Benefits of Workplace Diversity
Published Apr 10, 2019
In this era of economic globalisation, there may be no better way for a company or team to live the values of a people-first mindset than through a commitment to diversity and inclusion. Diversity means that a company’s workforce includes people with different characteristics such as gender, age, religion, race, languages, education and abilities. Companies who have greater workplace diversity outperform their competitors and achieve higher profits.
Here are a few of the top benefits of diversity in the workplace.
Innovation and creativity
Teams comprised of various backgrounds and work experiences will not be homogenous – they will collectively come up with more creative ideas and ways to solve problems. For example, employees from Japan working in Australian companies may approach a problem totally differently than do Australian-born workers. Workplace diversity also increases employee morale and causes employees to desire to work more effectively and efficiently.
Productivity
Workforce diversity can bring about an increase in productivity and competitive advantages. It brings in diverse different talents together working towards a common goal using different sets of skills that ignites their morale and causes
Access to diversified clients
A diverse workforce can help companies expand their businesses to more diverse markets, both at home and further afield. Because the diverse teams can communicate effectively in different parts of the world, as well as know how to create relationships and understand the cultural nuances and differences in doing business in foreign countries.
To attract and retain the best talent
Less diverse environments can also be hostile for those who feel they do not fit in. Feeling included and appreciated increases loyalty and feeling of belonging. People are drawn to companies that show they value diversity. According to Glassdoor, 67% of people searching for jobs say that they would love to accept a job offer from a company that hires a diversified workforce. That is because they are aware that companies with a diverse workforce treat their employees differently.