Why a diverse workforce is good for business

diversity

Why a diverse workforce is good for business

Liesl Leary-Perez, Vice President, Corporate Marketing at Hubilo explains the importance of diversity in the workplace

Why does it make business sense to build inclusive and diverse workplaces?

The business environment of today is a challenging one to navigate. Leaders must find their way around rapidly evolving market trends and adapt to the ‘new normal’ following the pandemic. At a time when one size fits none, strengthening a leadership team with diverse skillsets and backgrounds can generate the momentum needed to implement new go-to-market teams, thereby exceeding client demands across traditional demographic and geographic boundaries.

Working as a team is vital

What are the more general benefits of a more inclusive and diverse corporate team?

Organisations led by diverse teams are able to make better, more thought-out decisions as they have access to a range of different views and insights.

With more outside-the-box thinking, it is easier to drive innovation and ultimately outperform competitors and the data shows real business results. According to the Boston Consulting Group, diverse management boosts revenue by 19percent.

McKinsey has also been cited as showing that 43 per cent of companies with diverse boards saw higher profits. And finally, according to a 2020 Glassdoor survey, three out of four workers prefer diverse companies, which is a huge benefit considering how challenging it is to hire workers.

How important is company culture? Why?

A strong, inclusive, and diverse company culture is at the core of any successful business. When a company is built on the foundation of diversity, inclusivity, trust, and the desire to give back, external challenges are much diminished. A truly diverse company culture enables businesses to attract and retain better talent – it’s a win-win. In a culture where everyone feels comfortable and motivated to get involved, share their ideas and contribute, businesses will have more success long term.

What is the best way for corporate teams to harness rapidly evolving market trends?

Thriving in rapidly evolving market trends requires agility, openness, and adaptability. Teams must be prepared to modify and change the status quo at any given moment to meet everchanging demands.

A successful business moves forward by staying on top of its ever-changing market and choosing the best time to shift from its existing model to a newer one.

Recruitment is proving increasingly tricky. How should a company deal with today’s technological advancements and digitalisation?

Recruitment and onboarding are becoming increasingly challenging in this new normal, however, it certainly does not have to be. In the current market, staff shortages are high, and it is harder to attract and retain labour. The mass job exodus that has been termed ‘The Great Resignation’ has affected all industries. However, for businesses the key lies in using this as an opportunity to re-address their team structures and redefine their corporate culture. Thanks to technological advancements and digitalisation and the increased acceptance of remote working structures, organisations have access to a much larger talent pool.

hubilo.com

20 SME magazine www.smeweb.com