In today’s competitive business environment, organisations are constantly seeking strategies to innovate and enhance their growth. However, many businesses often overlook the importance of instilling, improving, and championing diversity and inclusion policies.
By embracing a diverse and inclusive workforce, companies can foster a culture of adaptability and creative innovation, spearheading long-term growth and propelling businesses towards long-term success. Championing inclusion also forms part of an organisation’s wider wellbeing strategy, helping to deliver for employees both at home and in the office.
Diversity and inclusion go hand in hand but are not substitutable. Diversity refers to all levels of representation in the workplace, whereas inclusion specifically looks at creating a workplace where employees feel valued, as they work together towards the company’s shared goals.
Here, we discuss how both diversity and inclusion will support long-term growth for your business.
Innovation fosters creativity
A diverse and inclusive workforce can have a profound impact on the innovation and creativity of a business. Individuals from a variety of backgrounds, experiences and perspectives can tap into a wealth of different types of knowledge and insights, ultimately contributing to greater creativity and the long-term success of an organisation.
In today’s interconnected world, businesses must operate effectively across borders and cultures. A diverse, inclusive workforce provides valuable insights into different markets and by recruiting and retaining this in the workplace, businesses can gain a better understanding of the needs and preferences of their customers, enabling them to tailor products, services and experiences to better meet those demands, as well as and potentially entering new markets with greater confidence that you have acquired insight from a wider breadth of creative thinkers.
Access to a large talent pool
Similarly, a real commitment to diversity and inclusion helps showcase the business as a place that is a welcoming, inclusive place to work. This will help generate greater interest during recruitment periods and attract a broader range of talented individuals, who may not have considered your organisation in the past. By widening your candidate pool, you’re increasing the likelihood of finding the top performers who can contribute to your company’s growth.
Also, by accessing a large talent pool, organisations can interview and recruit new team members from non-traditional backgrounds. Each new staff member can provide unique perspectives, skills, and experiences that overall, will enrich the company’s workforce and directly support growth plans in the short and long term.
Higher employee retention
Businesses who are committed to delivering on their diversity and inclusion policies tend to see significantly higher employee retention rates, which gives greater stability and champions the overall growth and success of a business.
By fostering a sense of belonging, diverse and inclusive workplaces cultivate positive and supportive environments, in which individuals feel seen, valued and empowered to contribute their unique perspectives to day-to-day planning. This sense of belonging is crucial for employee satisfaction and retention, as it motivates employees to stay engaged and committed to their job and the wider company.
Employee turnovers can be a significant financial burden for organisations, especially smaller businesses, as it induces costs and time spent on recruitment, training, and onboarding new employees. A culture of diversity and inclusion can help reduce turnover, which translates into lower expenses and improved profitability for the company.
By embracing these principles, organisations can create a workplace where individuals from all backgrounds can thrive, leading to innovation and success.
