In many detailed studies it becomes clear that, in general, companies with better inclusive policies will outperform those that don’t. Studies have shown that a diverse group makes better decisions. What is not so well understood are the main outcomes of an inclusive diverse workforce as these benefits may not be so obvious to appreciate.
Sandberg, Chief Operating Officer at Facebook and previously a top Google executive states that “Leadership is the ability to use the full talents of the population to get the very best from everyone regardless of gender or race or background or age.”
If you run a company, 5 key facts about diversity in business you need to know are:
- Better candidates. If you have an inclusive policy for hiring and promotion you really will stand and chance of getting the best people in your business. It will grow because you are searching for talent without discrimination, and that really widens your candidate pool.
- You become a company people want to work for. Inclusive companies are known to attract more candidates, as they know they will be accepted into the company and their background will be celebrated, not seen as a disadvantage.
- Company harmony leading to better productivity. One the UKs biggest business challenges today is getting higher levels of productivity from the workforce. A workforce that believes in the company and its values will be far more productive.
- Better ideas and products. A diverse team shares more skills, experiences and viewpoints that give the company an advantage. This is an essential factor in business growth.
- Increased customer base internationally. A diverse workplace can help with business expansion and breaking into new markets and customer sectors. Your workforce will better reflect the target customers and be better equipped to meet their needs and expectations.
Entrepreneur Sir Richard Branson said about diversity, “Diversity is an advantage for any company, and can be an important factor in its success. Over more than 40 years of building our businesses at the Virgin Group, my colleagues and I have seen time and time again that employing people from different backgrounds and who have various skills, viewpoints and personalities will help you to spot opportunities, anticipate problems and come up with original solutions before your competitors do.”
If you are still confused about the advantages of workforce diversity then think about the words of Prime Minister David Cameron who says he wants to see “Britain’s first Asian PM in his lifetime” as he warns that a “lack of diversity” is holding the country back.