Our world comprises more than a multitude of religions and languages. Every individual has a diverse nature, physique and mentality. Diversity in our daily lives, especially in the workplace, can be an effective tool to help achieve organizational and individual prosperity and growth. In my last post, I discussed several ways companies benefit from diversity in their workforce. Here are a few more.
Higher profits.
According to research conducted by global management consulting firm McKinsey & Company, companies that have diversity in the workplace achieve higher profits. Their research included 180 companies from France, Germany, the UK and the US. They found that the top financial performers had more diverse teams.
High profits depend on workforce diversity tactical skills and innovations. Teams with advanced research methods attain the marginal profit line at the best possible time. Since diverse teams can make better decisions at a faster pace, which results in favorable conditions for them compared to the competitors, they end up with higher profits and better annual growth.
Employee engagement.
Diversity infrastructure in the organization leads to higher engagement of employees with the employer, organization and, most importantly, each other.
Deloitte conducted a survey of 1550 employees in three of the largest Australian industries: retail, healthcare and manufacturing. Their research concluded that diversity and inclusion in an organization resulted in better employee engagement.
Employee retention.
Employee retention is a result of workplace diversity. Companies that have diversified cultures are also inclusive of various characteristics and individual perspectives.
Diversity also causes employees to feel valued and accepted. Employees who feel happy and comfortable working in a particular organization often stay with the company longer.
Company reputation.
Business is not only about making profits. You are counted as a reputed organization if you are dedicated to building and promoting a diverse environment. Such organizations are seen as socially responsible, more human and having better workplace reputation.
Similarly, if you are a diverse company, you look more interesting as a business venture. People from various cultures and religions can relate to you and can connect with you in a more comfortable way.
Improved hiring results.
According to an essay writing service, since people are connected with you more and you build a better reputation, more job seekers are interested in getting a job at your organization.
Leveraging Workforce Diversity
In summary, it can be said that workforce diversity has a great role in organizational development. Not only can it boost your companies sales, productivity and employee engagement, it also builds a high reputation for your organization among the competitors.