What are the Benefits of Diversity in the Workplace?
A recent report from Property Week stated that real estate businesses such as British Land are leading the way on improving diversity and inclusion in the workplace but there is still a lack of change in real estate private companies.
It is important for companies in a time of globalisation to be open to recruiting staff whatever their age, gender; race or cultural background. It is a key workplace consideration of 2019. In this post we take a look at what benefits a diverse workplace could bring to your company.
Increased Profits
Increased diversity can lead to increased profits. A 2017 report by McKinsey & Company looking at 1,000 companies in 12 countries discovered that those in the “higher quartile for ethnic and racial diversity in their managerial teams” were 33% more likely to have financial returns above their industry mean.
Increased Skills
Different experiences can bring access to unique ideas and a fresh set of skills such as additional languages making for more effective communication with customers. This inclusive environment is encouraging for workers. It creates engagement and creativity because a large range of people brings a large range of solutions to problems driving better productivity and decision making.
Increased range of candidates
Candidates want to work for companies that value their talents. They are able to look through company websites or LinkedIn profiles to see what workers are at what levels within a company. More global interaction attracts a wider range of candidates for jobs and encourages those same candidates to stay longer therefore reducing turnover rates.
Diversity allows different people to create something more than they could on their own.
Diversity in the workplace is vital for employees because it manifests itself in building a great reputation for the company, leading to increased profitability and opportunities for workers.