As leaders supporting and promoting diversity in the workplace is an important aspect of good people management. It is about valuing everyone in the organisation as an individual. The importance of embracing D&I within your organisation as a critical differentiator is paramount to your organisation’s sustainability. Let’s look at the benefits in more detail.

Greater Market Share

A diverse workforce can extend your company’s reach in the marketplace and help gain a greater market share. Employees can serve a larger pool of clients or customers by reaching out to various demographic groups who previously may have been neglected. Some new hires may also bring multilingual skills to the table, which can be a huge advantage in serving some clients

More Qualified Workforce

When companies hire a diverse workforce from all backgrounds, these employees inevitably bring their own specific skills, that can be often just as diverse. Recruitment from a diverse pool of people means a more qualified workforce, more creativity, and innovation in the workplace. It can also lead to reduced employee turnover as a company that embraces cultural diversity in the workplace would immediately entice a wider pool of candidates for its job vacancies. Higher-educated candidates who experienced diversity while at university may feel that a diverse company is more progressive and therefore, they will want to work there.

More Innovation and Creativity

Diversity leads to more innovation, and it enhances creativity. It encourages the search for novel information and perspectives. It leads to better decision-making and problem-solving. If you employ a wide range of people from various backgrounds, ages, sexes, levels of education, etc. you are inviting a wide range of experience, points of view, beliefs, and ideas. Diversity helps companies become much more dynamic and able to understand their customer base.

Greater Financial Gains

Companies that work to actively foster diversity and inclusion are closer to seeing significant financial gains. Diversity & Inclusion efforts have proven to contribute to increased profitability. These improved financial results come from the varying perspectives and insights that diverse teams bring to the table. Companies with significant diversity and inclusion policies maximise the potential of every employee and have a greater understanding of the needs of their wide range of clients. According to Deloitte, diverse companies enjoy 2.3 times higher cash flow per employee.

We all have an opportunity right now to embrace diversity as a competitive advantage, examine our own unconscious biases, and proactively look for ways to bring different voices to our team and into our decisions. If you are looking to become a more diverse workplace, but need assistance contact Ingenium to talk about Diversity and Inclusion training as part of our LDP Online program.