In today’s workplace, including diverse perspectived and voices is central to many corporate mission and value statements, as businesses increasingly recognize that diversity drives social and organizational value. The spotlight on diversity and inclusion within the workplace is substantial. How does this push for diversity actually benefit modern organizations?
The best way to think “outside the box” and develop revolutionary new strategies, products, campaigns, and techniques that pay off? Increase diversity within an organization. Per the Harvard Business Review, companies with high diversity have 19% higher innovation revenues. When teams have different perspectives, ideas, and backgrounds represented, their diversity provides the spark that drives forward-thinking, innovative solutions that bring organizations success.
Diversity allows organizations to expand their reach. Researchers from the Harvard Business Review detail that organizations with diverse leadership are up to 70% likelier to capture new markets. As one of the top benefits of diversity in the workplace, the fresh thinking, strategies, techniques, and perspectives diversity brings in helps attract new customers that keep organizations expanding and profitable.
Are you frustrated with your organization’s problem-solving techniques or disappointed with the answers you’re getting to tough work questions? Diverse teams can help cut through the confusion. The New York Times details that interacting with diverse groups produces 58% more accurate answers. Diversity is key for organizations seeking to knock down roadblocks and answer questions holding up projects.
Looking to streamline projects and empower team success? Research from McKinsey has found that teams with greater gender and ethnic diversity are 25-35% more likely to outperform less diverse peers. It’s one of the big benefits of diversity, particularly in a world where teams are globally dispersed, and collaboration across boundaries and borders is more crucial than ever.
Diverse leadership drives team success across an organization. Data from Deloitte shows that inclusive leadership improves team performance by 17%. Diversity can offer a powerful advantage in a competitive marketplace.
Teams with diverse backgrounds make better decisions by combining unique viewpoints, experiences, and insights, fostering creativity and generating more effective solutions. The Deloitte data shows that diversity and inclusivity in a team setting improves decision-making quality by 20%.
One of the key strengths of having diverse workforce is that they fuel a strong, productive work ethic throughout the workforce. McKinsey’s research indicates that organizations with more diverse executive teams are 21% more likely to achieve above-average profitability, as diverse leadership often leads to better decision-making, greater employee engagement, and a culture that values diverse ideas and collaboration.With the razor-thin margins for success in today’s business world, 21% can make all the difference in the marketplace.
Constant turnover is a headache—and a financial burden—for modern organizations. One Glassdoor study found that it costs an average of $4,000 (and 52 days) for an organization to hire a new employee. That financial cost (and the costs in the workflow caused by those disruptions) can be fatal for an organization’s progress. The good news? Diversity cuts down on turnover and encourages stability. A Corporate Leadership Council study shows that diverse and inclusive organizations have employees that are 19% likelier to stay. It’s another one of the big benefits of diversity, especially considering the propensity for those in younger generations to hop from job to job.
Finding the right new employees to bring your organization to the next level is just as important as retaining your effective employees. For the young job seekers of today, diversity is at the top of the list when they’re checking out their new organizations. A Glassdoor survey details their priorities: a staggering 2/3rds of job seekers look at a company’s diversity when job hunting. Without a robust diversity, equity, and inclusion program in place, your organization threatens to lose out on one of the big benefits of diversity in the workplace.
Of course, one of the top benefits of diversity in the workplace is simple: it’s great for the bottom line. Per a McKinsey report, ethnically and culturally diverse companies are 33% more likely to be more profitable. There’s no better testimonial for the power of diversity. If your company wants to succeed, foster a diverse and inclusive workforce.
Aperian® provides global organizations with cultural training, tools, and resources to help diverse teams succeed by leveraging their similarities and differences. Organizations have found that the resources in the platform—including the GlobeSmart® Profile, the Inclusive Behaviors InventorySM, and Aperian CopilotSM—have helped their teams become more aware of the diversity among them and collaborate more effectively together.
Ongoing interactive learning experiences are essential for harnessing workplace diversity by engaging learners in practical, real-world scenarios that build essential skills. Aperian leverages online learning, assessments, live training, self-paced learning modules, and more to enhance understanding of cultural differences, helping employees apply this knowledge to create more inclusive, innovative, and collaborative teams.
Start a free trial of Aperian to try these industry-leading tools for yourself and contact the Aperian team to see how they can help your organization leverage diversity to grow.
