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In today’s social and political climate, the importance and value of diversity at the workplace cannot be understated. Diversity in an organization offers multiple benefits including continued or increased profitability; it leads to a boost in productivity levels, and overall long term value generation.
Without diversity, corporate America would have an increasingly difficult time keeping up with the rest of the world. Although a lot of companies have made great strides to diversify its workforce, there is still plenty of room left for improvement.
So what exactly does diversity refer to?
When most people think about diversity, issues of gender and ethnicity are mostly what comes to mind. Although these issues certainly do play a major role in workplace diversification, there is a lot more required to complete the diversification puzzle. Diversity comes in all shapes and sizes such as differing academic, socioeconomic, as well as professional backgrounds.
Diversity in an organization offers multiple benefits including continued or increased profitability; it leads to a boost in productivity levels and overall long term value generation.Tweet This
Diversity also includes the different sexual orientations, nationalities, religious backgrounds, as well as varying physical and mental capabilities that individuals possess. In business, diverse teams are typically a lot more likely to perform more cohesively. There are many more reasons why organizations should work on diversifying the workplace that include:
An organization that improves on its diversity consequently increases its profitability. Fact- organizations that employ a diverse workforce are more likely to yield higher revenues than those that are less diverse. Diverse teams generally experience higher financial returns, swifter decision-making processes, as well as customers that are more comfortable engaging the business.
To strengthen the brand
The more diverse a business becomes, the better the brand appears brand-wise. Not only will this improve recruitment overall, but it will also yield positive results for the customers. Furthermore, prospective employees are today on the lookout for diverse organizations. So, if an organization is diverse, it is more expected to attract top-tier talent compared to an organization that is not.
Diversity opens more doors for business
When a business hires a more diverse workforce, it introduces new ways of thinking and it increases the thinking threshold at the workplace. Once these new perspectives are added, it transforms that cognitive ability of the workforce making it stronger in comparison to the competitors. Diversity also introduces a business to new markets, therefore opening more doors for expansion.
“To some people, ‘company culture’ is just another buzzword in the business world but to those in the know, it’s the key to optimizing productivity and achieving a healthy bottom line. Read on to find out more about company culture and why it’s important to your business’ success.” – Understanding the Importance Of Company Culture
Improved decision making
Diversity boosts the decision making processes in an organization. Teams that are more diverse are generally more effective, allowing progress to occur a lot more easily and more naturally. For instance, teams that are more gender, culturally and ethnically diverse have a higher probability of making better decisions.
Diversity enhances the levels of innovation in the workplace. Diverse teams have the ability to introduce more innovative products or services that can blow the competition out of the water. A diverse workforce has the ability to introduce ideas that are out of the box as it plays on each individual’s strengths.
Builds the company culture
The simple fact of the matter is that more and more organizations today are seeing the value of diversity. Diversifying your office creates an environment that is more inclusive, therefore helping to build the company culture. When this happens, it all goes into improving the reputation of an organization and its brand.