Ways in Which a Diverse Workplace Contributes to Company Success
Today, the workplace has become a much more diverse place. There are a much greater number of minorities in the United States, more women in the workforce and an overall increase in people from a wide range of cultural and ethnic backgrounds contributing to the business world. A diverse workplace can make a big difference in terms of fostering a more innovative and productive group of employees, as it allows for the company to utilize a wider range of talents, insights and backgrounds to strengthen the core of their company. There are a number of reasons why, economically, a diverse workplace can contribute to a company’s success. Here are the top 3:
1. Diversity Breeds Growth- Economic growth, that is. A recent study by McKinsey & Company suggested that the increase in women contributing to the labor force in the United States is the direct cause of the generation of roughly a quarter of the GDP at this point in time. Women hold 47% of all jobs, a ten percent increase over the past 40 years. The increase of women, racial minorities, ethnic minorities, and those who are homosexual and transgender plays a large part in the human capital workforces have at their disposal, thus leading to an increase in their revenue.
2. Diversity in the Workplace Accounts for a Greater Share of the Consumer Market– When a company has individuals working from them who are from a variety of countries, backgrounds and have had more unique experiences, businesses can draw from the ideas and suggestions of these unique individuals to better target a wider consumer audience. Research has shown that companies who maintain a more diverse workplace are able to greatly expand upon their share in the market.
3. Diversity = Quality- Interviewing and hiring employees from a more diverse pool of candidates makes it much more probable that the company will ultimately obtain the best of the best in terms of the skills their employees have. In today’s competitive market, employers need the best employees they can get in order to be successful in their field. Choosing from a diverse candidate pool means ultimately choosing from a wider range of talent and abilities that companies can use to contribute to their success.
These are just some of the main ways that cultivating and maintaining a diverse workplace can be beneficial to the overall success of the company. To see more of the ways in which diversity in the workplace can contribute to the overall business success, check out this page. Thanks!