5 Reasons Diversity Is Good For Your Business

Aug 18, 2022

How important do you think diversity is for your business? No really? Because it might have much more of an impact than you think. Over the last few years many industries, including construction, charitable organisations and technology have admitted that they are struggling to provide a diverse and dynamic workplace for their employees, despite their best efforts.

It might seem simple, but ensuring your business is embracing diversity can really give you a competitive edge in a saturated market. For example, businesses with a good balance of male and female employees are 15% more likely to outperform their competitors, and companies with employees of lots of different ethnic backgrounds tend to perform 35% better. But why is that?

What Is Diversity?

According to the dictionary, diversity means ‘a range of different things’, which isn’t all that helpful on its own. But within a workplace context, it means having a range of different types of people working within your business. After all, everyone is unique, with their own unique view on the world, so by bringing many of these different views together you can create a community of people who can generate and share new ideas.

Diverse workplaces are made up of employees with varying characteristics including (but not limited to):

Religious beliefs

Political leanings

Gender identity

Ethnicity

Education level

Socioeconomic background

Sexual orientation

Skill

Physical and mental abilities

Family status

In short, your business becomes a mixing pot for all the types of people in the world – a place where everyone is welcome.

5 Benefits To A Diverse Workplace

There really are dozens of benefits to having a diverse and dynamic workplace, but if we listed them all then you’d still be reading next week! So instead, we’ve picked out the top 5 to share with you today:

Increased Creativity: Creativity is a skill that some people have and some don’t – but you can encourage it in your employees with the right environment. That wide range of personalities, viewpoints and experiences often means employees will debate ideas with each other, collaborate on problems to find new solutions and bring new perspectives to the table for discussion. This creates a more unified workforce with happier, more creative employees.

Innovation: Innovation is the lifeblood of many businesses – but it doesn’t come without diversity. Different practices that arise from having lived in different countries, speaking different languages, being part of different religions or having lived with disabilities – all of it is what leads to truly innovative products and services that tap into a need. If you need proof, look no further than Nike’s ‘Pro Hijab’ – a lightweight, breathable headcover for female Muslim athletes.

Better Customer Understanding: No matter what your business, you likely have a wide range of people in your customer base, which can make it challenging to meet their needs. The best product design, service development and marketing campaigns are born from a diverse workforce, which includes people from the same group as your target market. With a diverse employee group, you’re more likely to have someone who’s got their finger on the pulse of the demographic and can really help you understand their needs.

Richer Brainstorming: A diversity of opinions, ideas and input is crucial to any business that want to succeed. Having all of those different views helps generate richer, more productive discussions, ultimately coming to more innovative and refined ideas that are far more likely to succeed than if you have an environment where everyone is from the same background.

Increased Employee Engagement: Employees perform better when they feel appreciated, included and valued. If an employee feels they are ‘the odd one out’, or that the company prefer hiring a certain type of person over another, this can cause them to feel singled out, undervalued, or like they are ‘the token hire’. Investing in a diverse workforce will help boost the morale and general engagement of all of your employees across the board, which leads to higher quality work and happier people

Diversity At Every Level

When it comes to diversity, it’s important to remember that we’re talking about different experiences as a whole. One area that many businesses overlook when analysing their diversity is their proportion of full-time to part-time or flexible employees. Because there are hundreds of reasons a candidate might not be able or want to work full-time, but that doesn’t mean they are any less qualified, or that their experience is any less valid for your business, and by not considering anyone who can’t work full-time, you are excluding a large group of candidates.

At Wildcat Careers, we specialise in helping you find the perfect fit for your business, filling the gaps and helping you create a diverse and thriving workforce. We can help you in every element of recruitment, from designing job descriptions to sourcing and pre-interviewing candidates. We can even help you design retention policies! To find out more, just get in touch with the team today.

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