Workplace diversity has been an ever-increasing topic among the HR world. Employers have realized the importance of diversity and inclusion initiatives and investing in related resources. This is a great way to set their employees up for success. Improving inclusion methods is both good business and good ethics. Workplace diversity is when organizations intentionally employ an array of varying genders, religions, races, ages, ethnicities, sexual orientations, and educated individuals, along with other attributes. Executing the initiatives can be challenging if your clients don’t know where to start, but a diverse workplace is beneficial and worth the effort from an internal and external perspective.
Here are the benefits of incorporating workplace diversity.
Hiring in various backgrounds, nationalities, and cultures will bring fresh perspectives to your clients’ workplace. This can lead to new and better ideas that wouldn’t have otherwise been brought to the table, better problem solving, and increased productivity. It is not as valuable if everyone on the team is always going in the same direction. Rather, it’s more beneficial to gather information quickly by having a team that can split up strategically. The fact is that diverse groups significantly improve decision-making abilities.
Broader and Better Talent Pool
Employees are parting ways with the typical 9-to-5 job and are not only looking at the pay. Workers are seeking a space where they can grow, feel accepted, and be challenged. Companies that encourage and live by diversity will attract a broader pool of candidates, as most nowadays are searching for a progressive work environment. Therefore, diverse companies have a much better chance at attracting top talent. Being overly selective about traits that don’t truly make a difference will significantly decrease the number of individuals your clients can consider, so embracing diversity is essential to finding good hires.
Workplace diversity leads to more innovation as a homogenous group of people will likely only bring consistent thought patterns, life experiences, and problem-solving skills. Essentially, sameness will not bring creative solutions. In contrast, a heterogeneous group of individuals will bring unique perspectives that can create breakthroughs. This is also why offsite meetings or a change in pace can help solve recurring problems that have not otherwise made any headway. New circumstances and environments will initiate fresh ideas, which is why diverse companies are known to be more innovative.
When employees feel there is an appropriate representation of various cultures, backgrounds, and ways of thinking at work, this will likely allow them to feel more comfortable and therefore be happier, more productive employees. A homogeneous culture can even disrupt natural cognitive diversity if employees feel they must conform. If employees are not encouraged to be themselves at work, they may fear rejection, and their optimal potential can not be reached.
Diverse teams simply perform better, and therefore profits can be maximized. Companies with ethnic, gender, and racial diversity in management are much more likely to have greater financial returns than the average in the industry. Plus, companies with diverse executive boards will land a significantly better return on equity than those with homogeneous boards. Increasing the diversity of leadership teams will greatly improve the overall financial performance. Keep in mind that regardless of all of the measures implemented, your clients are still vulnerable to liability risk, which is why they must understand the importance of staffing liability insurance.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.