The Importance of Diversity Within a Business
Diversity within the workplace is important in and of itself, as well as the business as a whole. In order to serve its customers in the best possible way and create a positive impact on society, a business should promote diversity through its employees, marketing and culture.
There are several ways to go about this in a genuine manner. There are also a plethora of reasons why diversity plays an important role in the success of a business.
For one, more diversity means more perspectives, allowing a business to understand and work through issues in an efficient and effective manner. For example, during the design process for a product, the design itself may be deemed as culturally insensitive. With a diverse workforce, a business can quickly identify such an issue and make it right with a more appropriate design.
Another advantage of allowing for different perspectives within a business is that the marketing strategy can improve immensely. For instance, if a business has the goal of selling a product to women, then a woman marketer would be able to understand the target demographic in a unique way.
On this note, a business that promotes employee empowerment is taking a step in the right direction. This is because it helps increase worker satisfaction and retention. In fact, according to a 2020 LinkedIn study, one of the top reasons for why companies invest in the employee experience is to increase retention at 77%.
Closely following this is the need to increase employee productivity at 71%. While 40% of businesses improve on the experience to meet the expectations of millennials and Gen Z individuals, 29% of companies do so to attract more candidates.
When employees are proud of what they do, their experience with a business improves along with their loyalty. Ensuring that the turnover rate is low also helps mitigate costs that can negatively impact the bottom line. In addition, empowerment helps ensure that employees are doing their best work, which allows the business to keep its top talent while increasing the number of satisfied customers.
Of course, being diverse within a business itself can also affect the loyalty of customers. According to a survey conducted by Accenture, 53% of customers complain about a brand’s actions and words on a social issue if they are disappointed about the way the issue gets handled.
The survey also found that among 30,000 consumers in 35 countries, there is a trend of wanting businesses to have a stance on important social issues. This includes employment practices, sustainability and transparency. Accenture noted that Gen Z individuals, at 75%, are the driving force behind such a trend.
Diversity within a business can begin at the top with executives who can make an effort to understand issues and find solutions for them. This process may include changing up the hiring process by identifying pitfalls within the human resources department, educating employees about the importance of diversity, as well as promoting an open-minded workplace environment.
Find Your Audience prides itself on being diverse when it comes to the talent it hires and the projects it takes on for a variety of clients. To work with the Find Your Audience team and take your business to the next level, call 647-953-5042. Alternatively, interested clients may send an email to firstname.lastname@example.org.