Nurturing an inclusive and diverse workplace is a reflection of a company’s diversity. Nurturing an inclusive and diverse workplace also makes the company more competitive. Inclusivity boosts trust between employees, customers, suppliers, etc. Diversity of thought creates innovative ideas that can propel a company forward. This strategy provides companies with new ways to look at problems from different perspectives, thereby increasing employee satisfaction and productivity.
In order for a business to have success in today’s global marketplace, it must recruit and retain a diverse workforce as well as ensure that they are able to work together effectively as a team.
Enhanced sense of community
By fostering an atmosphere of inclusion and diversity, you create a more agile workforce (which reduces downtime). Also, when people feel like they belong somewhere it is easier for them to form strong bonds within their teams/departments and across the entire company. Plus, they’ll feel like they’ve embarked on a mission with a shared purpose – rather than just doing their own jobs – which adds to the general sense of happiness and well-being for all involved. This sense of community and belonging breeds equity in the workplace, which makes employees feel they are valued and respected. This in turn is associated with increased job satisfaction and better team performance. When your workplace achieves a semblance of community, there is better employee engagement and morale.
Improved work relationships
A diverse and inclusive workforce helps employees learn from each other. It builds goodwill when everyone has a voice in the workplace, and when people feel valued for their differences and opinions and they help make contributions to the greater good of the organization. Understanding diversity also leads to greater collaboration. Diverse and inclusive organizations tend to foster cooperation among employees, making them much more likely to share knowledge and experience with each other in order to get projects done faster.
Improved problem-solving skills
When employees with different backgrounds come together in an inclusive environment, it creates the opportunity for their varied perspectives and experiences to help solve problems more effectively than before. This broadens the horizons of everyone involved in a joint activity or project. It also converts to enhanced creativity, leading to better problem solving within teams because of a wider range of ideas being shared amongst all team members. This helps in challenging current norms in organizations in order to promote innovation. Organizations utilizing this strategy tend to be more competitive in the marketplace than those that don’t.
Less workplace stress
It might sound counterintuitive, but research suggests that an inclusive atmosphere can actually reduce stress levels among employees. Take advantage of this by asking your team members what strategies work best for them in order to maintain their focus and productivity at work. It will lead to greater employee well-being and satisfaction, which would also lead to lower turnover rates.
Perhaps the most significant outcome of an inclusive and diverse workplace is the increase in revenue. In a McKinsey study, companies whose workforce reflected the demographics of the talent pool available in their country earned above-average returns on equity and also outperformed competitors. In addition, a 2015 study by researchers from Stanford University found that American companies with at least some female representation among top executives delivered returns above national industry medians, while those with no women at the C-suite level lagged behind. According to one internal KPMG study of its own employees around the world, “the firm’s highest return to shareholders came from its most inclusive market segment.”
Another result of inclusiveness and diversity that boosts revenue is enhanced customer service. When employees in a company value diversity and appreciate the difference, they’ll naturally begin to create an environment where customers feel welcomed and valued, which can lead to increased sales. This will also benefit your bottom line in the long run.
Illustrate that diversity is more valuable than conformity
Diverse and inclusive organizations have a competitive advantage over other organizations that do not embrace diversity, because of the above-mentioned advantages. By demonstrating how valuable diversity and inclusion are within your organization, you make it clear to everyone involved why these concepts are important and are embraced if they want your business to thrive and flourish. Those organizations that don’t embrace diversity are limiting themselves to only utilizing the talents of their employees who are similar which limits their understanding and potential success in today’s global marketplace.
Nurturing an inclusive and diverse workplace leads to many advantages for businesses. The first step towards involving others in the decision-making process creates trust between parties which leads to great outcomes for all parties involved whether it be employees, employers, or customers. Greater satisfaction amongst employees results in greater productivity and commitment to company missions as well as increased loyalty by creating an environment where everyone feels equal no matter what their background may be. However, it’s important to note that the company must embrace diversity in order to benefit from all that an inclusive environment can provide.