The importance of diversity and inclusion
in the workplace.
If you take a look around, you will discover that our entire society is influenced by different cultures. Your favourite food might come from a country on the other side of the world, the clothes you wear may be influenced by another culture - even the car you drive might have been manufactured abroad. Cultural differences and influences can be found everywhere, and the same counts for your workforce. Fostering a diverse and inclusive workplace can lead to more creativity, innovation, and eventually, business growth. Let’s find out how!
Benefits of diversity and inclusion
in the workplace.
Just think about it yourself, the more diverse people you have around you, the more ideas, perspectives, and influences you will have. The same counts for your workforce. By bringing together people with different cultural backgrounds and life experiences, you are set to innovate like no other! Members of diverse teams see things in a variety of ways, they are more likely to recognise new and different market opportunities, they might even notice unmet market needs.
By working together with people who have different backgrounds and experiences, we are given the chance to take different perspectives into account. These are especially beneficial when it comes to the expansion of products and services into new markets, as well as becoming culturally sensitive when entering a new region. Remember, what works in one country might not work in another.
Besides fostering creativity, a diverse team can lead to business growth. Research done by McKinsey shows that large businesses who have more women and ethnically-diverse managerial teams see a stronger financial performance. The study suggested that companies where women made up to 30% of the executive team outperformed businesses with fewer female leads by as much as 48%. In addition, the most culturally and ethnically diverse companies outperformed less diverse businesses by as much as 36%.
Further research shows that without diverse leadership, women are 20% less likely than straight white men to win endorsement for their ideas, whilst people of colour are 24% less likely and employees from the LGBTQ+ community are 21% less likely. This costs companies crucial market opportunities as diverse contributors are more likely to understand the needs of under-leveraged markets. Another reason to have a diverse workforce is that when at least one member of a team has similar traits or shares the same ethnicity as an end-user or a client, the team is 152% more likely to understand the client’s needs.
Becoming a more diverse and inclusive organisation goes beyond creativity, innovation, and business growth. It should be a no-brainer that everyone should feel welcome at the work, regardless of where they are from or their sexual orientation. Need a nudge in the right direction to become a more diverse, inclusive and equity-friendly organisation? We got you covered, learn more about some of our courses!