Diversity in the Workplace: What are the Benefits for Employers?
Our top 4 benefits for employers:
1. Fresh Ideas and Perspectives
Employees from different backgrounds and cultures all bring a specific perspective and a host of fresh ideas to the table with them. When those ideas are manifested, it is with and for your company. This is one of the major benefits to employing a diverse group of employees; the more innovative they are and the more willing they are to think outside of the box, the more benefit they are to your organization.
2. Recruitment Tool
You can attract some of the best and brightest talent when you focus on diversity in your workforce. If individuals feel like diversity is a priority, they tend to be more attracted to the opportunities available with the company. Moreover, you don't limit the type of talent you go after when you focus on diversity; you are willing to look in places companies that don't encourage diversity would not.
3. Better Productivity
If you utilise the different skills and abilities of your workforce, it will result in better productivity as each employee plays off the strengths and weaknesses of others. Moreover, companies that are willing to invest in diversity see it pay off in increased productivity because employees are generally more content and encouraged because of the commitment from the company for which they work.
4. Wide Array of Service Abilities
When you have a diverse grouping of employees, you are simply able to offer more to your customers and/or business partners. From multilingual employees to those that are able to communicate across cultural boundaries in other ways -- for example, understanding certain cultural customs that make your company more appealing to different customers -- a diverse workforce gives you a competitive edge over those competitors that might not value diversity as you do.
Innovation - an age and ethnically diverse workforce can provide ideas for products and services which an ethnically homogenous employee base could miss.
Possibility of identifying new markets - a diverse workforce can provide natural links to market opportunities abroad, through linguistic skills, cultural knowledge and knowledge of foreign markets.
Become more attractive as an employer to a greater number of potential employees - if your business is regarded as a desirable place to work by all, you will incur fewer difficulties in attracting talented people and, as such, incur lower recruitment costs.
Markets - a cosmopolitan workforce which is diverse in both age, ability, faith and ethnicity can provide a greater understanding of markets that may be segmented on the basis of these factors. If you are regarded as a diverse and ethical employer, you increase your potential for winning public sector contracts.
Integrated workforce - a happy, integrated workforce is likely to be more productive.
Reputation - if your business is regarded as a diverse, ethical and intelligent employer, you will become more attractive to potential customers and investors.
Increased return on investment in staff - by valuing all of your staff, regardless of age group, religion and ethnic background, any investment in training you offer your employee base is more likely to be rewarded with greater loyalty and ultimately a greater return on that investment.
Retention and expertise - By making your business attractive to older workers, you can improve the retention of the knowledge and experience of older staff. The business benefits of a mixed-age workforce are now widely recognised. There is clear evidence that both staff turnover and absenteeism are reduced and that motivation and commitment are improved in organisations employing people of all ages.