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CEOWORLD magazine - Latest - Executive Insider - 5 Benefits Of A Diverse Workforce For Your Business

Executive Insider

5 Benefits Of A Diverse Workforce For Your Business

Variety, they say, is the spice of life. This line is not just true for life in general, but applies to offices and workplaces too. Diversity has been a well-contested topic, given talent dispersion and seasonalities in work.. And most companies are aware of this trend, so much so, that large and small corporations alike want to adopt a more diverse workforce in the near future.

Diversity at the workplace would incorporate qualifications, cultures, gender, age and even marital statuses. With such a variety, including people from different walks of life not only benefits the employees with equal opportunity, but also helps workplaces to run efficiently by launching new ideas. Organisations that subscribe to renewed productivity end up reaping higher profits.

Let’s look at some of the major reasons why organisations are working towards a more inclusive and diverse workplace, and the advantages you get from adopting it.

  1. Different viewpoints and perspectives
    When you have staff members with different backgrounds, there will be more insights for the simplest of tasks. Skills, experiences, age and background can contribute to differing opinions, suggestions and solutions for the same deliverables. It can also change the way people function in the workplace, including better project quality, easier workloads and smoother knowledge transfers. Diversity in employees, such as employing freelancers, helps traditional companies get access to new ideas, thanks to their wide body of experience.
    Better hours and improved profits help your business strategy in the long run. By including people with different skill sets, companies can expand their existing portfolio by venturing into newer avenues. What’s more, firms can scale in the direction of profitability with an assorted array of know-how.
  2. Better decision-making
    When people from different backgrounds start working together, there will be a number of options for the same tasks. This lets project managers manage the project with the best solution among the choices available. By facilitating interpersonal connection between team members, not only can better decisions be taken but also incorporates input from all team members. And the company ends up with a stronger team which is open to new challenges in the future.
    With diverse team members, companies and managers would also save money on hiring consultants or even, subject matter experts. Diversity in company employees, along with flexible workspaces, also helps companies  expand their markets. A resource management tool can help you track both onsite, and remote employees. Not only that, they help assess the company’s staffing requirements in the long run. This helps in saving expenditures when it comes to sourcing talent for niche lines of work.
  3. Innovation in processes
    The best way to encourage and get access to newer ideas is to incorporate diversity during brainstorming. Large companies have benefitted deeply by incorporating people from different backgrounds. From diverse solutions to a fresh outlook towards work, innovation has helped teams come up with versatile solutions in the long run and maintain company efficiency.
    When  taking hiring decisions, you can make sure that you are maintaining a good mix of employees by understanding your resourcing requirements. With flexible job requirements, especially in marketing, communication, HR and related fields, field insights let you pitch your idea more widely. You can also encourage skill crossovers through relocation of employees to locations across the world.
  4. Better reputation for your brand
    Employees coming from diverse social backgrounds are instrumental in the type of reputation your brand enjoys in the long run. Besides championing cultural sensitivity, workforce diversity scores performance on merit, thus preventing an unconscious bias from rising. In this regard, a wider talent pool is available with many communities that the company can reach out to.  A diversity policy in place establishes repute and employee goodwill, on a national and international scale.
    It is no secret that a diverse policy is looked at favourably. Both current employees and applicants have a good opinion of companies which encourage people of different backgrounds to join the companies. These employees would offer a favourable rating at company review websites, informing future applicants of the work culture prevalent in the company.
  5. Improved employee engagement
    Diversity is generally looked upon as a great way to engage employees. Even for companies, the idea of  incorporating diversity as a hiring policy conveys the right impression. i.e, that they are open to innovations. And with a feeling of inclusion, there is more engagement in the companies.

Short-term employees can be expensive for the company. From the effort to hiring and training them, it becomes a huge overhead when the staff leaves the firm. A pro-diversity policy would make the workforce feel more engaged, and have a better satisfaction level in their jobs. This helps companies retain long-term employees who are both dependable and cost-effective in the long run.

Written by Aakash Gupta.
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CEOWORLD magazine - Latest - Executive Insider - 5 Benefits Of A Diverse Workforce For Your Business
Aakash Gupta
Aakash Gupta is the resource management product expert at Saviom Software. Besides applying his advisory skills to multinational companies wishing to do more with fewer resources, his work on project efficiency has been widely published. Aakash Gupta is an opinion columnist for the CEOWORLD magazine.