Workforce diversity means similarities and differences among employees in terms of age, cultural background, physical abilities and disabilities, race, religion, gender, and sexual orientation. No two humans are alike. People are different in not only gender, culture, race, social and psychological characteristics but also in their perspectives and prejudices.
Below is a list if how a diverse for workforce affects your profitability:
Different experiences bring more innovation.
If everyone on the team thinks the same way, there’s little room for innovation, which creates a stifling environment for inventing the next big thing. On the other hand, people from dissimilar walks of life approach the world from a wide range of perspectives and offer unique intellectual capital to the companies for which they work.
Diverse thought leads to increased customer satisfaction.
Serving the end user is difficult if a company’s decision-making team doesn’t include people who can relate to that customer. A diverse team is more likely to relate to a particular audience’s wants, needs and pain points, creating greater opportunities to resonate with customers. Also, a diverse staff introduces the potential to reach new demographics in ways that might not have come to light with a homogenous group at the helm.
A diverse team resonates with both customers and investors
Today’s investors and customers are keeping a keen eye on Environmental, Social and Corporate Governance (ESG) when it comes to the companies they invest in and support. Diversity is playing an increasing role in how these groups assess ESG. As clients and customers become more diverse, they want to work with and support diverse people; therefore, these groups seek out companies that actively and openly champion diversity as a pillar of their philosophy.