We live in a complex interconnected world as a result of technological advancements and globalization, causing a diverse population to interact more often. On the one hand, we have more interconnectedness, but on the other hand, we have increased polarization in the digital and physical worlds, caused by various stakeholders.
In popular culture, workplaces are miniature versions of our society, and everyone reflects the sociocultural aspects that play a role in the outside world. Over the past two decades, many large company CEOs and stakeholders have realized that diversity isn’t just a plus for employees, but impacts the business’ growth, performance, and outlook. Additionally, Diversity can influence aspects like innovation, connectedness, and engagement, unlike a traditional homogenous work environment. Diversity or better yet inclusion isn’t easy, it takes a lot of careful planning and cautious efforts to bring out the best in it.
Race, ethnicity, and gender are no longer the only dimensions of diversity. As the world has evolved, workplace diversity has expanded to incorporate political preferences, age, identity, educational backgrounds, sexual preferences, religious practices, cultural differences, and disabilities. In general, organizations are benefiting from a lot of aspects they aren’t used to by engaging in diversity and inclusive practices.
An innovative workplace benefits from people with different ideas, experiences, and opinions. Most innovative centres around the world have one thing in common: a lot of immigrants. Bringing cultures together leads to something new.
As I said before, a diverse workforce tends to be more innovative, solve problems better, and bring in better governance. It’s mainly because they bring different experiences, thoughts, and ideas to the table. According to BCG, companies with better diversity management practices generate 19% more revenue. That goes for every line of business. That goes for any profit-making organization. In contrast to earlier, flexibility and versatility are increasingly seen as factors giving organizations that edge. Which comes from a diverse environment, of course.
By 2025, millennials will make up most of the workforce. About 75% of the population will be millennials. Millennials like engagement and environments that support different perspectives.
With the power of transformation, businesses can create workplaces that are increasingly accepting, diverse, and inclusive. They need to start at the top. As more and more companies realize the benefits of diversity, the need for a highly diverse workforce becomes increasingly compelling every year. Establishing diverse teams at all levels is also important. With respect to financial gains from a diverse workforce, there has been many studies proving this and making diversity a no-brainer option.