Diversity in the workplace

Creating a diverse workplace was once simply considered “the right thing to do” from a moral standpoint, but fostering an inclusive workplace is also a strong business decision. Diversity in the workplace fosters creativity and innovation and can be a competitive advantage for attracting top talent and winning customers. A McKinsey study [1] shows that the most racially and ethnically diverse companies are 35% more likely to have financial returns above their industry medians. The same study found that companies in the top 25% for gender diversity are 15% more likely to have financial returns above the industry average. Evidence like this clearly indicates that workforce diversity generates bottom-line results. Companies that fail to understand the importance of workplace diversity will find themselves behind when it comes to recruitment, retention, customer service, and innovation. Recruitment Diverse hiring practices can give companies a competitive edge in a hot job market. By building a reputation for inclusiveness and valuing differences, companies can attract talented employees who know that their unique skills, backgrounds, perceptions, and knowledge will be appreciated. When employees feel respected and appreciated for their differences, it leads to greater commitment and higher productivity. Retention Happy and engaged employees are more…