Workplace Diversity Is the Rule, Not the Exception, for Growing Businesses
Jan. 30, 2020
Anyone who has ever traveled for work has likely experienced first hand the benefits of immersing oneself in a diverse setting. Businesses should strive to bring that diversity to daily operations, and maybe not for the reasons you think.
I completed corporate training once on “Diversity in the Workplace” and one of the questions asked, “True or False: Diversity in the workplace is important because it helps businesses avoid issues of discrimination.”
Objectively, this statement is true. However, I selected “False” because any business that seeks to be inclusive simply to avoid some kind of trouble isn’t doing it for the right reasons, and probably isn’t cultivating a culture where you get the most out of diversity.
I got the question wrong, on principle, and had to take the test again.
The truth, however, is much more nuanced than that question gives diversity credit for. Below are some of the many benefits of diversity in the workplace and why you should strive for diverse perspectives as part of your company culture and business model:
Diversity Propels Innovation
In a workplace with diverse perspectives and a culture that fosters connectedness and teamwork, employees can innovate better by engaging each other on new ideas and considering different perspectives.
Variety of Talent and Skills
When diversity is a part of your company’s strategy, you end up with workers who have a number of skills, talents and experience levels that might be missed in a less diverse group of people. This allows businesses to strategize better and get more accomplished without outside help.
Attract Stronger Candidates
A company with diversity can attract talent from across the globe. Even local specialists might be more inclined to share their unique skills in a place where diversity and talent are a part of the fabric of the business. Everyone wants to feel valued at work, and a diverse workplace creates an environment where anyone, with any specialized skill set, can.
The last thing any company should want is a hostile work environment. When inclusivity is a part of a company’s message and values, people are likely to be happier, have better morale, enjoy coming to work and, yes, avoid discrimination, too.
Language Skills Are an Asset
If you work in an area with diverse customers or are thinking of expanding your company globally, someone with expert level experience with the language and culture required is an asset to a growing business.
Make More Money
A study by McKinsey shows that companies with diverse executive boards make 95% more in equity returns than those who do not. It doesn’t make sense not to employ a diverse workforce.
In today’s digital marketplace that appeals to young consumers, simply having great marketing is not the only thing needed to propel your business into a success. Today, Millennials make up the largest segment of the workforce and are among the most diverse of generations. As it turns out, 47% of Millennials seek diverse workplaces and 73% of the cohort are willing to spend more to shop ethically.
These numbers suggest that if you’re not willing to come forward in authentic support of diverse workforce culture, you’re missing out. Don’t let your hard work become obsolete.
Contact Lynch Law to receive top consultation on how to diversify your business, starting with your company culture. Natalie Lynch, corporate attorney, has traveled around the world working with large businesses and she can help you too. Get in touch with Lynch Law, today.