In today’s workplace, more and more organizations are embracing diversity and team building.
Creating a diverse workforce means that companies recruit and hire talented employees of differing backgrounds without regard for age, gender, race, religion, sexual orientation, physical conditions, cultural background, and other demographics. Promoting teams means business organizations are moving away from vertically integrated hierarchical structures toward a more horizontally integrated team approach taking full advantage of the diverse talent necessary to build better teams.
Promoting diversity in the workplace means valuing what people of diverse backgrounds, life experiences, and viewpoints have to contribute to the success of an organization. It also means recognizing that diversity and equality go hand in hand. Organizations that marginalize or pass over talented individuals because of their differences miss out on the benefit of a diverse workforce.
To realize the benefits of diversity, organizations need to do more than set goals and policies relating to diversity and equality. They need people to champion and promote diversity, its benefits throughout the organization and counter the tendencies within groups to resist change and cling to outmoded attitudes.
Here are several ways creating diverse teams helps organizations thrive.
Attracting and Retaining Top Talent
Workplace diversity is essential for attracting top talent. People from diverse backgrounds want an inclusive workplace where everyone is treated equally. Promoting diversity at all levels of an organization’s hierarchy helps attract and retain talent and makes the most of people’s abilities.
In a diverse workplace, people feel that their contributions are valued and that they are respected. Increased job satisfaction is a powerful motivator. People who like their jobs tend to keep them. Reducing employee turnover means increased organizational stability, less disruption, and lower cost with regard to hiring and training new employees.
Improved Team Engagement
Studies have shown that organizations with more diverse management teams are more innovative and profitable than less diverse ones.1 People respond positively when their contributions are appreciated and recognized. They experience greater happiness and job satisfaction, increased motivation, and improved productivity. Additionally, a more diverse workforce leads to improved performance, creativity, and innovation. Diverse groups of people tend to make better decisions than individuals or groups of similar, like-minded individuals.
Goodwill in the Community
Whether your business is local or worldwide, reputation is everything. The public perception of any organization has a significant effect on its ability to achieve success. By demonstrating your commitment to diversity, you will not only improve your ability to find and retain the best available talent you also raise your standing with customers, other businesses with whom you deal, and the community in general. Being perceived as ethically and socially responsible contributes to your organization’s goodwill and opens the door to increased opportunities for your business.
Increasing your workforce’s cultural diversity can lead to greater profits. A 2013 survey undertaken by think tank, Center for Talent Innovation, found that 48 percent of companies in the US with more diversity at the senior management level improved their market share the previous year, while only 33 percent of companies with less diverse management reported similar growth.” 2
Diversity is the wave of the future, and it can provide a competitive advantage to your organization. If you would like assistance with recruitment or creating policies that support team building and diversity within your organization, one of our team members would be happy to speak with you. Contact us today.
“How Diverse Teams Produce Better Outcomes” Sian Bielack, Forbes, 8/4/19. https://www.forbes.com/sites/sianbeilock/2019/04/04/how-diversity-leads-to-better-outcomes/
“8 Amazing Benefits of Cultural Diversity in the Workplace”, Lauren Clarke, https://inside.6q.io/benefits-of-cultural-diversity-in-the-workplace/