Why Diversity in the Workplace is Important?

The reputation and growth of your business are two goals worth pursuing. However workplace diversity is an equally important goal that yields many tangible and immediate benefits that impact the bottom line of your firm.

Here are top 5 benefits of having a more diverse organisational culture:

•  An assortment of different perspectives

   

  A diverse workplace has employees coming from different backgrounds and having distinct characteristics. Not just this, they are also more likely to have a variety of experiences and skills. Consequently, a higher workplace diversity has access to more perspectives that is beneficial in planning effective business strategy and execution.

•  More innovation

   

  A 2015 research by McKinsey & Company shows that ethnically diverse organisations are 35% more likely to outperform their peers, whilst gender diverse organisations are 15% more likely to outperform non gender diverse firms.

In a diverse work culture, employees have access to multiple worldviews and perspectives. When these views combine, the door to innovation opens up.

•  Higher employee engagement

   

  When employees feel included, they are more engaged. A diverse workplace ensures a greater employee engagement. This leads to higher productivity and ultimately, higher growth.
• Reduced attrition 

Offering equal opportunities is beneficial for employee retention. Companies with greater diversity are more inclusive of individual perspectives and characteristics. This causes employees to feel more accepted and valued. Since they have greater acceptance, they are happier as well and wish to continue longer with the organisation. This reduces employee attrition rates.

• Positive branding and recognition

   

  Genuine diversity in the workplace boosts the brand and reputation of a business. Firms that sincerely promote diversity in their organisational culture are actively more humane and socially responsible. This naturally leads to attaining the trust of stakeholders and a positive brand acceptance.

   

Are you working in a diverse culture? Do you promote diversity in the workplace? Share your thoughts with us.