As the country becomes increasingly diverse, so also do our
workplaces. As a result, businesses are experiencing new benefits from
diversity that is impacting nearly every industry. Some of the advantages of a
more diverse workforce include increased innovation, strategic targeted
marketing and overall effective corporate leadership. Businesses that accept and embrace diversity
are at a distinct advantage in an ever-evolving cultural landscape.
As we celebrate diversity this month as a key theme of our 150th anniversary, it is
important to understand the benefits of embracing the diverse workforce.
Innovation
One of the biggest benefit companies are now experiencing is
a drive toward innovation. Because diversity brings together different people
with unique backgrounds, skill sets, and perspectives, it naturally fosters
innovation. Businesses that have diverse, problem-solving teams become more
competitive with an innovative edge.
When companies employ like-minded people to do only
repetitive tasks, they lose creativity and innovation. Problems get solved when people from varied
backgrounds examine things from a different perspective. This different
experience also means that employees can appeal to diverse customer
experiences.
Recruitment
The primary driver of innovation is people; so getting the
right people in the beginning is key to successful innovation.
Companies that truly value diversity start by recruiting and
targeting a diverse candidate population. Initiatives such as diversity job
fairs on local college campuses are a great way to take advantage of the large applicant
pool of diverse talents. Businesses are not just limited to college campuses.
There are more avenues than ever to recruit employees from a variety of
backgrounds.
If an organization has genuinely embraced diversity, they
are naturally looking to recruit from a larger talent pool. Organizations that
draw from a larger talent pool are better positioned to attract, find, and
select the best candidates to fill key positions.
Growth
As employers embrace a wider variety of qualified
professionals, the firm’s human capital naturally increases. There are more women
and minorities in a broader range of corporate roles than ever before. These
diverse professionals are entering the labor force at historic rates, which in
turn contributes to a renewed entrepreneurial spirit resulting in more value for
their organizations.
The modern workforce is changing. More millennials comprise a
larger share of the workforce. Millennials as a whole are known for embracing
diversity in all areas of their lives, including work. As millennials move into
higher positions diversity will become a priority especially in recruitment
initiatives. This younger generation will gravitate towards companies that
share their beliefs and value diversity.
Marketing
Marketing in the 21st century has taken a
dramatic shift. The nation’s population has become more culturally diverse
which has resulted in new marketing approaches. Businesses must understand and
embrace diversity in order to successfully market to the 21st
century consumer. Companies that have marketing teams with employees reflecting
the new multicultural consumer can reap the benefits through product branding,
consumer recognition and beyond.
In today’s environment, it’s essential for companies to
truly understand their customers and be able to relate to them. It must go
beyond surveys. It requires thinking like the consumer. This means employing people
who are representative of that customer’s culture, gender, or background into
decision-making positions. This is
necessary not only to understand their customers, but also to understand the
broader culture of their customers.
America has become more diverse in our culture and values. This
is a trend that will only increase over then next few decades. Businesses must
recognize this shift and change to thrive in a new diverse era. Organizations
must operate in a global marketplace while recognizing and capitalizing on the
value diversity brings. As the physical
barriers to communication disappear the benefits of diversity will continue to
make a significant impact. Organizations who truly embrace diversity, from
recruitment to marketing efforts and on every level of the organization, will
yield the largest returns.
