In the current times, there is hardly anyone who refutes the social tolerance of diversity. Apart from being a societal tenet, diversity in the workforce is believed to lead a business to greater shores. It was ranked among the top seven key workplace trends in 2020. Also, many researchers including McKinsey & co proved that diversity in the workforce is a major driver for success, efficiency, and profitability in an organization.
If you’re someone who agrees with diversity being a social aspect and are skeptical of its values in a professional landscape, then the following arguments might diminish your bias.
How does workplace diversity influence your business?
Wide range of expertise
Diversity not only includes cultural, religious, or gender disparities, but lately, the term also encompasses differences in educational backgrounds, skills, and abilities.
So, an inclusive workforce brings a variety of perspectives and expertise to the table. This is especially helpful to sculpt effective business strategies.
Increased innovation and creativity
With varied expertise and experiences come loads of ideas and solutions for any single issue. Also, studies suggest that inclusive organizations tend to be twice as innovative compared to their counterparts.
So, to tackle your constant strife for novelty, a diverse workforce is your best pick.
Faster problem-solving and better decision-making
Imagine a boardroom meeting which is discussing the release of a new beauty product in the market. Now, if all the members of the board are only men, there are many aspects of the product that are already losing their footing.
Similarly, any workforce that is made of a single demographic unit is no longer relevant in today’s business landscape; as most products and services apply to a wider populace.
Studies reflect that a diverse workforce outperforms their regular counterparts in decision-making almost 87% of the time. Also, Harvard Business Review has found that diverse teams are capable of faster problem-solving than cognitively similar people.
Increased employee engagement and reduced employee turnover
The major upside of having an inclusive workforce is you unconsciously inculcate inclusive business practices. When employees feel recognized, appreciated, and belonged, they tend to stick with that business even in turbulent times.
As much as businesses are monetary concerns, employee affairs possess a rather emotional quotient. Developing a diverse workforce is the key to master this.
With increased employee engagement come increased profits. When employees thrive and exhibit their maximum productivity, the business undeniably spearheads the market.
Employing a diverse workforce means engaging more skill, more talent, and more experience; which are undoubtedly the drivers for profitability.
Apart from garnering monetary assets, an inclusive workforce also accentuates your brand image in the market. A diverse workforce helps in making your business relatable to a broader client base while also improving customer trust and satisfaction.
Also, this will help you uncover a larger talent pool as more people will find their utility in your business and show a willingness to be a part of your workforce.
Like this, a diverse workforce assists an organization in furthering its success in the market.
Considering all these benefits a question might arise, “why aren’t there more inclusive workplaces then?” The reason for that is diversity in a workforce is easy to agree upon and easier to imagine. However, it is difficult to master.
By closely observing the failures of many businesses, it is possible to come up with a list as to why workplace diversity is hard to achieve?
Lack of Clarity
Most businesses dive in head-first to achieve this attractive practice of diversifying the workforce. Later, they fail in realizing the outcomes as they never really had an intended target. So, it is vital to have an understanding of the goal and layout procedures accordingly.
Lack of unique initiatives
‘Ctrl C Ctrl V’ is an absolute no-no. Every business is different; even if they are in the same niche, their working and strategies differ significantly. So, something as simple as incorporating someone else’s success story and trying to make it your business strategy will lead to nothing but a miserable failure.
It is fundamental for managements to come up with inclusive initiatives pertaining to their particular businesses.
Lack of proper implementation
An inclusive workforce is like most things in a business that works on paper and fails in reality. While achieving a good design is in itself a challenge, implementing it is another hurdle most businesses fail to overcome. The absence of the proper motivation, tools, or expertise stands at the core of the issue.
Lack of individual concurrence
While making disruptive and transformative changes like diversifying a workforce, it is necessary to get everyone behind it. An inclusive workforce requires multiple stakeholders to function in harmony in order to dispense any progress to the organization.
A poorly constructed diverse workforce will be like a living testament of ‘too many cooks spoil the broth.’ So, it is necessary to instill trust and confidence in every individual regarding the concept and the procedures.
Though an inclusive workforce might appear to be a tough nut to crack, it is possible to ace it by engaging multiple stakeholders efficiently.
A diverse workforce is no longer a ‘trend’ or an option; it is a compulsory premise in an effort to satiate the interests of a diverse market and an ever-diversifying society.