Diversity In The Workplace Has A Lot Of Advantages

Workplace diversity is causing a stir in the HR sector. Employers are emphasizing diversity, equity, and inclusion (DEI) efforts and spending resources to ensure that their employees are prepared for success now more than ever. Focusing on DEI is not just good business, but it is also the right thing to do as a person, for mankind.

We'll go through the real and intangible benefits of workplace diversity, the obstacles that come with it, and what you can do right now to get started on related projects in this piece.

 

What exactly do we mean when we say "diversity in the workplace"?

Diversity in the workplace refers to a company that hires people who are diverse in terms of gender, religion, race, age, ethnicity, sexual orientation, education, and other factors.

Diversity in the workplace has several advantages from both an internal and external standpoint. That isn't to say that putting diversity measures in place at work isn't fraught with difficulties. In the parts below, we'll go through both sides of the equation.

 

The advantages of workplace diversity

1. New viewpoints
When you recruit individuals from a variety of backgrounds, ethnicities, and cultures, you're bringing a new set of ideas to the table. This can result in advantages such as improved problem solving and enhanced productivity. Consider it like a scavenger hunt: would sending everyone on the squad in the same direction lead to better success? Or would having a staff that splits apart strategically allow you to acquire information more quickly?

For some recruiting managers, the prospect of bringing new viewpoints into the firm might be scary. People may be wary about causing embarrassment or expressing unpopular viewpoints. But don't worry: research shows that diverse teams boost their decision-making ability by 60%.

2. A larger reservoir of talent
Employees are no longer looking for a well-paying 9-to-5 job. They want to be at a place where they can learn, grow, and be challenged. As a result, a firm that values diversity will attract a larger spectrum of people seeking a progressive workplace. Furthermore, the millennial and Generation Z generations are the most diverse in history, with just 56% of the 87 million millennials in the country being white, compared to 72% of the 76 million baby boomers. Similarly, according to a Glassdoor survey from 2020, 76 percent of workers and job seekers said a diverse staff is a key consideration when assessing organizations and job offers. As a result, firms with a diverse workforce are more likely to recruit top talent.

A corporation that actively pursues diversity in applicants, on the other hand, will have access to a larger talent pool. While being choosy about who you recruit is usually a good idea, being too particular about non-essential characteristics can dramatically reduce the number of people you can even consider. That is why, in order to locate good workers, you must embrace diversity in background, philosophy, ethnicity, and other characteristics.

3. Increased creativity
Diversity in the workplace fosters creativity. The connection makes obvious when you think about it. If you have a homogeneous group of people, everything about them is likely to be similar, from their cognitive patterns to their life experiences to their problem-solving abilities. And conformity does not lead to innovative solutions. A diverse collection of employees, on the other hand, will bring fresh viewpoints to the table, which may lead to creative breakthroughs.

It's the same reason why firms have critical strategy meetings offsite, or why a change of scenery might help you solve an issue you've been pondering for days. Fresh ideas are said to be sparked by new settings and locations. According to a recent research, organizations that score well on diversity metrics are measurably more inventive.

4. Increased staff productivity
Diversity and inclusion are inextricably linked. Employees are more likely to feel comfortable being themselves in a work setting where they see a representation of a diversity of cultures, ethnicities, and ways of thinking. As a result, employees are happier and more productive.

On the other side, research has discovered that due to the drive to conform, a strong, homogeneous society might suffocate inherent cognitive variety. Employees who don't feel free to be themselves at work are more likely to be afraid of rejection and produce subpar work.

Profits have increased

Many studies have shown that diverse teams perform better and, as a result, generate greater money. According to a 2015 McKinsey analysis on 366 public businesses, those in the top quartile for ethnic and racial diversity in management were 35% more likely to generate financial returns that were higher than the industry average. Additionally, individuals in the top quartile for gender diversity had a 15% higher chance of outperforming the industry average. According to another McKinsey research, public corporations in the United States with diverse executive boards had a 95% better return on equity than those with homogeneous boards. Another Boston Consulting Group study showed that expanding the diversity of leadership teams improves financial performance. Diverse thinking clearly pays off.

 

The difficulties of workplace diversity

1. Aligning diversity practices with the aims of the company
Diversity in the workplace requires a significant investment, and there is no handbook you can just "steal" from another company. To be effective, your diversity strategies must connect with your company's particular set of aims. This entails taking into account your current culture and determining your desired direction.

Don't feel obligated to just copy and paste the projects that your peers are pursuing. Does it make sense, for example, if you already have a racially diverse staff, to establish an entire goal around increasing those numbers simply because that's what other firms are focusing on? Perhaps you should turn your attention to intersectionality next, so that your previous talents can help you drive other parts of diversity?

Solution: Conduct a diversity-oriented survey to discover your organization's unique shortcomings and determine where your efforts should be directed. Otherwise, you risk making erroneous assumptions and wasting time on activities that will eventually be ineffective.

2. Making the transition from design to execution
You have the ability to create the most comprehensive and detailed diversity program. However, if no one is available to carry them out, they are useless. That's why you need to make sure you have the right people, support, and resources in place to get your diversity efforts off the ground. Obtain leadership buy-in so you can go forward with confidence, and make sure your team is on board and ready to go.

Solution: Designating a dedicated resource, such as a Head of Diversity and Inclusion, is an effective method to hold the company accountable for results. According to Indeed's most recent figures, diversity and inclusion employment have increased by 35% in the last two years. If your organization's structure allows it, you might also try a creative alternative like a rotation program.

3. Training administration
To be effective, diversity does not happen in silos; it requires the participation of everyone in the company. Managers, in particular, have a significant impact on how these projects are implemented. That's why it's critical to engage in management training to ensure that they understand the company's diversity goals, why they're essential, and what they should expect from workers when they deal with them. Microaggressions and insensitive or non-inclusive conduct may affect a company's culture and an employee's experience with only one individual.

Solution: There are several firms that can assist you with diversity training. For example, To construct tailored solutions for your business, Forshay employs a combination of data, relationship building, and a network of diversity and inclusion professionals. If you feel like you need additional help, this might be a terrific resource!

4. Overcoming prejudice
Bias exists in humans. The bulk of human judgments, according to psychologist Daniel Kahneman's studies, are based on biases, preconceptions, and intuition rather than facts or reasoning.

That's why, even when they mean well, people have a tendency to introduce prejudice into their daily encounters, especially at work.

Solution: Businesses should engage in additional training that focuses on reducing prejudice. While some prejudice is unavoidable in the workplace, it makes a significant difference to be aware of prevalent biases and have a basic grasp of how to prevent or confront them.

5. Internal opposition
Unfortunately, not everyone is on board with the concept of workplace diversity. Some folks are simply uneasy with the unknown and will adjust with time. Others, on the other hand, may be vehemently opposed to the notion of fostering diversity in the workplace. Whatever the source of internal opposition, it's critical that you, as a company leader, make an ongoing effort to educate your staff about the why behind your diversity efforts.

While there is no one-size-fits-all answer to internal opposition, it's vital to remember that good D&I is about getting people to understand one other. This implies concentrating on individuals who don't understand why it's vital, rather than just those who do. If you make it apparent what your company's culture is, some employees may decide that it isn't the perfect fit for them and quit. This does not imply that they are excluded, but rather that individuals be aware when they do not share the same values as the rest of the company.