A diverse and inclusive workforce is defined as one that respects and appreciates differences in gender, ethnicity, age, nationality, sexual orientation, religion, and disability. Such organizations have a great deal of variety in the workforce and actively involve ideas, perspectives, and knowledge of employees from varied backgrounds. Organizations are increasingly seeing the importance of building a diverse and inclusive workforce because of its benefits. Here are some of its advantages.
Attract top talent
Organizations can tap into a larger talent pool of highly efficient, competent, motivated and dedicated employees, possibly from different parts of the world. Being open to diversity means that organizations are not restricting themselves in search of talented employees.
Enhanced performance and innovation
Research shows that companies that exhibit diversity in gender and ethnicity are respectively 15% and 35% (McKinsey on diversity, Jan ‘15) more likely to perform better than those that don’t demonstrate such diversity. Employees with varied backgrounds and experiences bring different perspectives to drive creative solutions, resulting in higher innovation. Studies show that a diverse and inclusive workforce drives the creation of new products, services and business processes with higher efficiency.
Global competitive advantage
Global markets function in fierce competition. Having a competent team of employees who are capable of executing the company’s goals is important. Certain evident realities of the global business scenario make diversity and inclusion a competitive advantage. It is often not possible to find the right talent with restrictions, because talent can belong in diverse sets of people. Different experiences and perspectives contribute to building the foundation necessary to compete on a global scale.
Increased all round growth
A diverse and inclusive workplace thrives on positivity, acceptance, purpose, and humility. Such an organization displays positivity in the overall business atmosphere, inside and outside of the organization. Apart from profits, what sets aside businesses is its organizational culture. To thrive in an environment of collaboration and partnership, being a company with great organizational cultures can go a long way.
Attract Gen Y and millennials
As the baby boomer generation retires to make way for gen y and millennials, having a diverse and inclusive team is imperative. The new and next generations are intrinsically collaborative and team oriented. They are born and are part of a world in which embracing diversity and inclusivity is a socio-political need. If organizations want to work with the new generation, new perspectives and new energy, they have to foster diversity and inclusivity. Conversely, the new generations will be attracted towards organizations that support their principles and ideas.
Building a diverse team
Research (Forbes) shows that 65% companies have programs to recruit diverse employees and 44% companies have diversity-focused retention programs. This shows that companies are making conscious efforts in building a diverse and inclusive team.
FactSuite undertakes background verification locally and internationally for employees of diverse backgrounds. Our multidisciplinary team of dedicated information analysts provides employee background screening and efficient verification to deliver against ever-changing recruitment scenarios that organizations experience.