05/07/2021
Diversity is a hot topic in our current business world. For decades, it has been part of our conversation. Today, it's moving beyond words to become a cultural, ethical, and financial game-changer that companies seeking success in the modern marketplace need to address effectively.
Diversity in the workplace is the achievement of a workforce composed of individuals who bring diverse viewpoints and perspectives to the company because of differences in age, race, religion, gender, nationality, sexual orientation, and other attributes. It's important not to become tunnel-visioned about one demographic factor. For example, a company that hires multiple ethnicities of only millennials is not truly diverse. Effective diversity encompasses multiple dimensions.
Because of the diverse perspectives brought by each of these groups, diversity is very beneficial for businesses: companies with more diverse workplaces make more money. A study by McKinsey showed that racially and ethnically diverse companies outperform industry norms by 35%. The fact that diversity in various dimensions results in better financial returns has been confirmed repeatedly. Other studies have shown why:
A fresh array of perspectives results in better decision-making. More viewpoints equal more — and better — solutions.
Diversity leads to more innovation. People with different life experiences offer new ways of thinking about problems and solutions that can spark industry-disrupting breakthroughs.
A company actively seeking diversity has a broader talent pool. You have a better chance of finding workers with the skills your company needs. Also, because most job seekers today actively want to be a part of a diverse workforce, diversity generates a higher job acceptance rate.
Many consumers and businesses today are choosing to deal with socially conscious companies. Transparent reporting on diversity can boost your brand reputation.
People from different cultural and social businesses can help you enter new markets and retain existing ones. Targeting a market without insider knowledge can fail to appeal to what that market really wants. It could even unintentionally alienate that market through behavior perceived as insulting.
These benefits are becoming increasingly well-known to company executives, who are motivated by ethical and business considerations to pursue diversity as a goal for their organizations.
Setting diversity goals is just the first step. To promote diversity in your workplace you need to:
At Kanarys, we are the diversity, equity, and inclusion people with the data-driven approach. Since 2018, Kanarys has aimed to change the world by creating equitable workplaces where everyone belongs. We guide your organization’s DEI path every step of the way with courage and collaboration. It starts with data, analytics and insights, and continues with recommendations and implementation.
Our mission, as your partner and champion in the ever-evolving DEI journey: Help you understand what it takes to foster lasting, systemic change today and for tomorrow. Because when you succeed with DEI, your employees can thrive—and so can your organization.
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