Why Diversity is Essential in Your Workplace
Diversity in the workplace open several benefits for both companies and employees. Click on this link to know how it facilitates the overall company environment.
For example, most multinational companies work on various assignments and projects. You can face an assignment where you may need knowledge about a specific culture for the assignment answers. Or you may require a specific skillset for deriving certain assessment answers. Diversity helps organisations tackle such scenarios easily.
However, many organisations still struggle to foster diversity in the workplace despite such benefits successfully. However, it is the need of the hour! Here we discuss ten reasons why every workplace must try to embrace diversity.
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Diversity Helps to Make Better Decisions
When employees from varied backgrounds mix, they can use their different perspectives to improve decision-making processes. According to the researchers, there is a direct relationship between decision-making and workplace diversity. Statistically speaking, the decision-making processes improved by 60% with the diverse work culture.
Diversity Reduces Employee Turnover
When employees feel valued and accepted, they are elated to work and desire to remain in the same organisation. Companies incur more major expenses when hiring a new employee than retaining the old workers. Hence, attrition is something every organisation tries to minimise.
When there is diversity in the workplace, everyone feels accepted and quickly gets accommodated to a new job. They can connect better with their peers, and they feel that their contributions are getting acknowledged and appreciated. So, companies with diverse work cultures always facilitate long-term relationships.
Workplace Diversity Gives Competitive Advantage
Many ambitious professionals always prefer working in organisations that embrace diversity. The main reason is a diverse workplace helps them outperform their rivals and boosts career growth. This can be validated by a study by McKinsey & Company, where they found out that ethnically diverse companies are 35% more likely to gain a competitive advantage over their peers.
This explains why most leading multinationals have jumped on the bandwagon of hiring ethnically diverse employees. Post Covid-19, the trend has been skyrocketing since working remotely is the new norm, and people from across the world can now connect at ease.
Diversity Improves Company’s Reputation
An organisation can broaden its customer base by implementing diversity. With a diverse workforce, they can learn more about the preferences and concerns of diverse segments. With better knowledge about the customer needs, companies can tweak their products and services to make them more enticing to the target segment.
This also makes the organisation look more socially responsible and ultimately cements its reputation as a humanitarian brand.
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HR Gets a Larger Talent Pool
According to a Glassdoor survey, 67% of the job-aspirants vote in favour of a diverse workforce. Not to mention that when a company looks beyond its natural market, it helps them find more talented candidates from a larger pool.
The gender pay gap between the two genders is another burning reason why diversity in the workforce is required. In most companies, women make significantly lesser money than their men peers for the same designation and work profile. There isn’t much parity in the gender pay gaps despite much flak. So, apart from the previously mentioned factors like retention, recruitment, etc., this is another reason why every workplace must embrace diversity.
Joey Lescott worked as a faculty of behavioural sciences at a reputed college for 10 years. He has recently joined MyAssignmenthelp.com as an assignment writer.
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