A lot of people wonder what the true “workplace diversity meaning” is. The process of introducing inclusion into workplace culture is very interesting. More and more companies are keen on building a workplace that speaks diversity! Well, why is this change coming into place? What has increased the need for workplace diversity? Are these questions in your mind?
A recent study revealed the following benefits of having diversity in the workplace:
1. More than thirty per cent of companies witness competitive advantage. Those that are ethnically diverse are bound to perform better than peers who stick to traditional ways. The change has had a positive financial impact.
2. Boards that feature only men have altogether lost more than 500 billion dollars.
3. By the end of 2025, companies that focus on women equality will be worth around 4 trillion USD.
4. Sophisticated diversity strategies help companies witness a higher cash inflow of nearly 2.3 times per employee.
5. With innovative leaders who support workforce diversity, it becomes easier for companies to engage in innovations. The increase can be around 2 per cent every year.
6. With a growing population of millennials, attracting potential candidates becomes more comfortable with diversity. Generation X focuses on workplaces with more diversity and inclusion strategies. This recent insight has encouraged many businesses to work around more diversity and inclusion strategies.
A simple business case on Workforce Diversity
The quest for high-quality employees is here to stay for a long time. According to a recent study, only 8 per cent of employers around the world are happy with their talent. This is mainly due to factors like speed, cost and quality of work. High satisfaction plays a vital role in every recruitment and selection process. Most employers agree to this. But, the process of filtering “truly” skilled and motivated employees is never easy.
Most employers and hiring teams are worried about the following aspects:
1. How to attract quality talent?
2. How to fill positions as quickly as possible?
3. How to optimize expenses during the recruitment process?
The challenges behind these processes is not a surprise. Almost every company is finding it difficult to keep up with the ever-changing workforce. With more people retiring, and millennials taking up new roles – this is truly a business challenge. Organizations are forced to compete for skill within and outside their industry. As a result, more and more diversity is introduced into their work culture.
Recent Insights into Workforce Diversity
Currently, the population of millennials has gone beyond baby boomers. Apart from this growing population, there are plenty of women, people supporting LGBT, military veterans and those who are disabled. Indeed, the future workforce for any company or industry is already available. And it is incredibly diverse.
Given the fact that long-standing commitments and the shortage of skill are a big problem for companies, workforce diversity is a top priority for recruitment teams. The ideology to do what is correct is encouraging the selection process to align with maximization of value, increasing retention, and diversifying talent. This is why companies are more interested in rethinking about their processes.
It is all about finding and fixing barriers that block employees and companies. This brings into light concepts like personal experiences and perspectives. To be more specific, D&I is all about preparing for the future, where simple changes in demographics can change workforce dynamics to a great extent.
Commons solutions to help workforce diversity
One, diversity in leadership is essential for making better and more robust decisions. It offers the freedom to diverse employees for building their career in the organization. Two, a massive reduction in equal pay differences. Studies reveal that positive changes in payment can build organizations.
It draws the right kind of attention to the company. Three, concepts like accountability needs to be stressed. Accountability needs to begin from the top. Most candidates look for organizations that allow accountability to introduce changes to the way they work.