Diversity and inclusion are terms we’re hearing more and more in today’s world. As we strive to foster a more tolerant and welcoming society, individuals and organisations alike must focus on promoting the idea of diversity and inclusion and to eradicate discrimination and prejudice. As a business owner, having a diverse workforce can offer some excellent advantages. We’ve listed some of the benefits of diversity and inclusion in the workplace below and discussed how you can ensure your business isn’t missing out on them.
We have the best opportunity we have ever had to have a diverse range of talent in our business – for many roles people can work anywhere, removing physical barriers that many disadvantaged groups suffered from prior to the pandemic.
Innovative Ideas
When running your own business, being one step ahead of the competition is no doubt one of your top priorities. No matter what sector you are in, staying abreast of the latest techniques and technological developments is vital and will ensure you are not being left behind by your rivals.
Your business must be dynamic and constantly looking to innovate and improve. This is easier said than done, it requires a dedicated and driven workforce to push your business on to new heights.
One of the biggest benefits of diversity and inclusion in the workplace is the capability they give your business for innovation and growth. A diverse team will be able to draw on a range of different experiences and areas of expertise, which means your workforce will be less prone to tunnel vision and more capable of looking at things from a fresh perspective. This can give your business a fantastic edge over competitors and can keep things from becoming stale and repetitive.
Improved Performance
Owning a business means constantly having to solve problems. Often, the decisions you make can have a massive impact on your business and can affect everything from sales figures to brand reputation.
Your team is there to support and guide you as you make the best decisions for the business. Perhaps one of the most important benefits of diversity and inclusion is that your team will be better placed to solve problems effectively and efficiently.
Research from McKinsey & Company revealed that companies with more diverse workforces are 25% more likely to have greater profitability. This clearly demonstrates the benefits of diversity and inclusion and illustrates how diverse teams are more capable of navigating complex business decisions.
Promoting diversity within your business can see significant improvement across a range of key metrics and propel your business on to new heights.
Happier Workforce
Keeping your employees productive is key if you want your business to grow and succeed. Your employees need to feel happy and appreciated in the workplace if you want them to remain motivated, ambitious, and dedicated to taking the business forward. Fostering a diverse and inclusive environment will make employees feel more welcome and more secure in their roles, which will reflect in improved performance.
In addition, a diverse workforce means your company will be more successful at attracting the best talent. Diversity is an increasingly important attribute that job seekers look for when weighing up offers, so ensure your business promotes diversity at every level to appeal to the best talent.
What’s more, a diverse and inclusive business will see improved employee retention rates. This is one of the most critical benefits of diversity and inclusion, it can help you keep your best employees and prevent them from being headhunted by your competitors.
Improved Brand Image
Whether you are a B2C or B2B company, the image and reputation of your brand are of critical importance. Consumer priorities and preferences are constantly changing, your business must be progressive and forward-thinking to meet shifting consumer expectations.
One of the biggest benefits of diversity and inclusion in the workplace is the improved ability to appeal to modern customer bases. Gen Z is an incredibly diverse demographic and is more aware of issues of discrimination and social justice. This is reflected in their shopping habits, with 76% of Gen Z consumers citing diversity as an important value they look for in brands. Establishing a diverse workforce can make it easier to target these modern consumer groups.
Furthermore, promoting diversity can significantly boost your brand image and reputation in the eyes of consumers and other business partners. This is one of the most valuable benefits of diversity and inclusion and will open up new opportunities and possibilities for your business.
How to Diversify Your Workforce
Talking about the benefits of diversity and inclusion is one thing, effectively taking advantage of them is another. If you want to diversify your workforce and reap the rewards of an inclusive work environment, enlisting the services of a HR consultancy team can be an excellent approach.
A HR team can work to promote diverse workplace practices and implement inclusive hiring policies. This is an incredibly effective way of ensuring your business is welcoming and open to all which will future-proof your company and guarantee that it is ready to meet the expectations of an evolving market landscape.
Conclusion
There are many benefits of diversity and inclusion, all of which are essential if you want your business to be a success. Speak to a HR consultancy team to discuss how best to diversify your business to ready it for the future.
