Diversity Is Just A Good Business Practice
Workplace diversity has many tangible benefits that impact the company’s bottom line and yet it continues to be an issue despite genuine efforts to bring about change. Our aim is to bring light to the many issues that plague marginalized groups in the field of advertising and to uncover ways to find solutions.
What is workplace diversity?
Workplace diversity describes a work environment that is both diverse and inclusive. In an environment such as this, employees from different backgrounds, races, religions, sexual orientation and preference, and other protected classes are welcome and accepted.
What is hidden bias?
Hidden or implicit biases are attitudes and stereotypes that affect our understanding, actions, and decision-making processes. Hidden biases often manifest into something called microaggressions. Microaggressions are any action that communicates hostile or derogatory insults against members of a marginalized group. In many cases, microaggressions at work are accidental or unintentional and usually a result of ignorance, but that doesn’t make them hurt any less. Fostering an environment that is diverse can help your organization mitigate the number of microaggressions, creating a more inclusive and productive environment for employees.
Why is workplace diversity important?
As businesses become more globalized, creating organizations that are truly diverse and inclusive gives businesses the advantage of differing ideas and perspectives that have the potential to increase profits. When our workforce is not reflective of the world’s diverse population, it is not only a moral issue but also a business issue.
Workplace diversity is usually mentioned in the context of a business social responsibility and reputation, however, diversity has many tangible benefits that directly impact the bottom line of a business. Businesses that embrace diversity and inclusion have a better standing in the market than those that resist the change.
Here are 4 reasons why diversity is a good business practice:
- More Creativity
- Different people come from different walks of life. Diverse backgrounds mean more creative energy in the room which opens up your organization to new viewpoints and ideas.
- Understanding Consumers Better
- Having a diverse conference room means you have more representation from different groups. This gives your organization the opportunity to have better and more accurate insights into varying demographics.
- Better Brainstorming
- Diversity in opinions and ideas can lead to more opportunities for innovation in sectors your organization may have never considered before. Inclusive workplaces foster innovation and introduce opportunities to new markets that have been overlooked in the past. Up until recent years, there were a number of small companies such as Asiya making modest sportswear for Muslim women and girls. It wasn’t until 2017, that companies like Nike saw the value in marketing to groups like this.
- Fewer Failures
Obviously, these are all great reasons to have a diverse workplace. For those of you that need stone-cold data, here are the facts:
- Diverse companies outperform industry medium norms by 35% (McKinsey)
- 67% of job seekers said diversity was an important factor when looking for work(Glassdoor)
- Diverse companies generate more revenue (American Sociological Society)
Environments, where everyone takes the same actions for the same reason, leads to stagnation. Without diversity and inclusion, organizations limit themselves and their capability to make good work. In today’s world, it is necessary to be an inclusive organization in order to thrive in the competitive global market and to create a welcoming and comfortable environment for all.
Stay tuned for an upcoming webinar on the topic.