How inclusion & diversity in the workplace can boost performance and profit margins
For years we’ve known that inclusion and diversity (I&D) in the workplace can have a positive impact on teams and performance. Now, studies are showing that companies with traditional hiring models could lose out on more than just talented candidates. They can lose out on profit margins too. A recent study by McKinsey shows that companies with higher racial, ethnic and gender diversity are more likely to outperform their industry peers on profitability by 35%.
What does inclusion and diversity in the workplace look like?
Diversity in the workplace means that employers take an approach that gives all employees and potential employees equal opportunities that aren’t limited by gender, age, sexual orientation, ethnicity, religious beliefs or physical ability. Inclusion in the workplace is about employees feeling equally valued, respected and are evaluated based on their quality of work and professional merit.
For employers, this means active and flexible accommodations to meet the unique needs of many different employees and creating business practices, policies and procedures that do not prevent people from diverse backgrounds having equality of opportunity within the organisation.
I&D should be maintained at all levels of the business, from front line workers through to managers and board members. In fact, companies with diverse management teams are found to boost revenue by up to 19%.
Having a diverse team brings several advantages which can include:
- Higher levels of productivity
A broad range of skill sets allows teams to exchange and develop ideas, create efficiencies and increase performance output. This can give a business a competitive advantage to outperform their competitors.
- Increased creativity and innovation
With a variety of cultural and social differences comes higher levels of creativity which ultimately leads to greater innovations. Employees that feel accepted and valued will be happier at work, giving them space to explore new ideas and thrive within their role.
- Broad range of perspectives
A multifaceted team with diverse backgrounds has a higher success rate breaking into new markets. Their varied perspectives enable them to give input into the best ways to approach new audiences and regions.
- Attracting top talent
A diverse and high-performing company is more likely to attract top tier talent compared to their homogeneous counterparts. Companies will be able to recruit candidates with skill sets that best suit the company’s needs and further the growth of the business.
The Spenda way
At Spenda, we believe that our success depends on the bright ideas and talent that stems from a truly diverse team. That creativity and innovation comes from a broad range of perspectives and experiences, and our commitment to creating an inclusive and truly diverse workplace has enabled us to build a solid team, develop innovative ideas and create a high performance, yet fun culture.
If you’d like to be a part of the Spenda story, head on over to our careers page to learn more about who we are, how we work and all see the perks that come along with being a part of our team.