By Jason Richmond, CEO and Chief Culture Officer, Ideal Outcomes, Inc.
Some of the country’s largest brands have recently begun reporting on their diversity numbers. This is in recognition of the growing expectation of employees and prospective candidates for organizations to embrace workplace diversity and inclusion in an authentic and meaningful way.
The findings of recent research by Glassdoor conclude that:
- More than 3 out of 4 job seekers and employees (76%) report that a diverse workforce is important when evaluating companies and job offers.
- Having a diverse workforce is particularly important to underrepresented groups: Nearly a third of employees and job seekers (32%) would not apply to a job at a company where there is a lack of diversity among its workforce.
What Is Workplace Diversity?
A diverse workforce is one in which people from all backgrounds, walks of life, race, gender, age, socio-economic status, and sexual orientation are sought out by the employer and welcomed into the business.
Diversity is often associated with the term “inclusion.” While the two are closely linked, they mean slightly different things. Diversity refers to the abovementioned personal differences or attributes that hired employees may have. Inclusion refers to how those same people are treated once they’re working in a company. It means that everyone should be treated with respect and not be subjected to any form of bias or discrimination.
6 Benefits of Workplace Diversity
1. Better Business Performance
What’s more, businesses in the top quartile for racial, ethnic, and gender diversity have a 25 percent greater likelihood of being more profitable than the median for their respective industry. This holds especially true during times of crisis.
2. A Larger Talent Pool
Research from Glassdoor reveals almost 9 in 10 black applicants, 8 in 10 Asians, and 7 in 10 Latinos say that workforce diversity is important to them. A significant majority of white respondents also indicate that workplace diversity was a key factor when considering prospective employers.
3. Lower Staff Turnover
4. Engaged Employees
5. A Culture of Trust
Business is the most powerful platform for change, so forward-looking leaders should invest time and energy in building their own trusted enterprises. When people feel that there’s reciprocal trust between them, their colleagues, and senior leadership–irrespective of their backgrounds–it fosters a truly inclusive culture.
6. Creativity and Innovation
Similarly, diverse teams enjoy greater levels of innovation. That’s because when you put people from diverse backgrounds together to work on a new project or come up with a new solution to an old problem, everyone will share a slightly different approach based on their unique perspectives and personal and professional experiences.
Additionally, diverse teams can identify with a broader customer base and anticipate their needs and preferences, which helps you develop more targeted and relevant products and services.
Take Action on Workplace Diversity
Alternatively, if you’d like to learn more about Ideal Outcomes and how we can help you add momentum to your workplace diversity efforts, contact us today.