4 Reasons Why Everyone’s Unique Strengths Build a Better Business
Diversity, inclusion, DE&I..they are without a doubt the buzzwords of the business world today. And for good reason:
Companies that prioritize diversity among their staff are 35 percent more likely to have financial returns above their competitors.
Employee innovation was 83 percent higher when employees felt that they were included in the business.
Diverse companies are 87 percent better at decision-making than individual employees.
The list could go on — and you have likely heard a few others.
As you build a workforce that is expected to innovate and work as a team, ethnic diversity, age diversity, gender diversity, and neurodiversity need to be top of mind. The unique strengths each worker brings to the table, and the eventual blend of all of these skills, will propel your business to the next level.
More Perspectives Lead to More Innovation
When collaborators come from diverse backgrounds and possess varying capabilities, they are more likely to challenge each other’s thinking and question each other’s solutions. Such exchanges tend to breed new ideas and create new ways of meeting the needs of clients.
Combining someone of an older generation who has years of experience seeing how problems have been solved in the past with someone younger who, with fresh eyes, sees a new way of looking at that problem will likely offer more innovative and feasible ideas than either on their own.
Utilizing Everyone’s Assets Leads to More Profit
Adding a variety of skill expertise is an obvious way to build a successful team. However, employing people from diverse backgrounds and with a variety of life experiences means your team will be able to communicate with almost anyone outside the company as well. You will be more likely to reach your target audiences and be able to market to a wider variety of people.
In general, more diverse companies produce 19 percent more revenue. The myriad of mindsets, thoughts, and experiences looks at a problem from all angles, rather than just one, and is able to brainstorm more long-term solutions. Companies with inclusive values, then, make more productive decisions which leads to an increase in profits.
Workers Are More Loyal When They Are Seen
Part of building a staff of diverse backgrounds and abilities is revamping the hiring process. This likely means doing away with traditional expectations of hires. For instance, there is a largely untapped resource of workers without degrees.
When you hire based on skills instead of education, you end up with a much wider selection. These employees tend to be more loyal, as you clearly saw something in that individual person to hire them.
Including a variety of workers also makes each feel appreciated for their individual and unique contributions. When they feel valued, they will likely remain loyal to the company, and your retention rate will increase.
Personal Growth Leads to Professional Growth
As your company becomes more inclusive, current employees will need to adapt. They will be working alongside and with colleagues with different viewpoints, past experiences, and ways of communication.
As a result, each member of your staff will need to grow both personally and professionally. They will be forced to confront any biases they possess as well as reflect on how effectively they communicate their own thoughts. In the end, the team will be one of stronger workers because of that reflection and growth.
When a hiring staff focuses on a standard checklist of suitable characteristics, they lose out on creating the most effective team and stifle growth overall. If your business is ready to change its practices and see the growth that results all around, reach out.