Understanding Differences is Key to Valuing Diversity.
Honestly, even if we can see the value of diversity in the workplace, supporting company Diversity, Equity, and Inclusion (DEI) initiatives might not be something we think about every day!
The truth is, there is a certain comfort with familiarity. It’s also true that we crave community, yet we value and would vigorously defend our individuality and independence.
The more we are in tune with our own needs, the better we can empathize with the needs of others. When companies value diversity in the workplace, they see increases in:
- Employee engagement & retention
- Employee moral
Understanding differences and valuing diversity can go beyond defining race, religion, gender, disability, etc. Valuing differences can include skills, industry background, and traits that come from a potential hires’ personality. Diversity of thought is a key component that fosters growth and is a great antidote to the echo chamber. When you give space for this you can guard against “GroupThink” (lack of conflict has never been so dangerous)
According to an article in The Harvard Business Review, “Diversity is being invited to the party. Inclusion is being asked to dance.” Valuing diversity means that employees can bring their whole selves to work. They, not only bring their talents and skills, but also their unique characteristics.
What Is The Value of Diversity To The Workplace?
Diversity Means More Innovation
Technological advancements have led to important improvements in the workplace but have also led to challenges. Globalization has brought us together in ways that we couldn’t have imagined. Understanding difference and valuing diversity is essential for organizational growth and development. One Forbes study found that diversity is a key driver of innovation and it is a critical component of being successful at the global level. “It’s the key to attracting and retaining the top talent.”
Diversity Means More Creativity
Valuing diversity means people from a variety of backgrounds, talents and skills tap into new ideas and creative concepts to meet ever growing challenges of the marketplace. To remain relevant in the marketplace, many firms feel the pressure of addressing obstacles from multiple perspectives. Knowing what diversity is doesn’t necessarily mean that we value it. Valuing diversity means inclusion and involving the integration of people from variety.
Diversity Means Increased Profitability
In addition to innovation and creativity, valuing diversity means impacting the bottom line. A recent study from the Boston Consulting Group (BCG) found after studying 1700 different companies across 8 countries that, “increasing the diversity of leadership teams leads to more and better innovation and improved financial performance”. Not only does valuing diversity lead to personal enrichment, it can lead to a more profitable business model.
Diversity Means Higher Employee Retention
Imagine being able to see yourself in a higher position. A diverse leadership team shows employees that they too can advance within the company. According to one study from Deloitte, diverse and inclusive workplace environments lead to a 22% lower turnover rate. Again, putting into perspective that valuing diversity means more than, but definitely not less than, valuing the legal description. Whether it’s thinking style, ethnicity, socioeconomic background, or one of the many other factors of diversity, understanding difference and valuing diversity is key to growing people.
Diversity Means Higher Employee Engagement
We all know how important workplace culture is for employee satisfaction. Workplace culture can either drive engagement or lead to turnover. One study found that 83% of millennials are more engaged when workplace diversity is inclusive. In addition to higher engagement, valuing diversity can improve loyalty and increase company morale. When employees feel valued, they stay.
From Diversity Design To Implementation
Perhaps you’re looking for ways to show commitment to Diversity, Equity and Inclusion (DEI) efforts, or thinking critically about who needs to be in a specific role. Valuing diversity means being intentional about creating a workplace environment that leads to both exposure to and inclusion of different kinds of people, thinking and methods. Employee Resource Groups (ERG’s) are a great way for employees to share what’s important to them, educate others, and feel a sense of community.
Let’s face it, when it comes to understanding difference and valuing diversity we can all be a bit biased at times. We all have blind spots. Therefore, having a consistent voice can help keep our values in front of us. Training management, cooperative leadership, and accountability are keys to overcoming biases.
At Titus Talent, we are committed to finding the right seats for the right people through our unique hiring process, which decodes the whole person. We use a data-driven approach to look at employee alignment, and sustainable solutions for your company’s commitment to Diversity, Equity, and Inclusion efforts.
Interested in learning more about our hiring process?
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