Stop for a moment and answer these questions. How diverse is your company? Are your employees engaged? Are everyone’s talents being valued and used? Thomaz Perez, the former United States Secretary of Labor, says, “…it’s smart business to have a diverse workforce – one in which many views are represented and everyone’s talents are valued.”
The positive effect that diversity can have on business and business outcomes is astonishing. In one study, for instance, sociologist Cedric Herring found that companies which had the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity. He also found that gender diversity accounted for a difference of $599.1 million in average sales revenue. Organizations with the lowest rates of gender diversity had average sales revenues of $45.2 million, compared with averages of $644.3 million for businesses with the most gender diversity.
Workplace diversity signifies more than just an employee’s race and gender. It also encompasses a person’s ethnic group, religion, marital status, age, personality, tenure, education, and background. Your business can reap countless benefits by having a diverse workforce.
One of the biggest benefits of workforce diversity is that it allows companies to build global business relationships, which is a necessity in the digital age. For example, if you want to reach Asian or Hispanic markets, you would have a better chance of reaching those markets with Asian and Hispanic employees. With a diverse workforce, you leverage a wide range of skills and expertise. In addition, you can provide services to a wider variety of customers, which will increase your long-term profitability.
At Commercient, we embrace cultural diversity. Our employees are people of every race, religion, and gender, including Africans (actually from Africa), Latinos, Filipinos, and African Americans. This has allowed us to expand our business both in the United States and abroad.
Statistics show that people with diverse backgrounds have differing ideas and viewpoints and therefore foster innovation. It also means that you can attract the best talent because you have a greater talent pool from which to choose. Employees with outside-the-box thinking can connect with a different audience and create more effective and intelligent solutions. Additionally, with a diverse workforce, businesses can enhance their problem-solving, selling, and decision-making processes, all of which results in a higher ROI. In an article regarding workplace diversity, theguardian.com stated that,“The bottom line is: diversity drives innovation and creativity in all aspects and types of businesses – from small startups to advertising agencies to Fortune 500 companies.”
High employee engagement
Not only can a diverse workforce bring about an expansion in business and an increase in innovation, but it can also increase employee engagement. By fostering a feeling of inclusion, employees have better cohesion as a team. Statistics show that companies that value and honor their employee’s differences have the most satisfied and engaged employees. A Gallup survey revealed that, “…workplaces that are perceived as diverse have the highest levels of employee engagement, and that “engaged employees are more productive, profitable, safer, create stronger customer relationships, and stay longer with their company than less engaged employees.”
Why should your company embrace diversity? The answer is simple. Diversity in the workplace fosters better communication, better talent, more creativity, and more flexibility, meaning more money for your organization.
Are you going to the Sage Summit in Atlanta? We are! Stop by and see us at our booth or take the time to see our CEO, Richard Jenkins, as he speaks about the future of Fintech.