Why is diversity so important at work?
Working in a diverse environment can have many positive effects on employees and leaders; yet these outcomes aren’t always so obvious.
A diverse company is better equipped to attract top talent, to have a more positive customer experience, to increase employee satisfaction, and to lead to better decision-making among staff. Diversity and inclusion are essential components of a successful and forward-focused company today. No longer can a company afford to ignore these critical aspects, and they will find that they lose out on top talent if they choose to do so.
Why Diversity Training?
It's important to include diversity training in your workplace. Diversity training is on the forefront of human resource management teams' goals – and it one of the pressing reasons is the growing ethnic and racial diversity in the workplace today. Successful organizations know that incredible challenges can be overcome when people from different backgrounds join together in collaboration.
Diversity training is vital if a company expects to harness the power of a culturally diverse workforce. It is especially effective for remote teams that must learn to communicate effectively across language and cultural barriers.
The Benefits of Diversity at Work
Diversity at work has many benefits. Below are the most positive effects of great diversity that aren’t always obvious – but have long-term benefits.
1. Financial Success
According to McKinsey & Company, gender diversity correlates with financial success. In the company’s 2017 diversity report, it was reported that top-quartile companies on executive-level gender diversity worldwide had a 21 percent likelihood of outperforming their fourth-quartile industry peers. There are similar outcomes for culturally-diverse companies as well. More diversity can mean significant financial returns. Diverse companies tend to attract better employees, who in turn perform better and achieve more goals, including financial success.
2. Better Talent
A workplace that is rich and vast in culture can be appealing to candidates who are looking for a forward-thinking organization. Different backgrounds can mean different skill sets that will work together to create a stronger business unit. A diverse company assures candidates that all walks of life are represented and that the company is focused on issues like inequality and sexism, which are important topics today.
3. Employee Satisfaction
Various studies show that employees tend to be happier when working in a diverse and inclusive workspace. Staff can share different life experiences and participate in social events that build camaraderie and contribute toward employee happiness at work. Employees are satisfied when they feel unique and are allowed to shine in an inclusive workplace.
4. Healthier Community Relations
A diverse workforce is more likely to engage in the community around them, and more volunteerism leads to more work/life satisfaction. With a culturally-diverse workplace, it is more likely that there will be people on staff who have ties to the local community. Being that the company is dedicated to diversity, they are likely interested in volunteerism as well.
5. Decreased Turnover and Increased Retention
A diverse workplace with engaged, satisfied employees will have less turnover. Employees are more likely to remain at a company where they are happy and feel like part of a team. According to Gallup, inclusive cultures have 22 percent lower turnover rates due to increased morale, opportunity and equality. Better candidates who remain with the company are more satisfied and less likely to leave the job after a short period of time.
How to Improve Your Diversity Skills
To learn more about how diversity can help your team, check out HRDQ's 'Diversity Works.' This kit is an interactive, in-person workshop that brings awareness of diversity and inclusion concepts to the workplace. It comes with a setup guide, facilitator's guide, and participant materials. Activity stations are set up around the room for learners to decide which learning activities they want to participate in. Regardless of the activities they choose, learners will achieve the same learning outcomes. Each of the activities falls under one three learning categories: Understanding self, understanding others, and communication.
Diversity Works Kit is appropriate for anyone who wants to better understand the qualities that make each of us unique and how to maintain respectful communication. It can be used as a stand-alone learning instrument or as the centerpiece of a more comprehensive curriculum. Learn more here: https://www.hrdqstore.com/diversity-works.
Top companies know how important diversity is – not just for the satisfaction of their employees but also for their own bottom line. Building an inclusive culture should be a top priority for organizations in 2018 and beyond, so be sure to remember these positive effects of diversity when looking at your own hiring strategies.