Diversity in the workplace involves hiring people from different cultures, viewpoints, backgrounds, and personalities for your team.
Companies that commit to diversity are measurably more successful, and fostering diversity at the workplace is proven to attract top talent.
In numerous studies, diversity, inherent (e.g., race, gender) or acquired (experience, cultural background), is associated with business success.
A 2009 analysis of 506 companies found that firms with more racial or gender diversity had more sales revenue, more customers, and greater profits. In a study conducted in 2016 on more than 20,000 firms in 91 countries, they found that companies with more female executives were more profitable. Management teams exhibiting a wider range of educational and work backgrounds produced more innovative products. These are mere correlations, but laboratory experiments have also shown the direct effect of diversity on team performance.
Creating a diverse and inclusive workplace plays a critical role in creating a strong culture and a positive employee experience. A diverse team drives innovation, business performance, and profitability — all of which enable companies to invest further in their employees.
When people talk about diversity in teams they tend to think of demographics. But the diversity of experience is just as important.
If all you’ve ever seen is your own market, you might believe that it remains more or less static. You might be tempted to view disruption as a phase that will pass. But if you’ve experienced change elsewhere and seen that there are other ways of doing things, you perceive the world around you as malleable – it can be shaped by you or by someone else. So you tend to be more open to new ideas and influences.
The evidence suggests that diversity of experience has the most positive impact on company performance in sectors characterized by greater dynamism and frequent change – particularly in tech. It might not seem so important to an established firm such as a bank. But even if your industry is not characterized by change today, it might be tomorrow.
Main benefits of a diverse and inclusive workforce
1) Better Employee Performance
At first glance, it can be difficult to see the connection between diversity and employee performance. But when you promote inclusivity and equality in the workplace, your employees will feel happier and more comfortable in their work environment. That translates to higher productivity, increased motivation, and improved employee performance.
2) More Skill, More Talent, More Experience
Could your team benefit from more skill, talent, and experience? Of course, it could. That’s what diversity in the workplace has to offer.
When you hire a broad spectrum of employees from varied backgrounds, you get the skills, talents, and experiences that come with different worldviews. This diversity creates an ideal environment in which your employees can learn from and about each other.
3) A Larger Talent Pool
Having trouble finding the right fit for your team? When you prioritize diversity in the workplace, you open the floodgates to a larger talent pool. In return, chances increase that you will find an exceptional candidate to fill your needs.
Diversity also has the added benefit of making your business look attractive to prospective employees and customers. They’ll consider your business progressive, which will, in turn, increase its appeal to people from all walks of life.
4) Creative Innovation
If you want to get the creative juices flowing in your business, hire individuals from different backgrounds, experiences, and working styles. This provides an environment in which creativity can flourish.
Cultivating diversity in the workplace creates an environment where ideas can grow based on the unique feedback and suggestions that come from divergent worldviews.
Hearing about another’s experience can shed light on life different than your own and provide you a new perspective. When you contrast your struggles, needs, and values with someone else’s, you can really begin to comprehend where an individual is coming from and empathetically understand their attitudes, behaviors, and beliefs at a deeper level
We are sophilabs
A software design and development agency that helps companies build and grow products by delivering high-quality software through agile practices and perfectionist teams.
How To Think Like A Programmer Lessons In Problem Solving
A common misconception that people have about programmers is that they know everything. But, in reality, that's not quite the case. What programmers do have is a unique approach to solving problems.
Analytical Skills with Examples for your Resume
Analytical skills allow you to collect, organize, visualize, and assimilate data. That’s why it’s hard to find a job offer where analytical skills aren’t listed among the employer’s requirements.
Ways To Improve Your Collaboration Skills
Working effectively as part of a team is incredibly important. While an entrepreneur with a vision can start a business, it usually takes the collaboration of many people to make it a success.