The Key Benefits of a Diverse Workforce
Studies have shown that a diverse workforce leads to increased innovation; a study found that companies with more diverse management teams have 19% higher revenues due to innovation, indicating that a diverse workforce can be an integral part of a thriving business.
When hiring employees, building a diverse workforce will give your company access to a broader talent pool, which comes with employees with a wide range of skills for your company to utilise.
Additionally, prospective job seekers will look to work for your company due to your fair and diverse workplace practices. According to one survey, 32% of job seekers wouldn’t apply to a company lacking in diversity.
Employees find more job satisfaction in a working environment that is fair and diverse. Having a diverse workforce will help your company retain its key workers and save resources in employee turnover. A diverse workforce will also lead to more inclusion in your company, helping to foster a working environment where all voices are heard, and employees feel that their viewpoints matter.
How Can Your Company Support and Grow a Diverse Workforce?
While a fair and transparent hiring policy will allow you to attract a diverse range of candidates, your company must focus on building a solid foundation based on fair and diverse employment practices.
This requires an active approach to improving and supporting existing diversity in the workplace. These practices should include equal pay, frequent and open communication, and equal progression opportunities, which will allow a diverse workforce to flourish.
In addition to this, encouraging, promoting, and facilitating a more diverse leadership team will help develop these diverse viewpoints and perspectives. Positive changes in diversity higher up in your company will likely have a ripple effect, and workers will see the benefits throughout your business and find their role models.
Today, the vast majority of top companies view diversity as an essential business imperative, with the ability to improve their brand, increase performance and engage their employees. As a result, these businesses embrace diversifying their workforce and view the process as like a marketing campaign.
The candidate market is also increasingly aware of diversity issues, with younger workers, in particular, expecting inclusion as a mandatory part of their workplace. Through effective diversity campaigns, businesses can highlight their efforts towards potential talent and show that they strive to build a diverse workforce.
Ways to Increase Workplace Diversity
A diverse workforce comes with many benefits to companies, no matter their size, but how can you ensure you are working towards a fair and inclusive workforce?
Utilise diverse job boards
Post new job openings outside of the more prominent and well-known job boards and branch out to post on those that focus on diversity. This could include MyDiversity.com, Pink Jobs or The Diversity Dashboard.
Showcase workforce diversity on your website
You can highlight your diversity statement and current endeavours on creating a diverse workforce on your career page and note it in all job posts.
Implement diversity training
Training your leadership teams in diversity will create awareness to establish meaningful culture and sensitivity throughout the organisation.
Integrate diversity into company policies and practices
Ensure workplace policies are inclusion and diversity-friendly, right through from hiring practices to performance reviews, development, promotions, and benefits.
Reinforce anti-discriminatory policies
Ensuring anti-discriminatory policies are sufficient to propel advancements in diversity and inclusion will support your employees effectively.
All companies should make sure the workforce is diverse and inclusive, ensuring the hiring process is fair and transparent, not just because it is the right thing to do but because it also makes good business sense.