What Diversity and Inclusion can do for your company

Organizations need to focus on allocating their resources and training efforts in order to attract the right employees with the best minds, skills and experience. In today’s war for talent, this may require employers to look beyond the traditional talent acquisition and recruitment practices.

Please find some of the most important benefits of focusing on diversity and inclusion in the workplace:

Accelerate business growth and financial performance

McKinsey’s research on diversity showed that companies with more diverse gender, culture and ethnicity outperform employers that don’t support diversity. The 2017 research found that companies in the top quartile for gender diversity experience outperform by 21%.For ethnic and cultural diversity, there was a 33% likelihood of outperformance.

Boost innovation and creativity

Workplace diversity is crucial for innovation and creativity within organizations. Having employees from various backgrounds brings different perspectives and ideas into the everyday business.

Improve company’s reputation

Companies that focus on promoting diversity in the workplace are seen as more human and socially responsible organizations. In addition, supporting diversity and inclusion is a proof of employer’s morale, fairness and empathy. These employer’s characteristics are often very attractive to Millenials and younger generations.

Make better business decisions

Besides implementing flatter hierarchy and agile organizational culture, diversity is one of the crucial factors for better business decision making.

Attract high-quality candidates

According to Deloitte, 67% of job seekers use diversity as an important factor when considering companies and job offers.

Improve knowledge sharing

Diverse workplace often means more knowledge on different business areas. Therefore, employers that support the culture of diversity are more likely to excel knowledge sharing practices within their companies.

Improve employee engagement

Workplace diversity boosts employee engagement. Deloitte conducted a research which captured the views and experiences of 1,550 employees in three Australian corporations operating in manufacturing, retail and healthcare. This research showed that engagement is an outcome of diversity and inclusion.

Decrease employee turnover

Companies with diverse workforce are generally have lower turnover rates. Diversity and inclusion in the workplace cause all employees to feel accepted and valued. As the result, employees feel more satisfied and they stay longer with their companies.

Increase employee empowerment

According to Salesforce research on diversity, employees who feel their voice is heard at work are nearly five-times (4.6X) more likely to feel empowered to perform their best work.

Increase employee loyalty

The same research states that employees who say their company provides equal opportunities are nearly four times (3.8X) more likely to say they are proud to work for their company.

*Workplace Diversity Through Recruitment, A Step-By-Step Guide, Ideal

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