What Are the Benefits of Diversity?

The more you hear about “workplace diversity” the more you may start to wonder if it’s just a jargon-filled phrase that companies throw around. Yet, although it can be made to sound like a lofty social goal, diversity has real value for both the people and the company. Here are the top benefits of diversity and why you should implement a diversity and inclusion program as soon as possible. 

  • Diversity values a variety of perspectives

Having a diverse workforce means having employees from different backgrounds, nationalities, cultures, ethnicities, sexualities, religions, ages, gender identities, etc. And ultimately, this means that they’ll have different perspectives, approaches to their positions, and solutions to any problems at hand. 

For your company or organization, this is ultimately a benefit. A diverse workforce provides you with a variety of perspectives which increases the amount of insight you have into your customers who could be anyone in the world. Just thinking about your bottom line, you want to have as many different types of thinkers on your team as possible. 

  • Diversity prioritizes a global customer base

Globalization has shifted the ways that businesses operate on a global scale. You’re no longer limited to who you do business with — everyone is accessible regardless of location, culture, time zone, etc. 

For this reason, it’s important to have the proper personnel and training to accommodate all clientele needs. Often, having a team member who speaks the language and can cultivate an authentic relationship with clients from around the globe is an enormous asset. Research demonstrates that entire teams better understand their clients when just one team member shares traits with them. Diversify your team and excel at your job!

  • Diversity increases both creativity and productivity 

There’s a saying, “Sameness breeds sameness.” Don’t limit your company by hiring only people from similar cultures, perspectives, and socioeconomic circumstances. At a lot of companies, this can happen unintentionally. Someone will recommend a candidate they know from school or their hometown. Yet, unfortunately, this ends up resulting in very similar types of people working at your company. 

While it can be more work to diversify your hiring practices, it ultimately pays off. When you attempt to hire a diverse workforce, you enhance your creativity and productivity. As shown in this McKinsey study, 95 percent of U.S. public companies with diverse executive boards have 95 percent higher returns on equity than do those with homogenous boards. 

Final thoughts

Diversity has numerous benefits to a company, and they’re not all related to how they impact customers and employees. In a lot of ways, enhancing your company’s diversity truly makes sense financially. For this reason alone, don’t delay!  Start by creating an online diversity training for your team. Reflect on how you can begin to revamp your organization’s diversity practices for overall improvement.

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