Benefits Of Diversity In The Workplace: Statistics You Should Know
There are various benefits of diversity shown by statistics. Diversity in the workplace refers to a wide range of differences between employees working in an organization. Recognizing what depicts workplace diversity is essential for a company that wants to foster a more inclusive and diverse workforce.
In addition, by implementing that diverse perspective, your organization will evolve as a more inclusive place for individuals of varying ages, religions, gender, race, ethnicity, sexual orientation, cultural background, languages, abilities, education, and more. So it might not be wrong to say that building a more accepting work culture holds a substantial positive impact on people and touches everyone in an organization.
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Significance of diversity in the modern workplace
There are multiple benefits to maintaining a diversified workforce. To start with, modern companies dedicated to hiring a culturally diverse staff get numerous applicants to choose the correct fit. It can assist in identifying more eligible candidates and curtail the time it requires to fill job vacancies.
In addition, organizations that do not employ from diversified talent pools risk missing out on talented applicants. They further find it challenging to fill key job roles, which increases recruitment expenses. As per a recent survey, approximately 67% of job applicants believe a diverse team is vital for a healthy workplace, and around 57% think their organizations should be more diversified. Thus it might not be wrong to say that a diverse team likewise assists companies in building their corporate image and attracting suitable talent.
Top workplace diversity statistics you need to know about
The past few years have witnessed significant discussions about prejudice brought to the fore, and modern organizations are no exception. An inclusive, diverse workplace is something that every organization strives for to retain their employees for an extended time.
However, leveling the playing domain and building a more equitable organizational culture should not just be seen as a box-ticking activity. Numerous researches have confirmed more diverse organizations accomplish better outcomes and have more content employees. Below are some workplace diversity benefit statistics that indicate why diversity in an organization is crucial.
- Diverse organizations are 1.7 times more likely to be innovation administrators.
According to recent research, higher workplace diversity means higher inclusion and innovation. Businesses ranked as more diverse were 1.7 times more likely to remain innovative and emerge as industry leaders and 1.8 times more likely to adapt to changes.
These researches reaffirm that employees having diverse viewpoints, backgrounds and perspectives can find more creative solutions and break more deterrents than organizations with employees coming from homogenous backgrounds. In addition, another report indicates that better workplace diversity extends to leadership, as businesses with above-average organizational diversity on their administration teams reported increased innovation revenue.
- Organizations with more diverse managerial teams are 25% more likely to maintain above-average profitability.
Beyond innovation, maintaining a more diverse workforce leads to more satisfactory outcomes overall for your company. Furthermore, according to a study by McKinsey, gender diversity in administrative teams can prove immensely valuable. It further found that businesses in the top quartile for managerial gender diversity were 25% more likely to yield higher earnings.
In addition, this study further indicates that businesses with more than 30% female managers are more likely to surpass those with fewer or no women managers at all. In recent research, it becomes evident that as diverse teams remain more equipped to deal with hardship and challenging organizational environments, they can perform better than their competitors.
- Diverse teams make better company decisions twice as quickly.
It is already evident how improved workplace diversity and inclusion can enhance your workforce performance. In addition, it has also been established that a more diverse organizational environment can lead to improved company decisions.
According to a white paper report, inclusive and diverse workplace teams usually make better company decisions up to 87% of the time. They further require less time and meetings to reach conclusions. Another significant workplace diversity benefit statistic from the white paper report is that decisions made and implemented by a diverse workforce produced 60% better outcomes, improving company performance substantially.
Also, various researchers believe this improved performance arises from improved cognitive diversity, allowing teams to fix issues quickly and effectively. So what precisely is cognitive diversity? In simpler terms, cognitive diversity includes team members who hold diverse ways of thinking and behaving due to class, education, race, cultural background, or many other factors.
In addition, enhancing cognitive diversity among your organization assists in controlling 'groupthink', an echo section that occurs when all your workforce thinks the same way and attempts to implement the same set of tools and principles, resulting in restricted solutions and zero innovation.
- Over 3 in 4 job applicants consider workplace diversity when determining whether to accept a job offer.
The demand for diversity no longer arises exclusively from targets or top-down quotas. The modern pool of job applicants is growing increasingly more mindful of social problems and how they can make a difference in their work lives.
In addition, as per a recent survey, approximately 76% of respondents believe that a diverse and more inclusive workforce is a crucial factor when considering firms and their given job offers. Furthermore, nearly one-third of qualified job applicants would never want to apply for a job at organizations lacking workplace diversity. So we can say that it has become crucial for every modern organization to adopt and leverage workplace diversity to attract more qualified job applicants.
Tips for effectively managing organizational diversity
Workplace diversity is a crucial issue that everyone has been debating over recently, and within the boundaries of workplace programs, companies often examine equality and diversity. Nevertheless, what about the everyday limitations and most valuable practices of handling a diverse team? Here are some tips to successfully manage workplace diversity.
- Include diversity practices in your hiring process
It requires years to build a diverse company from the bottom up. Review your recruitment process to ensure that you are interviewing an eclectic set of job applicants.
While you might think of this action as minor, it guarantees that hiring executives aren't simply employing individuals who look similar to them. In addition, if you want to prove that you are earnest about building a more diverse organizational culture, you must assess how you consider and employ job applicants critically.
- Re-examine Your business Policies in the Fight Against Systemic prejudice
In modern times, every company must remain conscious that its policies may be promoting systemic prejudice. Furthermore, systems, laws, and procedures in a workplace can adversely impact marginalized people.
Therefore, it is better to evaluate organizational guidelines to negate this. In addition, you must ensure that the business family-leave procedure remains inclusive of both classical couples and LGBTQ parents. Remote-work initiatives are another significant aspect to contemplate when building a truly diverse workplace. Apart from that, people with tangible and intangible inabilities may profit from remote work.
The bottom line
In a nutshell, these statistics indicate why every organization should make diversity and inclusion top priorities. Workplace diversity and inclusion make your workforce intelligent and successful while improving employee retention, job satisfaction, and revenue. In addition, organizations that can accomplish and manage workplace diversity will gain a competitive advantage over their competitors in terms of innovation and differentiation.