Diversity has become a phrase often used to indicate the inclusion of a broad range of workers from different ethnic, racial and social backgrounds. This inclusion of various groups in a corporate environment has been found to be a significant advantage on a number of levels, including in innovation, creativity, customer service and financial gains. Clearly, diversity adds a number of elements to the corporate mix that improves companies at all levels.
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Diversity Helps To Attract Top Talent
A company that has diverse workforce has committed itself to searching out the best talent in all facets of society. These employees not only add their own unique experiences to decision making, they also send a signal to other employees that their ideas and special skills will be valued in the corporate environment. This positive message draws the best in talent from across the board.
Diversity Increases Innovation
The broad range of backgrounds and experience from a diverse workforce fosters creativity and new ideas, allowing companies to innovate products, services and markets in new ways that benefit their bottom lines.
Diversity Increases Market Share
The special insights of a diverse workforce can provide an understanding of the needs and requirements of a broader range of consumers, increasing the company’s abilities to move into larger market niches.
Diversity Creates a Positive Corporate Image
According to DiversityInc, companies have begun utilizing programs like IBM’s Corporate Service Corp., Smarter Cities and P-TECH that provide education and development of young people from diverse or disadvantaged backgrounds. These businesses show their commitment to the community and the country with aggressive outreach and training for groups that were not routinely a part of the corporate culture in the past. The rewards include greater innovation, increased workplace satisfaction and a brand that is associated with fairness and progress.
Diversity Reduces Turnover
Turnover rates are higher in companies that do not have a diverse workforce. These environments tend to be highly competitive with little impetus to innovate or change, which reduces creativity and worker satisfaction. Diverse workplaces foster inclusion and respect for new ideas, which makes a more gratifying environment for high-level talent.
Diversity is not only a social concept. It is a reality that has been found to benefit business goals in study after study. If you want your company to expand and grow, look for ways to reach out to the diverse community that surrounds you, and tap into the energy and ideas that reside there.