Now more than ever before, businesses are understanding the need for a diverse workforce. Building a group of diverse employees goes beyond meeting standards. It brings together people of different backgrounds, cultures, perspectives, and other traits to create a well-rounded and effective team that can achieve a company’s mission. The following are some of the reasons many companies desire a diverse and inclusive workforce: An Increase in Productivity and Creativity When a workplace brings people of various backgrounds and experiences together, those individuals bring a wide array of perspectives and ideas to face challenges. Diversity of thought can catalyze creativity and innovation, which leads to more effective methods of reaching a common goal and fitting the needs of a company’s customers. Johnson & Johnson states each of their employees “view the world from a unique vantage point; a perspective that gives them problem-solving potential ideas, solutions & strategies that, when mobilized, can bring health to billions.” The Ability to Serve a Large Customer Base If a company is planning on expanding its services into the global market, it’s important that they have the ability to serve customers that speak different languages and practice a broad spectrum of cultural traditions. By building a workforce that is as diverse as the customers they serve, an organization can establish a competitive edge in the market. Diversity within a company, helps the company reach a larger customer base and develop resources that are suitable for each individual client. Apple is well known for its continued efforts to hire underrepresented groups and promote inclusion in its workforce. “If we want a product to appeal to and work for a big group of people, it needs to be built by a diverse group of people” a software engineer at Apple said. Higher Financial Returns A recent McKinsey study stated “companies with more diverse workforces perform better financially.” The study found that companies with a high rate of gender diversity are 15 percent more likely to outperform the industry median, and companies with a lot of racial and ethnic diversity are 35 percent more likely to surpass the average profit. While the correlation between gender and ethnic diversity alone doesn’t automatically lead to greater profits, McKinsey discovered that diverse companies are “better able to win top talent and improve their customer orientation, employee satisfaction, and decision making”, all of which can contribute to a cycle of financial growth. Attracting and Retaining Top Talent In an increasingly competitive economy where employee talent is crucial, companies should appeal and choose from a diverse talent pool of potential candidates. Glassdoor recently reported 67 percent of jobseekers weighed diversity as a factor when deciding where to work. Furthermore, 57 percent of respondents said they think their company should be doing more to increase diversity among its workforce. The failure to hire and retain qualified employees results in high turnover rates in companies and an accompanying increase in expenses for hiring and training. When all employees feel welcomed and supported, they are more likely to remain with the company. Implicit Bias Training
While 77 percent of executives state their “strong support for diversity initiatives, only 40 percent of employees actually believe that their organizations are truly diverse and inclusive. There are many steps a company can take to ensure they are truly valuing a diverse workforce such as conducting blind resume screening to negate the effects that unconscious biases have on underrepresented groups. Implicit bias trainings can also be beneficial and make managers aware of the partiality they may have in the selection process. More than 175,000 Starbucks employees recently participated in a required racial bias education program in which they discussed their own encounters involving race and prejudice as well as ways to prevent it from resurfacing. Despite the potential financial loss of $10 million, Starbucks closed 8,000 participating stores across the country for an afternoon in order to hold the training. Having a diverse administrative and management team can increase objectivity and allow lower level employees to feel represented and inspired to move up within a company. Lastly, retention programs can also be used to ensure diverse employees know they are welcomed and supported within a company. Overall, a diverse workforce can greatly benefit a company and its employees. More and more companies are beginning to see the advantages of having a diverse workforce and are requesting the acquisition of employees that fit these desires.
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