6 advantages of Workplace Diversity

 

Workplace Diversity

Workplace Diversity

Why should 0rganizations and businesses care about Diversity & Inclusion now?

Diversity and inclusion affect not only the businesses’ people and operations internally but also their customers, suppliers, and other external stakeholders.

The most important key ingredient in this shift is:

A)    The changing demographics in the US. Minorities, now roughly one-third of the US population, are expected to become the majority by 2042. Considering consumer purchasing power in 2013, Hispanics will account for 9.9 % of all US buying power; African-Americans will have an 8.8% share; and Asians will represent a 5.4% share, LGBT (Lesbian, Gay, Bi-sexual, Transgender) will reach a  buying power of $835 billion by 2013 (as per some surveys)

B)    Globalization, and the changing faces—in terms of language, culture, and religion—of both customers and workers will represent an even more diverse mix.

C)   Generational gaps: The new trend the trend of people living longer and retiring later, resulted in four distinct generations working side by side—conservatives, baby boomers, Generation X, and Generation Y or Millennials—each with its own mind-set, work habits, technology attitudes, and customs.

D)   Increasing number of dual-income families and single working mothers

Leading companies know it’s essential to consistently maintain diversity as a top business imperative over a period of, at minimum, five years before diversity can gain traction and become part of the way those companies do business.  True diversity is not just about the mix that constitutes the workforce; it’s also about a company’s customers and business partners.

                                                                                  

Global Diversity

Advantages of Workplace Diversity:

Businesses are recognizing the need and importance of investing in diversity and inclusion as part of their overall talent management practices and to continually challenge their organizations to make the connection between those principles and their corporate performance..  Diversity is especially crucial in today’s global marketplace, as companies interact with different cultures and clients.  The payoffs touch every area of the business by potentially resulting in increased creativity, increased productivity, new attitudes, new language skills, global understanding, new processes, and new solutions to difficult problems. greater agility, better market insight, stronger customer and community loyalty, innovation, and improved employee recruitment and retention.  The businesses that fail to see the importance of Diversity and inclusion might find themselves unable to attract and retain the kinds of customers, employees, and business partners that constitute our changing world in 5 to 10 years

Among the advantages of diversity in the workplace are:

  1. Increased Productivity: Diversity and Inclusion brings in diverse different talents together working towards a common goal using different sets of skills that ignites their loyalty and increases their retention and productivity
  2. Increased creativity and Problem solving: With so many different and diverse minds coming together many more solutions will arise as every individual brings in their way of thinking, operating and solving problems and decision making
  3. Attract and Retain talent that add a competitive edge to any organization.  Feeling included and appreciated increases loyalty and feeling of belonging.  Language skills pool is increased and propels organization forward either to compete in the International global world or to increase its diverse customer base
  4. Help to build synergy in teams and enhances communication skills that brings in new attitudes and processes that profit the whole team
  5. Applying the proper diversity& inclusion management strategies does not only save money on litigation expenses generated by discrimination lawsuits but is the right thing to do for the business.
  6. It increases market share and create a satisfied diverse customer base by relating to people from different backgrounds.  It does propel the United States and its status to claim its place and success in the global business world of the 21st century

The advantages of diversity& Inclusion embracing affects the base line revenues of any organization and can be the make or break of any business.  Ignoring the effects or the existence of diversity in this global new market will only keep organizations back loosing on all the productivity and most important profitability of any business and its core of existence.

Cheers,

Sahar Andrade

www.saharconsulting.com

www.linkedin.com/in/saharandrade

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38 thoughts on “6 advantages of Workplace Diversity

  1. Pingback: 6 advantages of Workplace Diversity | C.D.E. Learning for Change

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  3. I work as a PM for a commercial HVAC subcontractor in the Chicago area and see litter diversification.Is there any hope or is this just the industry?

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  9. Very nice post. I just stumbled upon your blog and wanted
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  11. It is a very good article and one that gives me a lot of information on diversity but i was wondering if there are there any latest statistics for the demographics?
    thank you

    • Dominic:
      Thank you so much you made my day. I have a great passion for Diversity, Inclusion, respect and valuing everyone for who they are nit what I want them to be. Hopefully one day it will happen
      I am doing my part
      Cheers,
      Sahar

  12. Do you mind if I quote a couple of your articles as long as I
    provide credit and sources back to your website?
    My website is in the very same niche as yours and my users
    would certainly benefit from a lot of the information you present here.
    Please let me know if this ok with you. Thanks!

  13. Being part of the Latino group of the United States, I can say that I agree with you on the market trends. Having worked in hispanic marketing, I understand the need for understanding of diversity. Different surveys talk about different numbers on market share, but what I can say is that the Latino population is rapidly growing in buying power. Not only does diversity in the workplace make sense, it also makes a lot of sense in an economic perspective.
    Thanks for your insight.

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  15. I am currently a working professional taking a diversity class at a New England Area University. I am glad that I came upon your blog because of the information that you supplied and especially the 6 advantages of diversity. I think it is important that in this day and age that a company has to grow with their employees as well as their customer. It is also important to have the right team in place that will be able to hire the individuals who can respect others by being more engaging and mindful of their differences.
    Again, I enjoyed your article and will be sure to share it not only with my class but my coworkers too.
    Regards,
    Therese

    • Therese:
      Thank you there are so many advantages to diversity even beyond these 6 ones listed. Diversity is not restricted to race or color or religion it is what makes every single one of us unique
      I believe that we can make our differences make a difference
      Sahar

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  17. Companies should treat their employees as assets and reward them for a job well done instead of finding fault in their work constantly. Thanks for sharing your insight. I wish more professional would read your blog. It might make a difference in the way they treat their employees.

    • Amen to that Mary! Actually employees are THE number ONE asset of any organization till they start realizing that they will never achieve the success and productivity rates they are looking for
      Diversity is not the nice way to do things it is the right way for businesses

  18. Nice Article Sahar.

    You certainly address the major points. The simple truth is, no matter what part of the globe we all come from, we have much more in common with one another than we think we have in differences. And if we could just remember that little fact, we would all be much better off.

    Thanks for reminding everyone.

    Ch

    • Charlene:
      I couldn’t have said it better, if we all look at our similarities and use our differences to make better decisions and judgements the world will be a lot better place not only that but businesses will flourish if they adapt Diversity as a corporate Culture
      Thank you
      Sahar

  19. Hello Sahar

    Interesting article.
    You have covered many areas, which need mentioning.
    Today many are interested in learning, rather than teaching. This is in fact, helping them to loosen a bit on their attitude too.
    Small things are sometimes preventing people to open up and mingle with others – like the eating / dining styles in different cultures. Performers in their area of expertise , are not able to contribute in relevant areas, cause they are holding themselves back. All due to the fear of these cultural differences, and the fear whether they would be accepted in the other society.

    I have noticed that you are very active in LinkedIn, and are very helpful with your answers to many members. I am sure many would be appreciating you for your efforts in building valuable relationships across many cultures.

    I wish the best to you.

    Zia

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