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June 25, 2022

These days, companies of different sizes and institutions of learning proclaim diversity as an integral part of their corporate values. As a student or professional, such a claim definitely entices you. Those companies understand the idea of “strength in diversity”. In this article, we look at the benefits of diversity to organizations.

What is diversity in the workplace?
A company that encourages diversity has a workforce that is composed of employees that represent diverse age groups, religions, gender, disciplines, languages, ethnicities as well as cultural and professional backgrounds.

To reap the benefits of having a diverse workforce, an organization must equally encourage inclusion – making people of all kinds of differences and those with disabilities feel needed and valued for their contributions in the workplace.

Google, Microsoft, Nike, Kellogg and Johnson & Johnson are some of the multinational organizations known for maintaining diverse workforces.

Why Organizations Are Embracing Diversity

1. Innovation and creativity
Employees that have different backgrounds come to the table with different perspectives on issues and are able to provide innovative ideas and novel solutions to problems.

Results of research by  Forbes show that 85% of business executives believe that diversity encourages “different perspectives and ideas that drive innovation.” A diverse workforce is composed of employees who can sip solutions from their varied skills and experiences.

Another study by McKinsey & Company reveals that businesses that encourage diversity also make more profits.

2. Flexibility, faster solutions and better decisions
Because people with different backgrounds think differently, companies that have diverse workforces find solutions to problems faster, according to research featured in Harvard Business Review. But that is not all; they also make better decisions and can easily adapt to change.

3. Attractive to best talents
Employees like to work where their individual differences will be respected. As such, diversity is one of the factors job seekers look for in potential employers.

Culturally diverse companies enjoy the trust of their employees because they feel valued and respected in the absence of discrimination. Consequently, they attract the best brains in their respective industries and have a high rate of employee retention.

4. Serving customers from diverse backgrounds
Companies that have diversity and inclusion as their hallmarks are best positioned to serve local and international markets. They benefit from their employees’ knowledge of local markets.

Employees who understand the culture and language of the locals help to remove barriers. Customers equally feel more connected to a company when they come across staff members that are from their communities.

Promoting diversity in the workplace does not only help to discourage discrimination of various kinds but it equally contributes meaningfully to the performance of companies.

Therefore, it is a legacy that ensures everybody is a winner. However, it is noteworthy that diversity without inclusion does not yield intended outcomes.

Source: MSBM
Image Source: Pexels