The subject of diversity and ensuring your team is comprised of people with diverse backgrounds is a must have for any forward-thinking organization today. The issues relating to diversity in the workplace are multi-dimensional and exist in different forms: discrimination based on Race, Gender, Culture, Religion, Sexual orientation, Age, Disabilities etc.
On the contrary, recent research shows that diverse teams perform better and deliver better results for organizations. A recent study by Economic Geography pooled data from 7615 firms that took part in the London Annual Business Survey and results from the research revealed that businesses run by culturally diverse leadership teams were more likely to develop new products than culturally homogenous leadership teams.
This suggests that diversity in the workplace today is beneficial in improving business performance and it is imperative that organizations still on the edge regarding diversity and building BIPOC teams need to fully commit themselves to it to actualize the potential benefits.
Here are some of the most valuable advantages we believe companies should note:
1. Diversity Facilitates Innovation: Diverse teams are more innovative. At the London School of Economics, research has shown that corporations with culturally diverse management teams have a greater likelihood of introducing new innovations in product and service than teams who are more culturally homogeneous. This is the result of diverse perspectives that the team brings to the table which inspires creative and innovative thinking to solve problems. Having an innovative team through diversity in the workplace also gives the company a great competitive advantage over competitors and this improves overall business performance.
2. It Increases Brand Reputation: A company that encourages diversity and inclusion in the workplace is perceived as a great company to work with, and to do business with. It happens to be an effective competitive edge to attract the brightest minds and best talents according to a survey carried out by PwC which found out that over 80% of participants said that equality and inclusion are important factors when deciding whether or not to work for organizations. It is common knowledge that teams make businesses, which makes workplace diversity and inclusion very beneficial for corporations.
3. Workplace Diversity increases Profitability: Yes, this may not have been your first guess, but this is true. According to researchers, it has been proven that racially diverse teams outperform non-diverse ones by 35%. A study by Harvard Business Review has revealed this to be true because diverse teams tend to bring on board diverse solutions which turn out to be more informed and accurate. Also, regarding gender diversity, research has shown that teams where the number of men is equal to the number of women leads to a significant 41% increase in Revenue. This is quite an interesting set of statistics and it is definitely something corporations without diverse teams may want to look into. It’s a no-brainer.
There are a lot of significant opportunities and benefits to having diverse teams and we at Olade have experienced them first-hand, placing more than 200 BIPOC Professionals over the past 5 years. We have found that BIPOC professionals are often highly qualified, highly skilled, and well educated but unfortunately most are underpaid. There are a significant number of immigrants whose enviable wealth of experience are not tapped into because they encounter great difficulty breaking into the Canadian job market.
Olade consulting has a rich pool of diverse expert consultants with experience working and supporting the implementation of large enterprise-wide initiatives for leading Canadian organizations. Learn how you can take advantage of our placement and staffing expertise today to build a more efficient and innovative diverse team. You can connect with us at email@example.com for more information or visit https://oladeconsulting.com/staffing-and-recruitment-solutions/ to learn more.