5 Ways Diversity in the Workplace Benefits Your Company
In this issue of élite Magazine celebrates women in business, it’s important to reflect on the advantages of diversity in the workplace. Some of the key characteristics of workforce diversity include race, ethnicity, gender, age, religion, ability, and sexual orientation. The most successful companies are those who are committed to developing an inclusive culture and strive to develop a diverse talent base. Here are five ways diversity in the workplace benefits your company:
Diversity among employees brings a broader experiential base and new ways of thinking, and research shows that we are more likely to consider ideas from individuals who are different from ourselves. According to Harvard Business Review, diverse teams are more likely to ensure everyone is heard, provide a safe space for new ideas, split decision-making authority more evenly across team members, share credit for successes and responsibility for failures, and give productive and insightful feedback.
New research from MIT and George Washington University reveals that while employees might be happier working in homogenous teams (same gender or same culture), they are more productive in diverse teams. Introducing diversity into the workplace brings a little less talk and a lot more action; The researchers found that employees would socialize less and work more when they weren’t paired with teams that were similar to them and in turn, increased profitability by up to 41%!
Creates a positive environment
A diverse leadership team sets the tone for the rest of the organization. Many companies talk about the importance of diversity, but those that are the most impactful (and yes, most profitable) are the companies that show their diversity from the top down. Employees who can see a pathway to leadership are more likely to be satisfied in their work and feel positive about their future at the company.
Greater gender diversity in boards of directors is correlated with greater profitability. In fact, according to a 2015 study by McKinsey & Company, companies with higher gender diversity among executives are 21% more likely to experience higher than average profits. The same study showed that executive teams with more cultural and ethnic diversity were 33% more likely to see increased profits. Working with people who are different than you provides challenges to the old ways of thinking and sharpens performance across the board.
Opens doors to new clients/opportunities
It really is a small world after all. As technology shrinks the world and opens the doors to business opportunities around the globe, having a diverse workforce increases the likelihood that your company can understand and access those markets. Diverse teams can also open other markets, as varied as the LGBTQI community, individuals with disabilities, and more.
Companies that embrace inclusivity and make it a priority to nurture diverse talent are more successful. Diversity and inclusion inspire innovation, propel productivity, and create a more positive work environment, all of which result in higher profits. It’s truly a win-win.
Congratulations to all the women who were recognized for their outstanding leadership while exemplifying this diversity!
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