A major talking point these past few years has been diversity and what it means in our ever-changing world. Part of this discussion has revolved around how diversity can benefit the workplace. What can diversity do in the workforce? How does it affect the employees, both current and future? Let’s discuss 7 benefits of diversity and how you can implement diversity in your workplace.

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What is Diversity?

Diversity is a representation of different groups within a company or community. Diverse groups can include people of different races, religions, ethnicities, age, gender identities, and sexual orientations. The more of these people that are represented in a company or organization, the more diverse it is.

Seven Benefits of Diversity in the Workforce

Different Perspectives

  • One of the most wide-reaching effects of diversity is the addition of different perspectives to the workplace. Every person has their own unique point of view that has shaped their lives. By having people of different backgrounds on your team you can benefit from their unique viewpoints. Up to 94% of people agree that diversity brings new ideas and perspectives to the workplace, according to this survey.

Better Company Morale 

  • Research has shown that when employees feel represented and listened to that they have a more positive attitude. One study found that employees were 9.8 times more likely to look forward to going to work if their workplace was diverse. When employees feel good and want to come to work their performance improves and it helps to increase the morale of everyone else in the workplace. 

Better Recruitment  

  • By having a diverse workforce and by being open to hiring a wide array of candidates you increase the chances of finding the right fit for your company. People are more willing to apply and work for a company where they feel like they are represented and accepted.  A high number of job seekers, 67% according to Glassdoor, say that diversity is an important factor when looking for employment. 

Employee Retention 

  • Employees are more likely to stay with a company if they feel represented and listened to by their employers. Retention rates at diverse companies show to be 5.4 times higher than other workplaces. This in turn lowers the turnover rate and allows management to focus on other strategic initiatives. There are less hours spent on recruiting, onboarding, and training and more time spent on running the company. 

Company Reputation 

  • Diverse workforces also tend to have a better reputation with their consumer base and the general public. Reputation can be a deciding factor for many consumers, so by having a good reputation with the community you can increase customers.  

Higher Revenue 

  • A company that practices diversity in the workplace is also more likely to see an increase in revenue. People are becoming more socially conscious about their purchases. They are more likely to buy from companies that align with their values. Productivity has also been shown to increase with diversity, which can also lead to higher revenues for the company. 

A Better Company 

  • A diverse workforce leads to a better company. Sales go up, employee morale and productivity increase, and public perception can also positively increase. These things are important to any company, and a diverse workforce can help increase these and improve other aspects of the company. 

Diversity is becoming a more talked about topic every day. Consumers are starting to think more about who and where they buy their goods from. It is important for companies to look at these changes and start integrating more diversity into their workforces. There are many more benefits of diversity in the workplace outside of those listed here.  

Want to learn more about diversity in the workplace, recruiting a diverse team, or what we can do to help? Contact HR Collaboration Group today!