You may be hard pressed to find anyone who doesn’t agree that diversity in a workplace setting is generally a good thing. But there may still be some outliers who cannot see the value. Workplace diversity is important, in short, it gives you wider access to a talent pool.
But there are other reasons to diversify your workforce.
What is Workplace Diversity?
Workplace diversity is the simple process of respecting and valuing the differences that each team member brings to the office. It means fostering an inclusive culture in your workspace, where equal rights are provided to each employee, regardless of age, gender, sexual orientation, ethnicity, physical ability, religious beliefs, and more.
Having a diverse workplace is one thing; hiring employees with a mix of backgrounds, political beliefs, sexual orientations, or gender identities doesn’t mean much unless you include everyone post-hire. That’s where inclusion comes in.
Inclusion means that everyone in your diverse pool of talent feels involved, valued, respected, and treated equally. It is important to ensure all employees recognize their talent and are part of creating an inclusive workplace culture.
Impact of Workplace Diversity On Your Bottom Line
Aside from the value of bringing in different perspectives and ideas, having a diverse workforce can affect your bottom line in measurable ways. According to one study, companies with a diverse team reported an average 19% increase in revenue compared to competitors with a less diverse team.
Additionally, there is strong evidence that indicates workplace diversity can positively impact your company’s innovation. In fact, inclusive companies are 1.7 times more likely to be innovation leaders in their market.
How Workplace Diversity Affects Your Team
Aside from the economic reasons to hiring a diverse workforce, your existing staff will also benefit from it. Workplace diversity has been known to boost employee engagement. Employees are first and foremost far more likely to bring up new ideas if they already feel their opinions are valued.
Furthermore, recruiting employees with a range of backgrounds means your business could benefit from a wider degree of perspectives.
With your diverse team feeling more accepted and valued, it should come as no surprise that they also feel more happy and satisfied with their job. This means they’ll stay longer and your company will experience lower turnover rates.
Those companies that have dedicated themselves to fostering an inclusive culture are generally perceived as more socially responsible, which can only lead to a better perception of your organization, and hence, a better reputation.
Finally, if your company already has a good reputation and is seen as being socially responsible, more people will want to work there! Promoting and maintaining an inclusive workplace culture is especially important when trying to attract top talent.