Technological advances and economic globalization have made the world a village. No wonder that large corporates and small companies worldwide are making diversity a key talking point in their employer branding and corporate communication initiatives. It may seem simple, but achieving diversity is anything but simple. True diversity encompasses race, gender, age, ethnic group, personality, cognitive style, tenure, organizational function, education, background and more. Recruiting, retaining and nurturing diverse talent can have long and short-terms benefits for every company.
A study by Harvard Business School into the ideology of diversity considered two aspects - 1D (intrinsic; including gender, race and ethnicity) and 2D (extrinsic; life experience, work profiles, varying roles, etc). The study found that companies with both types of diversity were 45% more likely to report market success than those that didn’t. The other findings? Diversity made it 70% more likely for business to enter new markets, and clients were more likely to have meaningful relationships with brands that had a diverse employee profile.
As Dr Stephen Covey, author and keynote speaker, famously said: “Strength lies in differences, not in similarities.”We list down the reasons diversity can be a game-changing move for your firm:
Diverse workplaces are synonymous with high levels of employee engagement. Kelli A. Green, of University of Florida, and her colleagues in their paper, Diversity in the Workplace: Benefits, Challenges, and the Required Managerial Tools, state that workforce diversity can enhance productivity. “The new ideas and process lift employee morale and ensure employees work more efficiently and effectively,” they write. Productivity of individuals, teams and the company benefit from diversity.
One of the most common reason people quit their jobs these days is because they don’t feel challenged enough. Complacency can lead to stagnancy, which often lead top talent to quit. Paul Block, of Merisant, in an article in Harvard Business Review, said: “People with different lifestyles and different backgrounds challenge each other more. Diversity creates dissent, and you need that. Without it, you’re not going to get any deep inquiry or breakthroughs.” People from diverse backgrounds come together to form a stronger, cohesive team.