Then – Unity in Diversity | Now – Success in Diversity
Mahatma Gandhi once stated-
Our ability to reach unity in diversity will be the beauty and the test of our civilization
Increasing your workplace diversity is not just a hollow catchphrase but also is the need of the hour for good business. According to McKinsey research conducted on 366 public companies, companies in the top quartile for ethnic and racial diversity, were 35% more likely to have financial returns above their industry mean, while those for gender diversity were 15% more likely to have returns above the industry mean.
Today, diversity has become one of the most essential business practices and is not just adopted but engrained in cultures of all successful organizations. Collaboration between individuals from distinct educational backgrounds, professions, skills, personas, gender, race, ethnicity, religions, and geographical regions, enhances value of business decisions in terms of, understanding and decision-making.
Diversity produces creative thinking and leads to organic innovation. This assists organizations in enhancing company culture, building brand value, nurturing diverse problem-solving skills, and maximizing employee engagement.
In fact, Diversity is reaching to a new dimension where many organizations are exploring diversity beyond the backgrounds, skills, gender and race but of the personas mix within their teams, personas mix such as Idealist, Critical Thinker, Realist and Critic, have also proven as a successful strategy to achieve greater performance and resulted higher job satisfaction rate with enhanced trust among the employees.
Here are a few interesting facts due to a diverse workforce, organizations have observed
Innovation Revenue than others
Higher Team Productivity
Job Satisfaction and Employee Retention
For a smarter functioning, variety in thinking ways and ideas are necessary. Professionals working in a team built on different cultures and ideologies, have proven to find best possible way to excel at assignments addressed to them. This allows organizations to deliver world-class products or services to its customers and fosters an environment that encourages best-in-class innovation. According to Harvard Business Review, varied teams can also result in better problem-solving and decision-making. The more differences a team has in opinions, and perspectives, Higher is the experience shared.The ability to approach problems from several angles and ideate a solution is the root of every innovation. Furthermore, being disparate at work boosts employee engagement and morale, which is one of its main advantages. Even on its own, workforce diversity can induce higher productivity and resilience. Moreover, hiring a diverse workforce can help organisations to stand out and results in a stable clientele.
The diverse nature enables in understanding clients’ requirements in detail from numerous perspectives and can channel marketing and sales effort towards audiences with diverse cultures, practices, and backgrounds.
Empowering people with different personas, abilities, experience, language, and nationality, adds a powerful essence to organizational work ethics, culture, team integrity and productivity. Diverse workforce has become one of the highest rated critical success factors for organizations that are striving to minimize employee attrition rate, land large customers, increase workforce productivity and expand revenue portfolio. IGS believes in embracing diversity and takes it as one of its core values.