Diversity, believe it or not, can make or break your business. Creating a diverse workforce means more than checking boxes on a spreadsheet. A truly inclusive staff will have diversity of thought, background, culture, and experience. Recruiting with this sort of diversity in mind strengthens your business in every way. Don’t believe us? Here are just some of the many benefits of recruiting a diverse workforce.
Companies that focus on diversity and inclusion often see a marked improvement in both productivity and profitability. A study conducted by McKinsey revealed that a diverse staff is actually a competitive advantage when compared to more homogeneous companies. Businesses that focus on cultivating a diversified leadership team are more profitable than their competitors. But why is this?
The answer comes down to simple psychology. When employees come from a variety of backgrounds, they each have different ideas and viewpoints. This diversity of thought leads to increased creativity. New and innovative ideas thrive when provided with multiple unique perspectives. William Maddux, a Professor of Organizational Behavior at INSEAD, conducted a study on the influence of multicultural experiences on creativity and problem solving. What they found was that those who deeply engaged with foreign cultures reached more creative solutions in negotiations.
It’s not enough to attract customers and clientele. To continue growing, your company also needs to attract the most qualified talent in the field. This can be a challenge if you don’t cultivate a strong company culture or employer brand. The best employees want to work for the best companies, and they evaluate potential employers on a variety of criteria, including employer branding.
Today’s employees are increasingly aware of and concerned about the amount of diversity within potential employers. They want to feel included and valued as members of the team, regardless of their background. Employees are more likely to stay with a company they feel respects and appreciates them, increasing employee retention and the potential for referrals. Cultivating an employer brand that focuses on mutual respect and inclusion will enable your company to recruit the most qualified candidates every time.
A diversified talent pool always leads to a more qualified workplace. When companies recruit from a large pool of highly qualified individuals, they are more likely to hire the best talent within the industry. In a highly competitive market, having the best and most qualified employees could make or break a burgeoning business.
A diverse candidate pool enables companies to make informed hiring decisions and fit the best fit for the role, regardless of their background. To further reduce bias within the hiring process, consider utilizing a blind hiring process. This helps ensure that your business is truly hiring based purely on merit and qualifications.
Large corporations like Nike, Uber, and many others have all realized that diversity is not only good for their employees and company culture, but profits as well. Many large companies have started new diversity initiatives to support and increase diversity within their own organizations. Corporate leaders like Melinda and Bill Gates are investing in supporting underrepresented and underprivileged groups within the business world.
The writing is on the wall, and it says that diversifying your workforce isn’t just a trend, but an imperative if your business wants to remain competitive within your industry.
The largest hurdle companies face when trying to diversify their workforce is finding qualified diverse talent to begin with. You can’t hire someone that you can’t find. The simplest way to solve the diversity pipeline problem is at the very top. When sourcing candidates, a transparent recruiting layer like Joonko can help companies easily source, recruit, and hire qualified diverse candidates.
Want to learn more? Download our whitepaper about the impact corporate diversity can have on your employer brand.
What can recruiters learn about D&I efforts from these diverse shows and the milestones they reached?
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