How Companies Are Benefiting from A Diverse Workforce
We all know that diversity in the workplace comes with many advantages. For example, the company benefits from greater productivity, team morale, and profitability. That’s without forgetting a possible reduced rate of employee turnover. In Canada, employers have the option of hiring a diverse group of people or not. However, lately, we have seen an increasing number of governments worldwide starting to make this mandatory. One of the main aims is to ensure employment for individuals who would otherwise not be considered due to biasness.
In this blog, we will help you keep an ear to the ground about the top five benefits of diversity in the workplace.
Did you know that if your business features a diverse workforce, it is more likely to succeed sooner or later than a company with a less diverse staff? In fact, we found one research predicting an approximate 3% to 9% sales increase for a firm for every 1% diversity increase.
Generally, workplace diversity refers to a business, company, or organization hiring a wide range of diverse people with different characteristics. When working together, the distinct characteristics of your employees become innovative enough to develop amazing products, thus boosting the overall performance in a way that may seem difficult for employees restricted by similar backgrounds. The result is sales increasing naturally.
Undoubtedly, Canadian citizens are used to Canadian ways and culture. However, people who have grown up in a different country or culture often offer different perspectives on many things, including life. When your business becomes a more inclusive place for individuals of varying religions, races, ages, gender, cultural background, ethnicity, etc., to brainstorm, you can benefit from efficient problem-solving. People with such diverse journeys can also come up with some unique ideas.
Reaching Local and International Market
Hiring a diverse group (including the approximate 21.5% of immigrants in Canada) comes with the advantage of your workers representing your target customers. The community too! The local people and the community around you may often appreciate this effort by recommending your brand or products, thus leading to a wider reach. We recommend having a keen look at how your brand communicates with its customers. It will tell you a lot about your employees’ natural understanding of the need of their people.
Did you know that your brand’s inclusive message can make people recommend your products to more potential customers? In addition, the press will positively receive your brand solely because of diversity in your workplace. The community will perceive your business as socially responsible and relatable if you accept and include employees of all backgrounds.
Low Turnover Rate
While we encourage you to boost your productivity and increase your sales through diversity in the workplace, we also find it helpful in retaining talented employees. Here is the thing! If your business is open to a diverse workforce, you will show your crew that you accept talent from any background.
As a result, you will make marginalized people feel satisfied and happy with your company and will be willing to work there for years. The same applies to accepting non-marginalized individuals. In the long run, you will not have to worry about recruiting new staff and spending new budgets.
In conclusion, diversity in the workplace brings lots of benefits to businesses in Canada and all over the world. But also, if we put the benefits from the business viewpoint aside, we realize that workplace diversity should be the human thing to do naturally. It means acknowledging the individual strengths of every member of staff and the potential they bring to your business.