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How Diversity Improves the Quality of Any Business

How Diversity Improves the Quality of Any Business

Diversity is one of the main conversations happening in the workplace. Everywhere from entry-level positions to the boardroom level is under scrutiny to better reflect society. Corporations across the world are striving to achieve a more diverse and inclusive workforce. This diversity is about more than reaching a statistic or quota. It has the potential to improve the quality and efficiency of your business. We’re rounding up five ways a diverse workforce can enhance the quality of any business.

1. Allows You to Reach a Global Audience.

Thanks to the internet, your business has the potential to reach every corner of the world. If you plan to expand your business and if globalization is what you’re looking for, a diverse workforce means it’s more likely that you can benefit from someone having a second (or third!) language. Employees who speak another language can create a more personal relationship with clients in new markets than you would otherwise be able to.

2. Leads to Innovation.

When you have an inclusive workforce, you benefit from the skills of everyone on your team. These different perspectives are a breeding ground for new ideas. Deloitte has found that a diverse range of employees improves innovation by 20%. You can get a global perspective that you might otherwise have missed, with the influence of various educational and social backgrounds.

3. Gives You a Competitive Advantage.

Investing in your workforce and employees is a way of pushing your business ahead of your competition. Research by McKinsey has shown that companies in the top quartile for racial and ethnic diversity amongst their employees are 35% more likely to have a higher financial return than their non-diverse counterparts. This trend also carries over to gender diversity, where those companies in the top quartile are 15% more likely to have a higher financial turnover.

4. Empowers Your Employees.

When you give someone a seat at the table, they will strive to prove their worth to you. It has proven that diversity and improvement programmes empower employees by encouraging them to have their voices heard by participating in company activities and growth strategy. Deloitte’s research also found that companies who have an inclusive hiring programme generate up to 30% more in revenue per employee, with higher profitability than their competition.

5. Builds a Talented Team.

You may not know it, but you might be accidentally excluding candidates based on your unknown bias. Putting a resume aside because of someone’s age or background might end up costing you in the long run if you higher a weaker candidate who doesn’t fulfill their contract. Keeping a broad and inclusive mindset during the recruitment process can allow you to find the best candidate for the job and help you build a talented team of individuals who can drive your business to success. Most companies find that when they become more inclusive in their hiring, the benefits come naturally from hiring the most suitable candidate based on their skills.

About the Author is Western Canada’s largest job board, with majority of the jobs coming from Vancouver. For nearly 20 years, BC Jobs has connected job candidates with companies looking to add talent to their team. If your team is looking to recruit, is the right tool for you. Our job board has grown through virtual career fairs, branding, and partnerships. Contact us at today.

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