In the last decade diversity has become a big deal in the job marketplace, this includes race, age, sexual orientation, and physical ability. Diversity is important as it brings different perspectives to the workplace, disregarding diversity in talent acquisition can greatly hinder the employers’ chances of attracting top talent. More than two-thirds (68%) of UK workers would consider looking for a job elsewhere if they found out that their employer had an unfair gender pay gap, or no diversity, equity, and inclusion (DEI) policy.
1. Larger Talent Pool
A diverse hiring process allows the employer to open opportunities to a wider talent pool than other companies. On the flip side, top talent, and other job seekers greatly value diversity and inclusion.
2. Fosters innovation
Diversity allows for employees with different backgrounds, experiences, and perspectives. The coming together of these diverse employees allows for the exchange of new and unique ideas, in turn this breeds innovation and increases the competitiveness of companies within the market.
3. Superior decision-making
Teams with diverse backgrounds and experiences are more likely to outperform individual decision-makers or those with homogenous perspectives, in turn causing better decisions to be formed. A diversified workforce comes up with different methodologies and possible solutions, this then allows for more informed and superior decision-making. An article on www.peoplemanagement.co.uk cites a study in the UK that states that “teams that were geographically diverse, and included members with different genders and at least one age gap of more than 20 years, were the most successful – making better business decisions than individuals 87% of the time.”
4. Enhances productivity
With a diverse team of employees, it is likely that you would also have increased productivity among the workforce. Employees are then able to learn from each other’s separate styles, tuning and refining their methodologies and processes.
5. Increase employee retention
Welcoming and appreciating different people regardless of their gender, age or ethnicity will therefore make people feel respected for who they are. In turn, this will likely lead to low turnover rates and allows for more opportunities for promotion and employee development as the employees are exposed to more knowledge and develop their skills.