Many organizations have diversity and inclusion on the agenda. More than ever, employers prioritize initiatives regarding diversity and inclusion, and invest in making sure that their teams are properly equipped.
To focus on diversity and inclusion does not only bring value to your team, it is also the right thing to do for humanity.
In this post we will explain the value in working with diversity and inclusion. If you are curious about where your team is in this regard, you can use question packs in Pulsᐩ.
What does diversity and inclusion mean at a work place?
Diversity and inclusion is partly about following the legislation, and partly about making the most of the advantages that come with a diverse and including work place.
An organization actively working with diversity will deliberately employ staff of different gender, religion, race, age, ethnicity, sexual orientation, education, and other attributes.
At an including work place, the staff feel that they can be themselves, be appreciated for who they are, and it is ensured that no one is discriminated.
Why should you work with diversity and inclusion at a work place?
When working with diversity in an organization, you make the most of the skills available and you increase the possibilities for innovation and growth. Moreover, we are legally obliged to avoid discrimination.
There are many advantages in working with diversity and inclusion, e.g.:
- – Making better decisions
- – Getting more attractive as an employer
- – Creating more innovation
- – Better conditions for increased performance among the coworkers
- – Possibility to increased business results
Making better decisions
When you employ people of different nationalities, from different cultures and backgrounds, you get different thoughts, ideas and perspectives on things. This can lead to many advantages such as getting better at problem solving, increased productivity and happier customers.
The thought of completely different ideas and other perspectives might be frightening to some. But research shows that teams with higher diversity make better decisions.
Getting more attractive as an employer
People are no longer just looking for a job to get a salary. Most people want a place to grow, where they feel accepted and can be challenged as the person they are. That is why an organization working with diversity will attract more coworkers, and make it easier to keep existing staff.
Creating more innovation
Diversity at work can lead to increased innovation. It is quite logical that there is a correlation between innovation and diversity. If you have a homogenous group of people, it is likely that their thinking patterns, life experience and ability to solve problems are very similar to each other. They think along the same lines, which often lead to similar solutions.
New environments and meeting new people often give new ideas. There is also a study showing that companies who are good at diversity tend to be more innovative.
Better performance among the coworkers
When you create a work environment with coworkers representing different cultures, backgrounds and ways of thinking, it is likely that the coworkers feel more comfortable in being themselves. This, in turn, gives happier and more productive staff, who perform better.
Research has also shown that teams with a high cognitive diversity solve problems quicker than the ones lacking this. Teams with lower diversity often have peer pressure, making the coworkers feel that they have to conform.
If coworkers do not feel that they can be themselves at work, they often feel reluctant to come up with ideas, suggestions and viewpoints. This often leads to lower productivity and performance.
Increased business results
There are many studies showing that teams with higher diversity perform better and deliver higher business results.
A McKinsey report based on a study of 366 organizations, found that those in the highest quarter for ethnical and racial diversity in the management had 35% higher likelihood for a higher financial return than the industry average. Moreover, organizations in the top quarter for gender diversity had 15% higher likelihood of a financial return above the industry average.
Another McKinsey study showed that companies with diverse boards had 95% higher return on own capital, than those with homogenous boards.
Also a study from Boston Consulting Group showed that an increased diversity in boards leads to stronger financial development. It is obvious that diversity pays off.