Businesses that have a diverse and inclusive workforce are 35% more likely to surpass their competition. Modern consumers and workers recognize the equity of a culturally diverse workplace. Hence, to thrive in the contemporary corporate landscape you should create company customs and policies that advocate multiculturalism. Read on to learn the benefits of diversity and inclusion to the future of work and your organization.
Increased Creativity and Innovation
A team with members from different races, age groups, ethnicities, and backgrounds is a melting pot of creative and innovative ideas. Each member can use their experiences and cultural knowledge to devise a unique solution to a problem. Moreover, breakthroughs and innovations are born from clashes and the convergence of different perspectives.
Thus, by having a diverse workplace and holding inclusive meetings, you set your business up for greater success.
Improved Market Knowledge
Globalization has made the world a smaller place. This means that your customer base can include people from various countries and sectors of society. By adopting a diverse workplace culture, you gain the advantage of having a representative from these different areas and sectors.
For instance, a Japanese employee can help you not only understand the language but also develop ways to penetrate the Japanese market. Moreover, Generation X, Y, and Z employees can help you understand trends in different age groups. This multi-generational collaboration can facilitate the development of a marketing model that attracts a wide selection of customers.
Access to a Deeper Pool of Talents
Companies that are not open to diversity and inclusion only have access to a limited portion
of the workforce. Moreover, their lack of cultural competence can hurt their corporate standing since 80% of employees only want to work for a company that values diversity, inclusivity, and equality.
To access a bigger talent pool, you should show adaptive leadership and progressive talent management skills and be open to hiring individuals from different demographics. Doing this will not only help you gain more highly skilled employees, but it will also improve your overall company branding.
Better Company Reputation
Aside from getting better employee engagement, culturally diverse and inclusive companies also receive positive recognition from domestic and international customers. In fact, these companies are 70% more likely to capture new markets.
This improved company reputation is attributable to the equity and social justice that diverse companies promote and uphold. Hence, if you want your business or organization to gain positive consumer appeal as well, create a diverse and inclusive workplace culture.
Final Thoughts
Diversity and inclusion are important in the future of work and your organization. From increasing creativity and innovation to improving your company’s reputation, you’ll gain a lot from building a diverse and inclusive workplace.
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