Businesses are now realizing the importance of cultural diversity in the workplace. For a long time diversity was seen as a box to check. Now companies are starting to see the real, business impact.
MORE EFFECTIVE TEAMS:
Studies show that groups of diverse problem solvers outperform groups of other problem solvers. Diversity and Inclusion brings in different talents working toward a common goal. And using different sets of skills and perspective allow for more effective problem solving.
LOWER TURNOVER RATE:
Diverse companies show a higher retention and lower turnover rate. Diverse environments that are inclusive and show appreciation for differences increase loyalty and overall employee morale.
INCREASES MARKET SHARE:
Companies that value diversity show increased market share. Having a more diverse workforce allows you to open up more consumer markets. From the language skills to understanding the market, diverse companies do a better job of breaking into and dominating additional markets.
Companies that have an inclusive, diverse workforce are more profitable (for all the reasons above). McKinsey and Company’s survey showed that diverse executive boards showed overall higher earnings and return on equity.
Diverse business ownership will continue to allow the US to push forward into the new economy. For example, companies owned by women of color contributed $165 billion in revenue and employed over 1.2 million people.
By 2050 the US will have no racial or ethnical majority. And our businesses, employment and leadership needs to begin reflecting this change.
Companies need to focus on not only recruiting but retaining a diverse workforce. Companies need to see the value in the differences and promote an inclusive environment.
Are you not sure how to leverage your diversity? Set up a consultation today to see how we can help you!