In recent years, diversity has become a major buzzword amongst employers but it’s one of those rare buzzwords that actually deserves the buzz. You see, a business is always going to be a reflection of its staff and employing people from a range of backgrounds is going to give you access to so much more insight and depth. And that’s before you even consider the HR and PR improvements.
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Equality, Diversity, and Inclusion support (EDI support) has become a major building block for countless companies as B Corp status becomes more desirable and more employers begin to consider the impact of their decisions on their people, clients, suppliers, community, and the environment. But besides the fact it’s another PR claim to make on the company website, what real benefits can a more diverse workforce offer?
With more people on your team from a range of different cultures and nationalities, there are immediately going to be more perspectives on the table. We are all, after all, made up of our collected experiences and somebody with a different background is going to have a raft of different experiences to draw from. When it comes to problem-solving, this can be a serious boon. Indeed, research has revealed that teams made up of more diverse individuals see a 60% improvement in overall decision-making abilities.
Higher innovation and creativity
A homogenous group of employees might have slightly different ideas and motivations but they are all going to be coming from the same place and using the same basic skills. Sameness rarely leads to innovative ideas. This is why companies with greater levels of diversity will always be privy to more innovative ideas and solutions.
Companies that actively seek diversity are going to have access to a deeper and wider pool of talent. On the flip side, if a business is trying to be more selective about who they hire, they are going to have fewer choices. This is also true when it comes to attracting top talent. One study found that 76% of job seekers say a diverse workforce is one of the top things they look for when evaluating job opportunities. So, if you want to attract top talent, diversity should be one of the top considerations of your agenda.
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Profits and performance
When there’s an innate pressure on employees to conform to certain stereotypes they are less likely to be productive as they will be too worried about breaking rank. That’s why more diverse workforces tend to see better staff performance. This performance is always going to lead to more profits. In fact, one report found that those with more ethnic and racial diversity were 35% more likely to achieve stronger financial returns. So, diversity doesn’t just make logical sense it makes financial sense too!