse solutions to your problems and will achieve one common goal – the goal of your business.

3.       Improved Performances

As per the Harvard Business Review’s research, a diversified work culture goes a long way towards helping the employees feel included, no matter where they come from or who they are. Such inclusiveness helps in breaking barriers and reducing the fear of getting rejected because of the ideas they share. In fact, a diverse workforce can see 60% better improvement in decision-making. As per a report by Deloitte in 2013, when employees feel included, they provide better work and innovative solutions by 83%.

4.       Better Marketing Opportunities

If potential organizations or clients see that a business represents a diverse workforce, it makes them feel that they will better relate to the business. Using advertising depicting the differently-abled, mature and ethnically diverse people will encourage applicants to apply more. This will promote a very positive reputation of the company, with an increased marketplace awareness and a better and diversified client base.

5.       Essential Global Impact

Now, look at the bigger picture. With a diversified workforce and employees of all creeds, abilities, and experiences, you will be able to make a difference! You will have the ability to stand out from the crowd. You will be able to get noticed in every community in which you operate. You will make a difference in the lives of your workers and employees. A diverse workforce will grant you a global perspective. It will present you with a point of view of rich, incredible nuances of the human race and culture. This will also mean that you will have a better chance of expanding your business in the near future and will be able to successfully develop a community amidst the global marketplace.

To Sum it Up

Achieving a diversified workforce doesn’t happen in a day or two. It will take years of perseverance to be able to build a team of people from all walks of life. Also, the more effort you will give to create a diverse team for your better, the better you will be able to reach your business’s full potential. Also, with a diverse workforce, you will be encouraged more to have an innovative talent pool, unlike your competitors.

So, aren’t you ready to make this shift towards diversity? Do share your thoughts in a comment below. Also, to learn more about the small and medium-sized businesses in Canada, do not forget to subscribe to our monthly CanadianSME Small Business Magazine. 

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