5 Undeniable Benefits of Fostering Diversity and Inclusion in the Workplace
Diversity and inclusion are quickly becoming corporate imperatives, as an increasing number of business leaders seek to cultivate an inclusive culture through the development of dedicated strategies.
We live in a world that is increasingly interconnected as a result of globalization and technological advancements. As a result, diversity and inclusion are gaining traction across multiple industries and divisions, with 60 percent of employers now planning to incorporate inclusion and diversity into their benefit design.
Employers are taking a more holistic approach to broad issues such as compensation, working practices (flexible and remote working), policies (vacation, sabbaticals), and benefits (healthcare, income protection and retirement). Achieving D&I goals is becoming an essential component of this approach.
Today, more than ever, business leaders recognize the value of a truly diverse workforce and value the innovation, ideas, and perspectives that can be gained from having different life experiences and backgrounds.
Benefits continue to be an important area in which employers can show their commitment to diversity and inclusion and the creation of an inclusive, progressive, and safe environment in which all employees can thrive.
In recent years, much of the focus has centered on gender pay reporting requirements, as well as opportunities for BAME (Black, Asian, and Minority Ethnic) and neuro-diverse employees, such as those with autism, Asperger’s syndrome, dyslexia, ADHD, and dyscalculia.
Top Benefits of Workplace Diversity and Inclusion
Diversity could potentially lead to conflicts and skill gaps, especially among older employees who are not as tech-savvy as the younger generation.
Working in a distant, varied, and inclusive environment might reduce conflicts between coworkers of different religions or perspectives. As a result, workplace diversity and inclusion benefit both the organization and the employees.
The main benefits of diversity and inclusion are:
1. Hiring talented individuals
A company that promotes diversity and inclusion has a better chance of attracting and retaining more competent employees who not only suit the job description but also the corporate culture1.
People with diverse backgrounds can bring a diverse set of skills, talents, and experiences to the table. Employees may learn from one another and bridge any skill gaps in a diverse and inclusive atmosphere, which benefits both the organization and its employees.
2. Improved problem solving
Companies with a higher level of diversity and inclusion in their workforce are more likely to address challenges quickly. A Harvard Business Review study supported this assumption, claiming that cognitively diverse teams solve issues better and faster than teams with similar thinking tendencies.
Why? Because people from various backgrounds have a variety of perspectives and experiences, they can swiftly come up with distinctive ideas. As a result, the chances of finding the ideal answer at a faster pace are higher.
3. Increased creativity and innovation
Working with people from all backgrounds, cultures, and walks of life will assist individuals in developing their creative side and thinking beyond the “square”, since we are all born creative. Team members will be able to put the parts together and create a wonderful, successful product by bouncing ideas off each other and receiving comments and suggestions.
A company that is diverse and inclusive has a higher rate of innovation and is 1.7 times more likely to become the market leader. Furthermore, firms can benefit from increased stability and flexibility, as well as employee engagement and satisfaction, by having a gender-neutral and age-diverse staff.
4. Better performance in a global market
Building a workforce that is age-inclusive as well as racially and culturally diverse can provide you a competitive edge. Successful teams can work from a variety of places, which can help the company’s bottom line.
Employees who work in a diverse workplace are more likely to be proficient in many languages or informed about specific cultures. Their knowledge can help the organization cater to a wide range of clientele, a resource that would otherwise go unused without the inclusion of a diversified team.
Furthermore, diversity is essential for global expansion success. When a corporation tries to extend its business internationally, cultural and linguistic barriers might be a difficulty. Hiring personnel that speak many languages, on the other hand, allows any business to communicate with a larger client base and develop into a more dynamic, even niche market.
5. Improved company reputation and brand
Companies with a varied workforce or that make an effort to promote diversity and inclusion are frequently regarded as more compassionate and socially responsible.
Clients find it easier and more comfortable to work with a diverse staff because they know there is a dedicated team who speaks their language and understands their expectations. In the end, this improves the appearance of brands, making them appear more sophisticated and fascinating. These are the qualities that allow you to find new partners, clients, and markets.
A staff that is diverse, open-minded, fair, and accountable encourages equal opportunity for all people and zero tolerance for discrimination. This type of fairness will not only attract higher-quality people, but it will also help to ensure that all employees are emotionally secure.
The Business Case for Diversity and Inclusion
There is a solid and well-developed business rationale to support the focus on inclusion and diversity in the workplace, in addition to the moral and societal imperative.
The most diverse workplaces (in terms of gender, race, and sexual orientation) are 12 percentage points more likely than the least diverse enterprises to beat their sector average financially.
Furthermore, firms with the most developed diversity policies are 15 percentage points more likely to outperform those with a less diverse workforce.
In the end, diversity and inclusion do not exist in a vacuum. We must ensure that our working practices, rewards, and perks reflect and support this goal if we are to close the gender pay gap and create a more inclusive working culture that allows people to bring their best selves to work.