Teams comprised of diverse genders, races and ages are more likely to produce innovative ideas during brainstorm sessions due to having diverse genders, races and ages as part of the group – this applies also to educational backgrounds and work experience.
Respecting cultural and religious holidays and celebrations is an easy way to promote inclusion within your business, while simultaneously serving as an effective recruiting strategy and business plan tool.
Improved Relationships with Corporate Investors and Business Partners
Investors and business partners seek companies that demonstrate a commitment to diversity and inclusion, investing their money and time in companies which are forward thinking while being socially responsible. This creates the ideal conditions for them to make a profit while doing good for the community.
Diversifying your workforce allows your company to leverage an untapped pool of talent, experience, and perspective – creating a more creative and resourceful team that will assist in reaching its goals.
Keep in mind that diversity does not equate to inclusion. For instance, having a diverse team that includes women and people of color but only some are managers is not truly inclusive of all employees in your company.
Attaining true diversity and inclusivity requires creating an environment in which all employees feel as if they have equal say in the workplace. This can be accomplished through cultural sensitivity training sessions, representation in boardroom meetings and providing employees with open channels of communication.
Higher Profits
Establishing and supporting a diverse workforce can bring greater profits for any business. Teams composed of employees from diverse backgrounds, religious beliefs and age groups can work together to generate fresh ideas and solve complex problems that might otherwise prove too challenging for an individual to handle.
McKinsey research suggests that companies with more women on their executive teams are 43% more likely to see above-average profits. This may be because team members with diverse viewpoints can more readily recognize and counteract groupthink, which can cause stagnation.
Inclusion and diversity are often confused, yet they’re two different concepts. Diversity focuses on an individual’s inherent characteristics while inclusivity refers to behaviors implemented within an organization to foster an environment that encourages belongingness. A successful inclusion strategy requires prioritizing all employee perspectives equally in order to foster an environment full of creative new ideas and innovations.
Increased Employee Engagement
Many employees who work in diverse workplaces feel more valued and that their contributions matter, helping boost morale and engagement levels – with engaged workers being more productive in terms of productivity.
Diversity can help companies better understand their customer base, providing products or services tailored specifically to each individual’s needs and thereby leading to more business and an increase in revenue.
Diversity and inclusion initiatives can help companies stand out in the marketplace by showing prospective employees that the organization values equality and respects diversity – something which may help attract more skilled job candidates.
However, it’s essential to keep in mind that diversity and inclusion aren’t interchangeable concepts. A company may appear diverse without actually being inclusive if their commitment to equal treatment of all employees falls short, or only offers lip service to concepts related to diversity and inclusion. For successful inclusion to take place companies must commit themselves to ensure all employees are treated equally regardless of gender, race, religion, sexual orientation or age.
Positive Brand Image
Businesses that prioritize diversity, equity and inclusion can reap significant advantages by prioritizing it within their brand image. Top talent typically seeks out organizations known for being diverse and inclusive – especially now, with so many people from once minority groups becoming majorities over time.
Diverse teams help your company better meet the needs of its diverse customer base, which can translate to increased profits and overall success. Companies with high scores in gender and ethnic diversity generate 15 times more revenue than those with lower scores in these areas.
To foster an inclusive culture that embraces diversity, consider having all employees take an implicit bias test such as Project Implicit. Also encourage everyone to recognize multicultural religious and holiday celebrations when setting meetings or planning events; practice cultural humility by being curious yet respectful towards other cultures.