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The Benefits Of A Diverse Workforce

ID-10066154We all know workplace diversity is the law. But have you ever stopped to think about the benefits that it brings to your company?

Think about what diversity means: it means hiring females, minorities, military veterans and people of different generations. All of these groups bring different experience, skills and perspectives to the table, meaning you'll be able to better serve a more diversified customer base and win new markets. And with increasing globalization over the years and the world becoming more of a "global village," workplace diversity has become increasingly necessary.

Yes, you should always hire people based on skills, experience, and expertise. But keep in mind, numerous studies have shown that a diverse workforce is more:

  • Loyal. And when you see a reduction in employee turnover, you'll save millions of dollars while seeing higher team morale and increased creativity and problem-solving.
  • Innovative. 85 percent of executives at large global companies report that they feel diversity has been crucial to fostering innovation by providing fresh perspectives and ideas
  • Attractive. Diversity is vital to attracting and retaining top talent in all areas.
  • Productive. Research has proven that an actively cultivated, more diverse workplace contributes directly to employee productivity.
  • Profitable. Assembling a more diverse team helps businesses capture a larger market share and contributes to higher sales revenue, profits and customers—sometimes generating up to 15 times more sales and nearly $600 million more in average sales revenue.

So, how can your company effectively and efficiently build diverse teams without resorting to quotas or favoring demographics over skills?

One answer may be to use big data. By mining publicly available social data, your in-house recruiters or staffing agency partner will be able to source candidates that possess the expertise and experience you need, who also fit any demographic characteristics that are currently underrepresented at your company.

If that's not feasible, you can try:

  • Promoting your organization as a company that respects diversification, which will attract applicants from different backgrounds.
  • Providing cross-cultural training to hiring managers and staff to learn the norms and customs of diverse candidates.
  • Searching for candidates in different places beyond your usual community and area of influence.

By combining contemporary recruiting technologies with new perspective and techniques, you'll reap the benefits of a more diverse, productive, innovative and profitable workforce!

Any questions? Call or contact Complete Payroll any time.

Photo courtesy of freedigitalphotos.net.

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