How Workplace Diversity Can Improve Your Business

How Workplace Diversity Can Improve Your Business

October 18, 2022
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The focus on diversity in the workplace has continued for the past few decades as businesses are realizing the importance of a diverse workforce, not only to potentially improve the overall growth of the company but also the culture. From attracting a high quality of employees to better understand your customer base, having a diverse workplace may provide benefits to your business that you may not have considered. Below are just a few ways diversity in the workplace may improve your business.

It May Foster Innovation

The key to innovation is approaching a problem from different perspectives to come up with strategies that may work for a wide range of people. When you have a diverse team working on a project, they may bring in the knowledge and experience gained through their personal and cultural backgrounds. A diverse team is also likely to have a diverse set of skills, which means you may be able to pair members with different strengths and weaknesses to create a potentially solid team to work toward a common goal.1

It May Help You Attract Solid Talent

Workers looking for a job are sometimes attracted to companies that foster a diverse workforce. The more a company understands the needs and benefits of a diverse workforce, the more potential they have to retain their current employees. If your company is known for its diversity, it may attract higher levels of talent who want the workplace culture and atmosphere that comes with a diverse workforce.1

It May Provide a Better Connection With Those You're Serving

When your company has a diverse workforce, you may better mirror the population you are serving. The more diverse your workplace is, the better able your company is at identifying the needs of different cultures and people you service. You may develop better and more appropriate strategies that suit those needs. Your customers may also find that they connect better with your company, knowing that they are represented by employees that are providing them with products and services.2

It Improves Employee Engagement

Having employees with different backgrounds, cultures, and genders may allow opportunities for your employees to engage more with each other and learn more about those different from them. With this knowledge, they may not only be able to see things from another's perspective, but they may also be able to satisfy the needs of customers who may be different from themselves. Diversity often fosters understanding and communication between employees and in the employee/customer relationship.1

It Improves the Reputation of Your Company

In many industries, a company's reputation is everything, and being known for having a diverse workforce may improve your reputation or help you maintain a good one. When customers see a diverse workforce, they often see a company that is accepting of diverse employees and one that considers the many benefits that come with a diverse workforce.2

Footnotes:

1What Are the Advantages of a Diverse Workforce?, Small Business Chronicle, https://smallbusiness.chron.com/advantages-diverse-workforce-18780.html

210 Business Benefits of Diversity in the Workplace, Score, https://www.score.org/blog/10-business-benefits-diversity-workplace

 

Sources:

https://smallbusiness.chron.com/advantages-diverse-workforce-18780.html

https://www.score.org/blog/10-business-benefits-diversity-workplace

 

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

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