A business with a diverse and inclusive workplace does not simply mean employing individuals with different backgrounds. It refers to creating a safe and positive community that welcomes everyone from any ethnicity, generation, skill level, and gender identity. These are some of the primary traits of a company that aspires to be a successful global venture and aims to provide its products and services to clients worldwide.
Innovation as a Lifestyle
Risk-taking is one of the prime elements that enhance innovation in a workplace. While this is important, it is difficult to come by, especially in a rigid corporate culture. Thus, inclusive workspaces have the potential to absolve a more significant lack of innovative ideas and are 1.7 times more likely to become the leader in the market. A workspace in which employees feel like they belong inspires creative freedom and more effective interpersonal work relationships. Apart from not having to worry much about putting together actual team building activities, the best thing about this is that there is more co-creation, which means better teamwork and better results for you and your business’ clients. A work environment with employees who are not able to voice new ideas, feedback, or suggestions have been proven to have lower performance ratings.
Improved Conflict Resolution
According to a study by Harvard Business Review, diverse teams happen to solve problems quicker and better than groups of people that think similarly or fall within the same demographic. Employees with different views and life experiences are more likely to produce unique and practical solutions to conflict and any arising problem.
Access to Global Markets
Employees from different backgrounds that fall into very diverse demographics have the knowledge and languages of various cultures and lifestyles. This knowledge allows the company to cater to clients outside of their usual proximity and access broad global markets. Reaching a more dynamic market is one of the biggest challenges for businesses expanding their services or products to a wider global client base. This challenge could easily be remedied by having an inclusive workplace that accommodates and caters to the needs of employees that are different.
Employees who feel more comfortable in their true identities and see their workplace as a safe space have higher productivity and performance rates. A study by Josh Bersin has revealed that highly inclusive work environments generate 2.3 times more cash flow per employee and are 120% more capable of meeting financial targets. It is therefore essential that inclusivity for a company that desires growth is not only noted on paper and is implemented within the workplace.
Retention and Reputation
Advocating for inclusion and a diverse workforce can make it easy for clients who need the comfort of knowing there is a dedicated team that speaks their language and understands their needs. The notion of an inclusive company allows external stakeholders to view the business as socially responsible and adhere to their expectations. The fairness of an inclusive workplace, which promotes zero tolerance for discrimination, will attract better talents and ensure employee retention while making the company a reputable, more exciting and sophisticated brand.
A team of people from different backgrounds offers a wide selection of skills and experiences. This benefits both the company and employees by allowing teams to learn new skills and ways to work from each other, thus bridging gaps within the company’s portfolio. For a look into the diverse team at Volt, visit us here.