A diverse workforce is made up of people from different age groups, ethnicities, genders, sexual orientations and religious and political beliefs.
While striving towards a diverse workforce can mean a more thoughtful recruitment strategy, the benefits to businesses are plain to see.
In fact, businesses focusing on racial and ethnic diversity were 36% more likely to have above average financial returns within their industry, according to McKinsey (2020).
That’s great for the bottom line, but here are some more ways a diverse workforce can help you to stand out.
CREATIVITY
Diversity can increase creativity in business and help leaders to think outside of the box. Diverse workforces can be up to 1.7 times more innovative (Perry, 2020). This is because they can offer a handful of solutions to business problems, based on multiple perspectives, rather than a uniform approach to problem solving.
BUSINESS ATTRACTION
A study by Glassdoor (2021) found that 1 in 3 applicants would not apply for positions in businesses that lack diversity. Therefore, having a diverse workforce may be key to securing top talent in a company’s recruitment strategy.
Diversity and inclusion could also affect a business’ potential customer base, as customers may feel more connected to companies that use advertising depicting culturally and ethnically diverse people (Forbes, 2021).
BETTER DECISION-MAKING
A diverse team is likely to make better decisions as they offer broader perspectives. This can link to increased profitability, as diverse teams are able to capture new markets over teams that are not diverse (Myers, 2020).
Overall, a team that is culturally diverse may contribute to the efficiency of a company. Therefore, it should be at the top of the agenda for businesses to strive towards promoting diversity and inclusion in the workplace. Here are some suggestions that may help you attract a diverse workforce.
DIVERSITY IN RECRUITMENT
The key to working towards developing a diverse workforce may lie in a business’ recruitment strategy.
Posting statements on job adverts stating a business is committed to diversity and inclusion for all ages, ethnicities, cultural backgrounds and sexual orientations may help increase the attractiveness of posts to diverse candidates.
Moreover, images that reflect culturally and ethnically diverse individuals on a company’s website may also help attract diverse applicants. This could contribute to the financial and creative benefits associated with a diverse workforce.
Introducing a diverse interview panel may help the performance of diverse candidates in interviews, and will help provide multiple perspectives when it comes to making hiring decisions.
As well as traditional job advertising platforms, such as Indeed and LinkedIn, consider posting roles on diverse channels, such as BME Jobs, Evenbreak or Black Young Professionals Network.
This blog post has outlined the benefits of a diverse workforce on a business’ bottom line and efficiency, as well as suggesting ways to improve diversity and inclusion within the recruitment process to capture these benefits. What can you do to promote diversity within your business?