‘Diversity’ was a buzzword introduced to foster inclusion in the workplace, however these days true value has been identified in encouraging diversity.
Here are some compelling reasons why diversity IS important and how adding these to your business equation can have positive effects on your team and your business, ultimately equalling success:
New skills & innovation
Sameness doesn’t lead to creative solutions. Having a diverse team with different perspectives and different backgrounds (culturally, educationally, and position-wise) can generate great ideas for the business through insights, and more importantly experience.
New skills not only add to your service offering, they can push teams to think more creatively during brainstorms to produce unique content through different perspectives. It also means that actually having these skills within the team will allow your company to bring those ideas to fruition.
Better brainstorming
Problem solving can be a speed bump for many teams. A non-diverse team may offer an incomplete viewpoint, based on their potentially limited experiences and insights.
A diverse team, however, has a wider pool of knowledge and life experience in order to spark creativity during a brainstorming session, providing more insightful solutions.
Collaborative brainstorming allows the team to bounce ideas off each other, as well as gain deeper insights from each other’s experiences.
Better Performance & Productivity
Flowing on from the above points, having broader experience and skills on your team can lead to better performance, as a diverse group is more likely to be comfortable being themselves, creating a more harmonious workplace.
A non-diverse culture can be stifled due to pressure to conform. By not being able to be themselves, staff may fear rejection, ultimately not pushing themselves creatively.
Diversity on the team opens the door to sharing knowledge through cross-training and upskilling. It’s a great way to produce and foster true talent.
This can also be a great motivator, particularly for younger staff who seek mentorship from more experienced team members. It provides the opportunity to learn, as well as drive themselves forward to be an indispensable member of the team by expanding their skillset.
Boston Consulting Group (BCG) conducted a study that found that “increasing the diversity of leadership teams leads to more and better innovation and improved financial performance.” It looked at 1700 different companies across 8 different countries, with varying industries and company sizes. They have found that increasing diversity has a direct effect on the bottom line. Companies that have more diverse teams have 19% higher revenue due to innovation.
Work culture
Another flow on effect is an improved work culture, which can lead to lower employment turnover. In other words, happier staff are less likely to leave!
Employers that promote diversity in their teams are perceived as more progressive, and therefore are respected by their staff, as well as more appealing to potential candidates for new positions.
For example, the Millennial generation, which will soon make up the largest segment of the workforce have different priorities when it comes to selecting a job than other generations.
They prioritise growth and innovation, with the perception that “cognitive diversity” (the blending of different backgrounds and perspectives) is key for business growth and success. Companies that don’t prioritise diversity may come across as stagnant, with young employees moving on quickly in search of a company they can grow with, instead of out of.
Better Customer Experience = Profitability
Having diverse skills and experience on the team not only benefits your business internally but can also lead to better customer/client experiences. This provides the opportunity to expand your offerings to your existing clients, as well as boosting your reputation in order to attract new clients that value diversity as well.
Ultimately, diversity breaks down to this:
New skills + innovation + performance + work culture + customer experience = Profitability
With an end result being a win-win for all involved, diversity is a sure-fire equation for success.
Agent Raymond
Agent99 is an award-winning PR and communications agency based in Sydney. For more information about our services, contact us at info@agent99pr.com.
Further reading:
How to Create Strong and Long-term Relationships with Clients
The Post-COVID Office Space Conundrum: How Professional Work Environments Will Transform After the Pandemic
