Homogeneity can be very useful in business when you’re trying to do the same thing over and over and over again. But if you could do with a fresh perspective now and again, to drive innovation, streamline your processes or develop a new strategy, then the diversity of thought is exactly what you need. And the best place to find that is with the diversity of people.

So what do we mean by diversity here?

In short, it’s the various ways that different groups of people are different from others.

Some of the characteristics where diversity is valued, (according to the Diversity in Business knowledge platform) include gender, age, cultural, ethnic and religious background, LGBTQI+ and workability.

All of these factors, mean each person carries a different set of experiences into the workplace with them, and when taken together, deliver a fantastic insight into the possible future outcome, of a current business decision.

So what are the benefits of diversity in the workplace?

Apart from making your organisation more representative of the general population,
and creating a more equal society for all, there are significant business benefits too.

Flexible thinking & innovation
When different perspectives are brought together, in a place of collaboration and the pursuit of a common goal, the result is generally creative, innovative and often unique.

This isn’t just common sense, it’s backed up by hard data from TNO, who analysed 7,615 organisations and discovered that more new products were developed across the board, from companies with culturally diverse management, as opposed to those without adequate diversity.

Greater market knowledge, big competitive advantage
If the people who work for you, represent the diversity found in your customer base then without a shadow of a doubt, you’re going to have greater insight into your customers.

Time and again research has shown this to be true.

Easier to recruit millennials

If you’re looking to recruit millennials, and let’s face it that’s a large percentage of the workforce nowadays, then having an inclusive policy is going to be of use. Aged between 27 – 42 by now, millennials are also the most diverse generation ever and feel very much at home in organisations that reflect their values.

Boosts employer brand

Increased diversity will also help with your employer brand, making it easier to attract talented employees – whatever age and background they come from. This gives you access to a bigger talent pool, leading to better talent inside the business!

Increased productivity, a better bottom line
All of the above, inevitably, delivers tangible business benefits to the bottom line.  McKinsey, in fact, found that companies with a ‘diverse workforce are 35% more likely to have better financial returns’ than their competitors who don’t.

So the facts are there, the more diversity, the better your business will do.

If you need some help making the move to a more diverse workplace,
then please get in touch, and I’m sure we can help.