By Francisca Brown
Diversity and inclusion have become buzzwords in today’s corporate world. But diversity and inclusion must be more than a paragraph in a brochure, a few sentences on a website, or an occasional reference in the employee newsletter.
Firms need to fully embrace these values to reap their true, resounding benefits. But what does an intrinsically diverse company look like? Without being forced or contrived, contemporary companies thrive with a fundamental understanding of ways that employees from all walks of life make the office a better place to work.
A diverse workforce does more than offer varied employee perspectives; it changes the makeup of a company from the inside out. In fact, research shows that ethnically diverse companies are 35 percent more likely to earn above-average revenue and 15 percent more likely among gender-diverse companies. Clearly, there are reasons reaching far past the surface that make diversity and inclusion in the workplace so important in 2019.
The rise of the Internet and social media has brought us closer together, allowing us to share more with a larger global audience. As such, companies are also sharing more about their inner workings, specifically showcasing their workplace culture. With an extremely clear vantage point inside your business, any person can see what your company is about at any point in time.
Your reputation as a diverse brand truly depends on the extent to which you are willing to fully implement the concept into the day-to-day. When your company mirrors the world around you, the realities, insights, and experiences of the collective are embedded into the way your firm does business. And today, people want to work with those they can relate to. The company that truly represents everyone effectively markets to different socioeconomic groups, races, and genders.
Better Service for Your Clients
As part of the expanding global market, clients are no longer one-size-fits-all. According to Rosetta Stone, bilingual employees earn an average of 10 percent more in revenue for their respective companies. Furthermore, employees who speak different languages or who are familiar with other cultures are an asset to national and local corporations alike. As clientele diversifies, your workforce should as well for your customers’ benefit and your own.
Diversity Goes a Long Way in Recruitment
According to Glassdoor, now more than ever, people value diversity as one of the top qualities in a potential employer. Rather than hiring from the same pool of candidates, firms that expand their search to include different schools, environments, and geographic areas have a larger selection of people with various specialties. In recruiting and retaining a diverse workforce, companies will have a wider appeal to candidates who otherwise might not have applied.
Innovative Ideas Come from Diverse Groups of People
It goes without saying that different ideas come from different groups of people. Creativity and innovation are aspects that every office needs to be successful.
As one of the main catalysts for both of these attributes, diversity fosters growth that spans across every sector of the company.
In fact, research from Michigan University shows that groups with members from different backgrounds solve problems faster and more effectively. A clear example of innovative ideas generating solutions, this study— Groups of Diverse Problem Solvers Can Outperform Groups of High-Ability Problem Solvers—shows the value a diverse team can bring to your company. With a wider pool of perspectives, teams reach solutions more easily through creative, collaborative thinking.
Retain More of Your Employees
The gig economy is alive and well. According to Mercer.com, people leave jobs at a faster rate than they ever have before. Employees will likely be more inclined to stay at companies where they feel valued, heard, and understood. Fostering growth for more people in your company, regardless of their background, is something everyone can get behind.
In making everyone feel included and represented, more employees will mirror the investment. People want to work for companies that make the effort and look out for their employees’ best interests; committing to diversity is in everyone’s best interest.
About the Author
Francisca Brown is the Senior Director, African-American Multi-Cultural Market Strategy, at Northwestern Mutual.