The 5 Best Reasons to Diversify Your Workforce
There’s been a lot of talk about diversity in the workplace as of late, but diversifying your workplace isn’t just about being politically correct. It can benefit your company in more ways than one, especially when it comes to recruiting.
Diversity can refer to a range of identifying factors, including gender, age, religion, race, ethnicity, cultural background, sexual orientation, religion, language, education, and overall abilities.
Discover the many benefits of recruiting diverse candidates.
More Innovation and Creativity
If you hire the same kinds of candidates, everyone is going to think and approach problems in similar ways. To get your team thinking outside the box, it’s best to hire workers with a range of different backgrounds. Give these workers a seat at the table and learn from their unique perspectives.
From ushering your company into the future to expanding your target audience, heed their advice and insight when it comes to tackling new problems. You can change the image behind your company and find new ways to thrive in an increasingly competitive economy.
Inclusive companies are 1.7x more likely to be innovative leaders in their markets.
As trends come and go at lightning speed, you need a diverse workforce if you want to keep up with these trends and stay in the know, let alone become a thought leader in your industry.
As your company continues to innovate, your company will likely benefit from higher profits as long as diverse team members are involved in the decision-making process.
Companies with the most ethnically/culturally diverse boards worldwide are 43% more likely to experience higher profits.
Your company will start outperforming the competition as you upgrade your products and services for a new generation of consumers. You and your team can skillfully navigate the latest marketing and hiring trends, giving your company a new edge in the digital age.
Without this innovation and creativity, your company won’t change and evolve with these trends, which will start to eat away at your profits.
Better Employee Engagement
If you want to increase engagement in the workplace, you need to listen and respond to the concerns of your employees. And the numbers show that diversity and inclusion are a top concern among the next generation of workers.
As of now, 57% of employees want their companies to do more to increase diversity.
But millennials and Generation Z will start taking over the workforce in droves over the next few years, and these generations are much more diverse than those of their parents.
Start embracing diversity now if you want to recruit and retain the workers of tomorrow.
Reduced Employee Turnover
With increased employee engagement and innovation, your workforce will be less likely to look for outside job opportunities. Your employees want to stay at a company they see as innovative and inclusive. If your company has a reputation for being stuck in the past or excluding diverse candidates, some of your employees will likely turn their attention elsewhere.
You will end up having to spend more money recruiting candidates and training new hires instead of focusing on the future of your company.
Just 29% of millennials are engaged professionally. If you want to retain younger workers for the long haul, you need to be flexible with your workflow, embrace new ideas, and focus on recruiting diverse candidates.
Reduced Hiring Costs
If you want to reduce your hiring costs and spend less per hire, you need to position your company as a leader in workplace diversity.
67% of both active and passive job seekers say that when they’re evaluating companies and job offers, it is important that the company has a diverse workforce.
Without a diverse workforce or an inclusive application process, many diverse candidates will seek employment elsewhere. They may decline to apply for a position at your company altogether, or if it comes down to your company and one of your competitors, they will go with the more inclusive of the two.
As you become a leader in workplace diversity, candidates with all kinds of backgrounds will come to you, giving you a steady pipeline of diverse talent.
Diversity is the future of the American workforce. Don’t let certain blind spots prevent you from recruiting diverse candidates, or you will end up paying for it down the line in more ways than one. Stay ahead of these trends and strive for diversity every step of the way.
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