Diversity in the workplace is more than just a box-ticking exercise or a social media campaign to serve a companies reputation. It’s essential for culture, growth, and the future of businesses. But what are the tangible benefits of creating a diverse workplace?
Having a diverse workforce is proven and directly correlated to financial growth. Both McKinsey & Co, and Financial Planning Firm MCSI found that workplaces with a strong diverse board directly led to a greater diversity of ideas, therefore allowing companies to perform better financially.
Recruitment and Retention
A diverse environment allows people to thrive. Businesses that allow their people to be completely true to themselves have a positive impact on their teams mental health, motivation, and productivity. Companies that promote this culture are said to have higher employee engagement and retention rates as their teams are happy and thriving.
In addition, a recent Glassdoor survey also found that 67% of job seekers are looking to work for a company that is promoting Diversity and Inclusion.
Faster Decisions and Problem Solving
Employees from a variety of backgrounds and experiences offer different perspectives to situations.
A study by Harvard Business Review found that diversity in cognitive ability was just as important as race, gender or age, as those who think differently offer different solutions.
Diversity and Inclusion are the future of thriving businesses and should be at the forefront of organizations agendas.