Why Workplace Diversity Matters For Businesses

Why Workplace Diversity Matters For Businesses - Technocrat Life - technocratlife.com
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I had an engaging conversation with an entrepreneur friend of mine as to what makes the culture of growth and productivity in an organization. We know that workplace culture is paramount to the long-term success of the organization. The culture defines the values and shapes the identity of an organization. An organization is extensively known by its culture that plays a significant role in attracting new workforce and employee’s overall engagement & work satisfaction.

While many attributes define company culture, workplace diversity is one of the crucial factors that shape the company’s culture and fosters innovation. Today’s workplace is becoming more diverse as it’s becoming more global. The need for employees to feel comfortable, empowered, and included regardless of their background matters more than ever in today’s global work environment.

Diversity in the workplace refers to employing workforces from diverse backgrounds. The diverse workplace consists of employees from varying gender, religion, race, age, ethnicity, etc. Workplace diversity is essential for promoting a sense of community within the organization.

The diverse workplace creates an environment for equality where everyone feels they have equal opportunity. The culture of diversity and inclusion leads to new ideas and perspectives. It fosters innovation by bringing in experiences from diverse backgrounds.

The main drivers behind the increased diversity in organizations are access to immense talent pools. Organizations get access to a diverse set of talented employees which would be absent otherwise in case of a linear culture. For instance, if we look at cities like Singapore, London, New York, and Bangalore, they all have one thing in common. They are all the melting pot of different cultures with a high concentration of immigrants.

No wonder that a large number of startups are founded in these cities compared to others as they are the most innovative and disruptive urban centers in the world, that provide access to skilled and diverse workforces. Research shows that there is a high correlation between high skills immigration and an increase in the level of innovation.

The diversity in the workforce is not limited to gender, ethnicity, or age, but also includes diverse workforces from disability and varying education levels. The large tech corporations like Google and Facebook hire employees irrespective of their educational background as long as they meet the skills criteria. These companies have found that things like college marks and degrees are almost worthless in hiring. There is growing disagreement about the value of college degrees as a measure of someone’s ability to be an excellent employee.

How diversity and inclusion matters in the workplace:

1) Culture of Equality

The diverse workplace creates a culture of equality and inclusion. Employees can be comfortable being themselves, they do not feel judged with regards to their unique background. They are not conscious of who they are and can freely express their ideas and creativity.

2) New Perspective

Diverse workplace brings about a fresh perspective, ideas, and experiences in the organization. The diversity in employees creates an environment for growth and innovation.

3) Increased Employee Engagement

Having a diverse workforce makes the workplace more interesting and engaging for employees. Diversity broadens the horizons for discussions other than work and creates a stronger bonding among employees.

4) More Innovation

Diversity creates an environment for new perspectives that leads to unique ideas and innovation. Diverse employees bring a broad range of skills and talent to the company that helps organizations to evolve and innovate. The coming together of different experiences is a key driver of innovation.

5) Women Empowerment

The diversity in gender creates balance and fosters gender equality in the workforce. It makes room for career advancement for women employees. Research shows that more women employees in leadership positions make the organization more competitive and profitable.

6) Employee Satisfaction

There is an increase in employee satisfaction with the creation of a diverse workforce. Employees feel valued and respected for who they are, leading to more ownership, engagement, and satisfaction at the workplace.

7) More Productivity

The diverse workforce increases employee engagement and engaged employees are satisfied and committed workers. Their productivity is an all-time high in a diverse environment.

8) Increased Profit

Not to mention that with increased innovation, employee engagement, and satisfaction, the business profit is likely to increase by leap and bounds. Diversity is good for business as organizations can accomplish more goals with diverse workforces, leading to increased profitability and higher revenues.

Diversity in the workplace enables the organization to attract, develop, and inspire top talent. Diversity builds the culture of equality and inclusion where everyone feels empowered and performs to the best of their ability.

The strong sense of community at workplaces inspires the employees to work more and improves their productivity. The diverse workforce improves the overall awareness of cultural nuances among employees. It makes them culturally intelligent and sensitive to cultural differences with employees coming from different backgrounds.

Diversity brings about holistic changes in the workplace culture, an increase in employee satisfaction, productivity, and performance. Employees with diverse backgrounds bring new ideas and experience in the organization making the workplace more resilient and effective that outperforms the competition with a linear workforce.

Modern startups and entrepreneurs can’t deny the importance of creating a diverse workforce, especially in technology space where innovation is the key to growth. The reasons for establishing a more diverse workforce is becoming more compelling each year. The diverse ideas, perspective, and culture make for stronger solutions, more innovation, and more engaged employees leading to overall productivity and growth of the organization !!

Pankaj

Pankaj

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