What is a diversified workplace?
An environment in which there are a variety of people from different backgrounds, such as:
Gender
Ethnicity
Culture
Language
Skills
Why should I have one?
Your diverse team will perform better!
Hiring individuals from different backgrounds will cause a greater influx of different perspectives and unique opinions which can increase company and personal growth.
The 2015 McKinsey report found that, in 366 public companies, the companies that were 35% more likely to have a financial return compared to the industry mean were in the top quartile for ethnic and racial diversity management. Similarly, the Credit Suisse global analysis found that, in 2,400 companies, the organisations that had a higher return on equity and a higher net income growth had at least one female on their team than those without.
By having more diversity within your team, there is potential to break down barriers, challenge stereotypes, and improve workplace culture, all of which will allow your company to be more reflective of the general population and work more effectively to reach your goals.
Your diverse team will have greater innovation
A team that comes from different backgrounds will bring different skills and experiences to the table, meaning more ideas and the potential for innovation.
The study in Innovation: Management, Policy and Practice found that, in 4,277 companies in Spain, the companies that had more women were more likely to initiate new innovations into the market over a two-year period. Furthermore another study using the London Annual Business Survey found that in 7,615 teams, the businesses lead by culturally diverse teams were more likely to develop new products than those without.
As the research suggests, companies that strive for creativity and innovation can benefit immensely from diversity – it’s as easy as adding candidates from many different backgrounds to your team!
Written by Bavneet Dhanjal – Marketing Assistant, Avatar International
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