Diversity is one of the many things that can either drive corporate America forward or bring it to a screeching halt if it’s lacking. Diversity means difference, experience, culture and so many other things and gives our workforce an intricacy that provides meaningful results. In other words, there are several reasons you should diversify your office and we’ve got the breakdown for you here.
Money, Money, Money!
Profitability is one of the major benefits of investing in diversity for your organization. It’s been proven that companies with a diverse workforce yield higher revenue than those with a synonymous group of individuals. In fact, diverse teams typically land 35% higher financial returns on average. In addition to those increased profits, decision-making improves and your audiences feel more comfortable buying your product. The more you engage your audience, the more money you’ll see in the bank. A pretty good reason to diversify your office if you ask us.
Strong employer brand
In addition to increased profits, diversifying your office makes you look really good for potential candidates and customers. We’re talking about your employer brand. Employees are increasingly aware of the level of inclusion in that your company showcases. In fact, 67% of potential candidates are searching to find companies that embrace differences and foster belonging. Bulking up the diversity in your office will attract top-tiered talent and encourage those already working for you to recruit the best to join the team. Why not help out underrepresented groups and look good doing it?
Shiny new perspectives
We’ve talked about cognitive diversity before and the benefits it can bring your workforce. Let’s break that down a bit more. Directing your focus on diversity hires will provide your office with a threshold of thinking ability. The new added perspectives will make the cognitive ability of your workforce stronger than your competitors and feed into that increased revenue we mentioned earlier. Diversity introduces you to new markets and gives you the ability to see your product or service through the eyes of everyone you’re looking to sell to. We’ve seen it before when brands clearly lacked representation before sending something out. The more diversity in your office, the less chance you have of sending out something offensive or controversial.
It’s also been said that diversifying your workforce is about “who you hire, fire, and promote.” Leaning into concentrated promotions will help increase the decision-making in your office. Companies with diverse leadership teams are simply more effective when it comes to driving the progress in an organization. Gender-diverse leadership teams are 73% more likely to make better business decisions whereas culturally and ethnically diverse teams are proven to make 83% better decisions than others lacking representation. Those numbers seem like a pretty good reason to invest in diversity in your office. Bottom line is, as so many companies have demonstrated over the years: diverse leadership = better results.
Diversity drives innovation. When you build out diverse teams, you quickly reap the benefits of those actions. By adding individuals from different backgrounds and cultures you open your products or services to opportunities to innovate beyond your competition. Individuals from other countries have experiences from abroad that benefit your organization and company growth. When a company is looking to stand out amongst competitors, having innovative and diverse minds on the team will increase those chances.
Buckets of creativity
Diversity also brings creativity to life. The collaboration and sharing of ideas that happen on a diverse workforce can set a company, project or campaign in a league of its own. Think of the end result your company could produce if there was a representative from every group brought to the table. Multiple backgrounds will be sure to align your product and cultivate creative messaging to the audiences you’re trying to reach. Think of diversity as a canvas, your hiring practices as a paintbrush and an inclusive, diverse team where everyone feels as if they belong to be the ultimate masterpiece.
That ‘Company Culture’ thing
In addition to better performance, diverse teams help build company culture. Company culture is the talk of the workforce conversation these days. Without an environment where employees and candidates feel supported and valued, an office can quickly become toxic. Besides, candidates and employees want to work together. Diversifying your office gives your entire workforce a chance to work closely on projects, accounts, and tasks while learning about different backgrounds and experiences. That’s the definition of building company culture. Diverse teams outperform companies with homogenous teams by major margins.
Everyone else is doing it
As corporate diversity continues to become more relevant, we’re seeing companies make pledges and take stances on diversity in their workforce. Having diversity in your office feeds into an even larger social change that we see happening. With diversity making a case as a strong strategy for better business, corporate leaders like Melinda and Bill Gates and Alice and Sam Walton, are coming forward to make a social impact by investing in organizations that help underrepresented groups and give us a shot at a better future. You see, diversifying your office extends far beyond the depths of your walls. It sets a precedent and spills out as an expectation of others and as an example to all.
So, there you have it. A solidified list of reasons you should make diversifying your office a priority. If your company is looking to grow, you need diversity in your pocket. It’s no longer just a conversation, it’s good business to hire diverse candidates and to foster inclusion and belonging. Take some time this week, this month, or this year to strategize how you can diversify your office. Already working on it? Share with us some of the practices you already have in place and as always, we’re here for any help you need.