By Jason Richmond, CEO and Chief Culture Officer, Ideal Outcomes, Inc.
The value inherent in diversity has been studied and spoken about for many years. Back in 2015, McKinsey published one of the earliest and most comprehensive studies on this topic. Among their findings was a direct and powerful correlation between diversity and financial performance.
Notable data points include:
- Companies with greater ethnic and racial diversity in their workforce perform 35% better than those whose staff demographics match the national average.
- Organizations with greater gender diversity perform 15% better than companies with less gender diversity.
What Is Diversity in an Organization?
What Are the Benefits of Having a Diverse Workforce?
Diverse experiences, thinking, and approaches also breed more meaningful brainstorming. People with different backgrounds and life experiences approach situations and challenges differently. Together, they can work to deliver something even more valuable than they would individually.
Another benefit of fostering a diverse company culture is that it puts you in a position to understand, market to, and serve more demographic segments. You have employees on your team who can relate to and speak customers’ language from different cultural backgrounds.
Last but not least, diverse organizations are where more people want to work. Human beings innately want to feel welcomed and accepted for who they are. It follows that diverse organizations are places where candidates will feel they can work towards their goals without fear of judgment, unfair criticism, or bias.
Embracing workforce diversity can be the key to building and sustaining a happy, motivated, and productive workplace. But diversity isn’t something you can fake or buy.
Here are our top tips for managing diversity in your business:
4 Tips for Managing Diversity in an Organization
1. Lead by Example
To this end, leaders need to make themselves visible and heard. They need to champion the diversity agenda in every decision or action. This also means giving people from all levels and backgrounds a voice during meetings, inviting input and feedback, and even welcoming constructive criticism without fear or favor.
2. Communicate and Reinforce Your Commitment to Managing Diversity
Additionally, all policies, procedures, and other rules and information should be tailored to transcend any cultural or language barriers.
3. Invite and Encourage Diversity in All Areas
Diverse organizations also encourage their people to get to know and value each other as individuals in both formal and informal settings. This can go a long way to eliminating misunderstandings and deepening professional rapport.
4. Let Diversity Inform Your Hiring Strategy
Also, make sure that those conducting interviews understand what should and shouldn’t be asked during interviews (for example, inquiring about a person’s religious beliefs, political affiliations, or romantic life is strictly off-limits.)
Take a read of this post for more tips for building and managing diversity in your organization.