What are the Benefits of Diversity in the Workplace?

Image Diversity has become a central focus for many business owners and human resource (HR) workers, due to the benefits it creates in the workplace. When a business's workforce consists of workers of similar demographics or skillsets, it can hinder the business's ability to succeed. To put the importance of diversity into perspective, a report published by HR Daily Advisor states that creating a diverse workplace is a top priority for businesses. So, what are the benefits of diversity in the workplace and why is it so important?

What are the Benefits of Diversity in the Workplace?

Understanding Diversity

Before we touch on the benefits of diversity in the workplace, let's first discuss what exactly the term "diversity" means. Basically, diversity refers to the state of being varied. When used in the context of the workplace, diversity specifically refers to the variety or lack of variety of workers. This includes demographic-based factors like age, gender, race, and geographical location, as well as personality, experience and skills. A diverse workforce includes a variety of workers with different demographics and other traits.

Access to More Talent

Embracing diversity in the workplace provides business with access to more talent. If a business declines to hire workers of a particular demographic or with certain traits, its pool of potential talent will shrink. This means the business will have fewer job candidates from whom to choose. As a result, the business may overlook a highly skilled candidate who would otherwise be an invaluable asset to the workforce.

Positive PR

Diversity in the workplace also offers public relations (PR) benefits. It shows the business's target audience, as well as the public, that it hires all types of workers rather than specific demographic -- and people will view the business in a more positive light because of its diverse workforce.

Diversity can help businesses overcome language barriers in their operations. A restaurant, for instance, may hire Spanish-speaking workers to communicate with their Spanish-speaking patron. But restaurants that fail to create a diverse workforce won't be able to communicate with their foreign patrons, placing them at a disadvantage to their competitors.

Increased Profit

Businesses with a diverse workforce typically generate higher profits than their non-diverse counterparts. Business Insider cites several studies linking diversity to increased business performance. A 2015 McKinsey study of 366 companies, for example, found that companies with diverse leadership more successful than companies with non-diverse leadership. These are just a few benefits of diversity in the workplace.

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