9 Benefits of Inclusion and Diversity Services

Inclusion and diversity services comprise a company’s efforts, practices and mission to support a diverse workplace. The organization leverages the impact of diversity for achieving a competitive business advantage. Workplace diversity has emerged as a major challenge and one of the top priorities in recruitment and staffing today. Organizations are increasingly focusing on allocating training efforts and resources and attract the best employee. Looking beyond the traditional talent acquisition and hiring practices, companies are employing people with best minds, experience, and skills. 

Here are some major benefits of having an inclusion and diversity services-focused hiring strategy.

1. Accelerate financial performance and growth

A research on diversity by McKinsey & Company claims that companies embracing more diverse culture, ethnicity and gender outperform peers who don’t think on these lines. The 2017 study found out that top-quartile organizations outperform their competitors by 21 percent. Chances of outperformance are 33 percent for cultural and ethnic diversity. 

2. Boost creativity and innovation

Diversity and inclusion at the workplace is important to promote creativity and innovation. Having workers from various backgrounds forge various ideas and perspectives into everyday business. 

3. Improve reputation

Companies that promote workplace diversity are viewed as more humane and socially responsible organizations. Besides, supporting inclusion and diversity proves the employee’s morale, empathy and fairness. These characteristics attract candidates, particularly the millennial and younger generation, to the organization. 

4. Make better decisions

Diversity is an important factor behind making better business decisions, besides implementing a flatter hierarchy and an agile organizational structure.

5. Attract high-quality candidates

According to multinational consultancy giant Deloitte, 67 percent job hunters use diversity as a key factor while considering offers for employment.  

6. Improve sharing of knowledge

A workplace that promotes inclusion and diversity services usually sees improved sharing of knowledge and resources in various business areas. Employers supporting the culture of diversity and inclusion are more likely to come up with innovative ideas that can beat peer competition. 

7. Improve staff engagement

Diversity in the workplace boosts employee. Deloitte, in a research, collected the experiences of 1,550 workers in three Australian companies operating in the retail, healthcare, and manufacturing sectors. The research revealed that diversity and inclusion lead to better employee and engagement.

8. Reduce employee turnover

Companies that have inclusion and diversity services as part of their human resource (HR) policy, usually have lower employee turnover rates. Inclusion and diversity in the workplace make all workers feel valued and accepted. They feel more satisfied to work for the company and stay longer. 

9. Boost employee empowerment

Salesforce, in its report titled ‘Understand the Importance of Diversity and Inclusion at Work’, says that workers who believe their thoughts and opinions are valued at work, feel almost five times more empowered to output their best at work. According to the same report, workers who feel that their companies provide equal opportunity to all employees, are four times more likely to spread the word about feeling proud to work for the organization. The job satisfaction in working for a company which focuses on inclusion and diversity services is higher.