Ten Economic Facts of Diversity in the Workplace

Lori Cornmesser Permanent

Our economy today has turned into an increasingly competitive environment where talent is a crucial aspect of improving the bottom line, as well as recruiting from the largest and most diverse set of candidates. Our country, as well as our workforce, has been increasingly more diverse. Businesses that embrace diversity are at an advantage going into the future and have more of a solid foundation in the marketplace.

A workforce that embraces diversity combines workers from many various backgrounds and experiences that, when put together, breeds a much more creative, innovative, collaborative and productive workforce. Business have slowly caught onto this and the fact that they can draw upon our nation’s diversity to improve their bottom line. Diversity, in this way, is a key ingredient to a growing and prospering economy that’s built to last.

Here’s a look at the top ten benefits of workplace diversity within our economy.

1. A diverse workforce drives growth within the economy.
Our nation’s human capital is growing substantially as more women, racial and ethic minorities, as well as various sexual or gender orientations enter the workforce.

2. A diverse workforce captures a greater share of the consumer market.
Bringing together individuals from different backgrounds and experiences can bring businesses to a place where they can improve their marketing efficiencies from different racial and ethic backgrounds. It is no surprise that studies are showing that diversity in the workplace helps businesses increase their market share.

3.Recruiting from a diverse selection of candidates means a more qualified workforce.
When companies pull their candidates from a highly diverse set of potential employees, they are likely to hie the best and bright that the labor market has to offer. Discrimination during the recruiting process rules out many talents and various strengths that may have been severely overlooked. This step is necessary in order to succeed in the market.

4. A diverse and inclusive workforce helps businesses avoid employee turnover and other costs.
Businesses that fail to provide a diverse workforce and environment are prone to se much higher turnover rates, thus costing the company for each turnover and recruiting, hiring, and training process. Non-diverse workforces foster a hostile workplace environment which causes employees to leave. Having a diverse and discrimination-free work environment helps avoid these costs.

5.Diversity harbors a far more creative and innovative workforce.
Effective problem solving takes place from all different angles. In order to find a probably and effective solution, many variations must be considered. Having a diverse workforce is the key to creating more well-rounded solutions and innovations. Diversity breeds creativity and innovation.

6. Businesses need to adapt to our changing nation.
Being competitive in the economic market these days means having a vastly diverse workforce. According to census data, by 2050 there will be no racial or ethnic majority in our country. Our economy will grow and benefit from these changing demographics if businesses are willing to commit to meeting the need of diverse communities and workers and consumers.

7. Diversity is the key aspect of entrepreneurialism.
The nation’s entrepreneurs are a diverse set of people of color, sexual orientation, and gender.

8. Diversity in business ownership is key to moving our economy forward.
The diversity of our nation’s business owners helps boost employment and help stimulate growth within our economy.

9. Diversity in the workplace is necessary to create a competitive economy in an increasingly globalized world.
As communities continue to grow it is important to understand and harness the talent of all Americans. Our increasing diversity is a great opportunity for our country to become more competitive int he goal economy. Capitalizing not he unique talents and contributions that diverse communities bring to the table is the key to success within the globe scale economy.

10. Diversity in the boardroom is needed to leverage the full potential of a company.
Recruiting board directors with a wide array of expertise, varied experiences and backgrounds, will make companies more proficient.

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