Diversity and inclusion in the workplace are among the most important aspects for companies and have been highly debated in the HR and recruiting area. Companies are promoting diversity and inclusion in the workplace as well as enhancing their strategies to boost employee engagement, innovation and rewire broken corporate culture - to truly embrace changes. However, changing company culture requires movement and how does it impact business?
To comprehend the complex nature of the topics and the relevance of prioritising inclusion and diversity to build a better internal workforce that will yield higher revenue and boost employee performance, here are a few pieces of evidence:
McKinsey’s research found that companies with the most ethnically and culturally diverse boards worldwide are 43% more likely to experience higher profits. Also revealed that gender-diverse companies that are in the top-quartile for gender diversity on executive boards are 27% more likely to have superior value creation.
Likewise, a white paper from the online decision-making platform Cloverpop analysed that diverse teams are 87% better at making decisions. Deloitte Australia study shows that inclusive teams outperform their peers by 80% in team-based assessments.
It is difficult to emphasize enough the importance of inclusion as an essential component of any workforce diversity strategy. Companies and agencies can hire a wide range of diverse employees but if they don't feel equal and included, they will get frustrated and not contribute with diverse ideas and perform as expected. And, more likely than not, they won't stay at the company for very long, nor will they recommend the company for their network. Effectively improving organisations diversity and inclusion involve more than just writing up policies.
Companies that don’t prioritise it in all senses may see their employees quickly turn into active jobseekers. In fact, 57% of employees say they believe their companies should improve diversity among the internal workforce. Another study found 40% of employees who have experienced harassment, bullying or stereotyping led them to quit their job and seek alternative employment opportunities.
The workplace has made progress when it comes to diversity, but companies are still learning to navigate inclusivity, which is a huge factor in any successful environment. So, strong businesses should definitely reflect today’s society, and if you’d like your organisation to improve retention, increase revenue, attract top talent, spark creativity, you know what to do.
At Techfynder, we strive and embrace diversity, equity & inclusion, helping companies find and hire professionals globally. Our platform allows both sides to talk directly with each other, set up interviews, and even sign contracts without needing to leave the portal. Join Techfynder with a business account, advertise your job for free and continue cultivating an attitude of inclusiveness.
To receive blog posts like this one straight in your inbox, subscribe to the Techfynder Blog Newsletter.