Why Diversity In The Workplace Matters, And How To Build It

by Simon McCune

Diversity in the workplace has always been an important element to a company’s overall success, even if many corporations, both large and small, and their hiring managers are realizing its value far later than they should be. As our nation’s social justice movement continues its rightful push for inclusion and equality for all people, it’s important that business leaders and HR directors do what they can to ensure that the employees in their organization reflect the diversity of their customer base.
 
Long story short, diversity and inclusion in the workplace matters, and increasing the diversity of your organization can improve your bottom line. Keep reading to learn why diversity and inclusion within your institution is so essential, and what you can do to improve it.
 
Increased Diversity Can Help Drive Business Growth
Studies and surveys have long proved that increased diversity in an organization can lead to increased productivity and improved decision making. According to the consulting firm McKinsey, companies in the top quartile of executive-board racial and ethnic diversity are 35% more likely to financially outperform industry standards, while those in the top quartile of gender diversity are 15% more likely to do the same. Meanwhile, a whitepaper by the data firm Cloverpop indicates that inclusive corporate organizations make better business decisions than non-inclusive groups 87% of the time. 
 
The truth is, promoting diversity and inclusion in the workplace isn’t just about doing the right thing or living up to your company’s core values, it’s also a good business decision. The numbers say that elevated racial, ethnic, and gender diversity can help your organization make better decisions and solve complex problems more efficiently. And, as we all know, numbers don’t lie.

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Some Quick Tips To Increase Diversity
Increasing diversity in the workplace is a complex task, and we recommend that you do more research to understand what measures your company may need to implement, and how to sustain a diverse workforce. However, here are some ideas to consider as you strive to get the process started.

• Change Your Screening Methods: 80% of jobs are never posted online, indicating that they are likely handed out to referrals or internal hires. The problem is, if your organization already lacks diversity, these candidates and referrals likely will as well. Consider how you screen candidates and look for ways to cast a wider, more inclusive net when filling your open positions
• Create Meaningful Mentoring Programs: According to research by the Harvard Business Review, five years after the companies in the study implemented a college recruitment program meant to specifically target female employees, the share of white women, black women, Hispanic women, and Asian-American women in management rose 10%. The truth is, meaningful mentorship can help employees rise up the ladder, so the mere act of engaging with specific communities may allow your organization to make impactful inroads in its diversity efforts.
• Focus On Retention: Much of the push in terms of diversity and inclusion centers around hiring practices, and justifiably so, but retaining good talent of all-backgrounds is nothing but a plus for your organization. As we noted earlier, most hires are internal or referred in, so making sure that your staff feels secure and invested in is a great way to allow the diverse workers already within your staff to rise up.
• Don’t Seek Culture Fits, Seek Culture Growers: At the end of the day, a strong culture is important to any business. However, it’s also true that strong cultures are not afraid to grow and evolve. Focus less on fit with your hiring and promotion policies, and more on what an individual can add to your internal culture in order to enhance it.