The Important Benefits of a Diverse Workforce

Submitted by Tamarack on May 8, 2017 - 2:57am
By: Jess Walter

Thanks to technology the world is becoming smaller. Mobile devices make it possible to work with customers, vendors, and employees around the corner, or across the globe, any time of day or night. As businesses and communities are becoming more globalized, many companies are operating a diverse marketplace with an increasingly diverse workforce.

Why Diversity Matters

It is more important than ever for companies to build a diverse staff. This makes recruiting and retaining an inclusive team important so that it reflects the world around you. It is also beneficial when it comes to developing fresh ideas to meet the precise needs of your consumers. For many companies, this means integrating staff that looks like the community they serve. This way they are better positioned to address the various worldviews, insights, and experiences of their diverse consumer pool. There are several significant benefits to having diversity in the workplace.

Diversity Drives Innovation and Creativity

Research shows that businesses perform more innovative work when diverse leadership exists. Diversity, in this study, was based on gender, age, cultural, and capabilities. Particularly important in today's workplace is the creation of a workplace culture that respects and values all members of the workforce and the community and leverages their respective differences to create better more innovative solutions.

Diversity Improves Recruitment

Today’s candidates are some of the most talented and in demand. Research indicates that having a culture of diversity within your company can be a tool in recruiting top talent. Two-thirds of respondents in a Glassdoor survey showed that they value diversity above many other factors when evaluating a prospective employer.

Diversity Drives Employee Satisfaction

Let’s face it; it is important to feel valued and respected. A company that promotes diversity is one that respects and values its employees. Employee turnover costs companies millions of dollars a year. Furthermore, the existential costs are much more expensive. The bad word-of-mouth a company receives when they lose and employee and the damage to reputation are incalculable.

Diversity Increases Market Capture

Customers want to be able to relate to your company. They want to see themselves reflected in your team. It stands to reason, then, that having a more diverse workforce will help you capture more of the marketplace.

Diversity in the workplace is more than having a hiring policy. To be effective, it must permeate the entire culture of your company. There are many proven benefits of having a diverse workforce. It is equally important to have a diverse leadership, as well.