Here’s the bottom line: if you don’t have a diverse team within your organization, you’re missing out on a lot. Diversity and inclusion aren’t just trendy buzzwords or things to check off on a list; in modern business, they’re the building blocks to long-term, holistic business success.
Here are six things you might be missing out on if you don’t have a diverse organization.
Innovation.
In the lightning-quick modern business world, innovation is essential to spur growth and drive change in your industry. Diverse teams help drive innovation; research from Bersin and Associates shows that companies with diverse teams are 1.7 times more likely to be “innovation leaders in their market.”
Adaptability.
How well does your organization adapt to change? Diverse teams are agile and flexible when responding to change within the organization. That same Bersin and Associates research says that organizations with diverse teams are 1.8 times more likely to be change-ready.
Stability.
Constant turnover is a disruptive (and costly) hindrance for organizations, especially for those looking to attract a new generation of job-hopping workers. Don’t want to keep putting job descriptions out on the web? Make diversity a priority. A Corporate Leadership Council article, for example, detailed that employees are 19% likelier to stay at their organizations.
Collaboration.
Looking for teams that work well together? Diversity in teams is a huge driver of collaboration on projects. A Changeboard survey showed that companies with inclusive leadership got enormous boosts in collaboration (29%) and in overall effectiveness (57%). Another bonus? An inclusive workplace also improves decision-making (up to 20%, per the Deloitte Review).
Appeal.
It’s a competitive marketplace out there for new talent. One of the best ways organizations can stand out in the crowd? Put your diversity and inclusion efforts front and center. The number here is staggering: per a Glassdoor survey, two-thirds of all job seekers look at a company’s D&I initiatives when they’re seeking out employment.
Profitability.
At the heart of it all, diverse workforces are just plain more profitable. Bersin and Associates’ research shows that inclusive companies have “2.3x higher cash flow per employee over a 3-year period” and a paper from McKinsey shows that those teams are 33% more likely to be profitable.
Looking to build an inclusive business culture? Aperian Global’s Inclusive Behaviors Inventory (IBI) can help you get started.
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