Many top performing companies understand the importance of promoting a diverse and inclusive workplace. With more and more studies emerging, the conclusion is quite simple: a diverse and inclusive workplace adds to the bottom line while creating a more positive work environment for all.
Firstly, when we say that a company has a diverse workplace, it means that a company employs people of varying ethnicities, genders, sexual orientations, religions, languages, cultural backgrounds, ages, as well as differences in education, skill sets, competencies, experiences, etc. An inclusive workplace means there is a supportive, respectful environment that strives to remove barriers and discrimination in particular for those in minority groups.
The benefits of having a diverse workforce go further beyond company reputation or brand equity. According to a study by Boston Consulting Group,
diverse work teams generate 19% more revenue than their counterparts.
Decisions made and executed by diverse work teams delivered 60% better results across various organizational priorities. Teams made up of diverse individuals allow for different perspectives and lived experiences which give rise to higher creativity, innovation and faster problem solving. What’s more, these benefits go beyond entry-level workers. Firms that have culturally diverse employees at the mid and upper management level typically have better decision-making capacity outperforming 87% of companies in the same industry with homogenous leadership teams.
While placing importance on hiring diverse employees is a great first step, it’s simply not enough. In order to leverage the benefits of your workforce, companies have to ensure they implement inclusive policies as well. Leaders need to be asking:
“Do current policies discriminate against any groups of people?”
For example, you may have an outdated dress code that does not account for those of varying gender identities or religions. Or perhaps there may be a “boys club” culture that could alienate women or members of the LGBTQ+ community.
It is important to continually review your company’s policies and procedures from different perspectives while considering your diversity objectives. Furthermore, providing equity training to your existing employees on topics like cultural awareness can help minimize conflict and discrimination between employees while creating positive cross cultural relationships. Companies that effectively implement inclusive policies and procedures experience higher employee engagement and reduced employee turnover. This is a natural conclusion given that when an employee feels accepted and respected at work, they are genuinely more engaged and satisfied.
The benefits of a diverse and inclusive workplace are undeniable, but it takes commitment from everyone in the organization to be effective. Diversity needs be visible and celebrated at all levels of the organization.
For more information on implementing a diversity and inclusion program, connect with Integrated Staffing to learn more about our Human Resources