Benefits of Diversity & Inclusion in the Workplace
When you create a culture of diversity and inclusion, it creates a happier, more relaxed work environment, too. Employees feel valued and respected, which leads to greater collaboration and creativity.
Inclusive workplaces show higher levels of engaged workers, and that leads directly to better job performance.
Phyton Talent Advisors has outlined some of the benefits associated with diversity and inclusion in the workplace.
- Innovation: Teams comprised of various backgrounds and work experiences collectively come up with more creative ideas and ways to solve problems. McKinsey and Company say ethnically diverse companies are 35% more likely to yield higher revenue, while gender diverse companies are 15% more likely to yield higher revenue.
- Candidate Attraction: People are drawn to companies that show they value diversity and inclusion. Less diverse environments can also be hostile for those who feel they don’t fit in. When people feel cared about, and see that their peers are cared about, they stay (and they refer others). It’s a beautiful cycle. (Glassdoor said 67% of job seekers consider diversity an important element of their workplace!)
- Revenue: A study published in the American Sociological Review found that companies with the highest percent in racial or gender diversity have higher sales revenue, more customers, higher than average market share and profitability.
- Diversity can improve a brand’s image: Brands that value diversity enjoy better brand perception. One reason could be that customers perceive diverse-minded brands as being more in touch with their customers and being more forward-thinking. Potential customers may perceive brands that don’t practice diversity as being bland and behind the times.
Creating an inclusive environment has a positive effect on all workers, regardless of whether or not they’re part of minority groups. Diversity and inclusion don’t just happen in a workplace, though. It takes careful, conscious thought and a clear plan to ensure everyone emphasizes and understands the concepts. And, when employees embrace and nurture this type of environment, it benefits everyone. For more information on diversity and inclusion, contact Phyton Talent Advisors today!