Imagine a world with only two colors, black and white. Things will get pretty dull, right? The same goes for diversity in the workplace.
Diversity and inclusion aren’t limited to age, sex, background, or race. Diversity of thought, point of views and personality can all contribute to a more diverse workplace.
According to a report by McKinsey, companies that stress and value diversity are 35% more likely to have financial returns above the norm in their industry.
With that said, here are five proven benefits of encouraging diversity, equity, and inclusion in your workplace.
1. Multiple Perspectives & Frames of Mind
Too many cooks in the kitchen can spoil a broth, but multiple perspectives and ideas can improve the outcome. When employees from different religions, ages and backgrounds come together, new and innovative ideas can be brought to life.
Problems aren’t just viewed through one lens, but viewed through multiple sources, each bringing their unique ideas and experiences. Out-of-the-box solutions generally are the product of multiple perspectives and mindsets.
Some HR managers might be reluctant to hire people from different walks of life. But according to a study, diverse teams produce a 60% improvement in decision-making skills.
2. Boost in Creativity
Multiple ideas and perspectives gives birth to creativity and innovation. If you recruit a team from region A, chances are it will be difficult to brainstorm impactful solutions for region B. You’ll only see creativity and excellent results when you hire people from various regions.
A team with all colors will not only look great but boost the overall creativity level in your company. According to the Harvard Business Review, diverse teams are more likely to solve problems faster than a team of similar people.
3. Greater Cash Flow
Equity, diversity & inclusion equals higher cash flow.
According to a Gartner study, diverse organizations generate 1.4x more revenue and 2.3x extra cash flow per employee. Also, they are 120 percent more capable of achieving financial targets.
Similarly, firms with diverse boards have 95% higher returns than those with more similar boards.
4. Less Fear of Feeling Left Out = Great Performance
Homogeneous culture can put a stop to natural cognitive diversity due to the pressure of fitting in and conforming with others. Diversity, equity, and inclusion can mitigate this, resulting in employees who are happy and comfortable with expressing their thoughts and opinions.
When a person can see people from various backgrounds on their team, they can be themselves. Removing the fear of rejection can boost their overall work productivity and performance.
A report by Deloitte shows that when employees feel free and included, innovation increases by 83%.
5. No Boundaries
Are you looking to expand your business? With a diverse team, you can penetrate a wider market and various demographics. A workplace with diversity and equity has the potential to go beyond limits and achieve bigger dreams.
A diverse workplace is enriched with a wide range of experiences, different cultures, and multiple languages – increasing the chances of expansion and reaching undiscovered heights.
Building and increasing workplace diversity shouldn’t be a short-term plan. It will take time and continuous effort but you can reap all its benefits.
Unlock the full potential of your business by fueling it with diversity and equity. If you need assistance with diversity hiring and recruiting, get in touch with the experts from US Tech Solutions.