The first part of the series about the Advantages of having a diversity of employees working for your business
After slavery was abolished minorities still had a limitation on workplaces, there were jobs that minority people could not get. Today’s world changed so you can see new legislation that ensures equal opportunity in the workplace. Diversity is taken as a hot topic that created awards and studies about or is done frequently. New legislation on diversity and equality are passed in many countries ensuring equal opportunities in the workplace.
A winning diversity team
Diversity in your business, What it means for your business success? Where is the advantage for you?
Researcher says that there is a lot for you with a more diverse workplace, better performance, making more money and being more innovative.
Paystubmakr offers this article to show you how you can benefit your business by letting your business from having a diverse workforce. Presenting some examples that will show you why it as more than just doing “good things” it is a good business case for increasing diversity.
Easy to say hard to be done is the truth about diversity in you work-power. It is hard to get the mix done with no racial or religious conflicts. We will review the way to do it.
The term diversity for HR can be some different things like age, race, gender, sexual orientation, religion, nationality, disability, or anything that differentiate between people that can do the same job or work in the same team. We will learn more about it in this series of articles.
1. Why Diversity Will Make More Money?
There are studies like this one published by Probes More Evidence That Company Diversity Leads To Better Profits that show the fact that companies that more diverse workforce better are the profits. We are talking about significant differences. The McKinsey study shows that the businesses that are in the top diversity quartile of racial and ethnic are 35% above-average financial returns. when it is the gender diversity, the number is 15%
The study finds that in the U.S. every 10% more in the racial and ethnic diversity of senior executives revenues grow by 0.8% and in the U.k. It is much higher at 3.5%.
If you own a business, you should think about having those immigrants of multi-color and culture to fertilize your team. It may be simple to understand this effect on the workplace if you consider the ambition of those people to make their life better influence their devotion and integrity to the workplace. One more study that confirms the benefit of diversifying your teamwork is the Catalyst report.
2. More Innovation
Innovation is the other advantage of being a diverse workforce the mixed teams are more innovative Deloitte study found that when the employees feel that the employer support the diversity and there is a feeling of inclusion,” there’s an 83% increase in their ability to innovate”. It makes sense, People that come from different backgrounds have better opportunity to see the same thing from different points of view and create new approaches to the same problems. Game change idea is not to have diversity because it is the trend or the law that makes you accept new employees from different segments of the work market take the initiative and look for a multi-ethnic or mixed men and women team. Who Invents IT? Women’s Participation in Information Technology Patenting, 2012 Update
3. Better Decision-Making
This study found that team that is mixed with men and women got 35% more cited patents.
As Twitter CEO Jack Dorsey remarked words:
“Any time you bring together diverse perspectives, it just creates a bunch of potentials that you weren’t expecting.”
Another fascinating research from Northwestern University
Citing the author of this research:
“The mere presence of diversity in a group creates awkwardness, and the need to diffuse this tension leads to better group problem-solving.”
The northern university study took some groups of students and gave them to complete some tusks. Some groups were homogeneous that came from the same fraternity or sorority. The other group was formed of a newcomer from a different background.
Payroll and Paystubs must be handled for the employees n matter the color, sex, or religion
The group of the old friends and Acquaintances or those how came from the same background naturally felt more comfortable making decisions, but the made more often the wrong decisions.
The opposite was with the newcomers that came from outside do not know each other, their fresh ideas help them to greater accuracy with the problems they resolved.
4. Expanded Talent Pool
When you have some vacant jobs you start looking for new employees for each job with its particular skill and traits, live close to your workplace and are looking for new job at the same time is hard enough mission.
Excluding 50% of the possible talents will make it even harder. This what happened to those companies the hair only men for key jobs. Excluding gays, disabled or for racial and ethnic differences and more types of people will reduce even more the options and the possibility of building this group of brains that is capable of breaking out with good out of the box new ideas.
Excluding those not mean that it is done on the open, no one today will dare to put a sign “ We do not accept” gays or women or any other group of people. The execution can be subtle, by having no facilities for disabled people or other reasons that may be unintentional. The growing case for diversity as a profit source, by CNBC
As Luke Visconti, CEO of Diversity Inc told CNBC
“If people are created equal, then it is logical to assume that talent is created equally. Can you select enough talent from a homogeneous group to run a company well?”
Talent, skill, and traits are made of a few factors, biological, behavioral and education. Every one that studied science will use the technical knowledge in the same way as one plus one is always two. Some people can do mathematics better than other people that have other talents like better memory or better capacity make a complicated analysis.
Different cultures create different ways of thinking. Jewish people that study Talmud learn to put a doubt on any argument and then start a debate on the topic. German people will be very systematic organized and disciplined doing their job. Farm boys will have a lot of improvising capacity as they had to resolve problems with machinery far from the town where they could find the right spare parts.
Japanese are known for their disablement and respect to the boss; they will work themselves to death if it is asked by the boss. People that were raced under dictatorship may find it difficult to oppose the superiors opinion. An excellent example, for a team that can develop a new product, or finds the solution to a problem. Can be a salad bowl of all the colors, and many different fruit and vegetables are making a complete nutritive list of vitamins, fiber and some protein with some meat and a few beans each vegetable complete part of the solution, a nutritious salad.