Diversity in the workplace helps create an inclusive work environment, enabling all employees to achieve their full potential, and allowing your business to reach its fullest potential.
Workplace diversity isn’t just an inclusion fad, it is something companies are recognising more and more as a must. While it will serve to improve your reputation, there are many more tangible benefits which can impact your business’ bottom line.
So, what are the main benefits of diversity in the workplace?
An article by Hofstede insights in 2020 states: “managing cultural diversity is important largely for the same reasons that make management important in general. It helps in achieving goals as a group, reducing costs and steering, and optimising resources.”. They also cite inclusive and diverse workforces bringing “increased innovation, more profitability, and teams with better problem solving skills”.
Research conducted by McKinsey states that having more than 30% more women in your executive leadership team means you are likely to outperform companies with fewer women executives. McKinsey also stated that companies with more ethnic and cultural diversity in their leadership, succeeded by 36% in profitability compared to those lacking in ethnic and cultural diversity in 2019.
But what does this mean?
By valuing each person’s unique experience, you as an employer can increase motivation, revenue, and customer experience.
The greater the diversity, the more innovative, creative and equipped your team becomes. In layman’s terms, if your team of employees are from diverse backgrounds, you as an employer stand to do better.
Why should I care?
Statistics aside, it is your responsibility as an employer to properly represent the communities you are profiting from, and create an inclusive environment in which your employees can succeed, regardless of their background. Diversity only achieves its full potential for business success when there is inclusivity in leadership.
With a range of leadership training and video lectures on management, unconscious bias and empowering leadership, our ROC programme is made to help leaders and organisations become inclusive.
Diversity and inclusion are essential tools for your organisation’s outperformance so sign up now to our ROC programme today, or book a taster session to begin your inclusive leadership journey.