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“... (diversity) is so difficult. There is no one thing—or even a number of things—that will necessarily deliver the outcome that you want or expect. You need to be bold in experimenting.”
–Elizabeth Broderick, a senior adviser to the head of UN Women in New York
Diversity in the workplace drives innovation. This point has been proven by studies around the world, yet there are still so many businesses that have not entirely embraced diversity or are failing to achieve their diversity targets. At Women into Leadership, we work with enterprises to implement corporate gender equality programs and diversity initiatives in the workplace. If you have been thinking about diversity or are already implementing diversity strategies in your business, we can help provide actionable tools for you to achieve it.
Workplace Diversity: A Profitable Business Decision
Too often, corporate diversity initiatives are written off as a play for ‘political correctness.’ Businesses with these programs receive criticism for chasing ‘quotas’ for diversity, rather than hiring ‘the most qualified’ people. Due to these claims, the value of diversity in the workplace is too often diminished or trivialised. Business leaders are made to believe that, in choosing between either focusing on diversity or not, they are choosing between appeasing social justice proponents and doing what is best for their corporate bottom line. Unsurprisingly, many companies choose the bottom line.
What is important to understand, though, is that the rhetoric around business diversity training programs is often false and purposefully misleading. Indeed, choosing diversity in the workplace does not mean going against your own company’s best interests. Instead, these priorities—diversity and boosting profits—very often go hand in hand.
According to a report from McKinsey, businesses that are gender-diverse are 15% more likely to see above-average financial returns. Companies that are ethnically diverse, meanwhile are 35% more likely to beat national revenue averages.
In other words, implementing diversity initiatives in the workplace could well be a profitable decision for your business.
Why are business diversity training programs so valuable? There are several reasons, but one of the biggest is to embrace multiple perspectives. Companies that hire and promote individuals from a range of different backgrounds are better equipped to understand the challenges, pain points, wants and needs of different subsets of the population. In turn, this deeper and broader understanding of the marketplace helps businesses generate new ideas and innovations, moving their industries forward and driving improved profits.
We live in a diverse world. Every business exists in a different market, but 85% of buying decisions are made by women. Failing to embrace gender diversity equates to ignoring, or misunderstanding, 50% of the population and potentially 85% of your market.. Embracing it means being more inclusive—not just with your employment strategies, but with your potential customer base or clientele. This type of inclusion can and will benefit your bottom line.
Are you interested in unlocking the benefits of a diverse workplace? At Women into Leadership, we work to help companies like yours set up corporate gender equality programs and ethnic diversity initiatives. We work with all aspects of ED&I (Equality, Diversity and Inclusion) which includes LGBTQI. If you are ready to embrace the new perspectives, ideas, and innovations that diversity in the workplace can provide, give us a call to discuss how to get started.
You can reach Women into Leadership by calling 03 9982 4446.
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