Diversity and equity boost productivity in companies that pursue them tirelessly.
There are high legal and ethical standards for workplace settings, and rightly so. There is often little to no margin for error and continuous pressure on employees to perform well. In such an environment, one can simply not tolerate inequality.
More and more workplaces are showing a high inclination towards having a fair system that treats people equally. We expect employters to manage workplace diversity without committing injustice to a particular community.
According to a recent study by Druthers Research, the employment rate for ethnic minorities is only 62.8% as compared to the 75.6% employment rate for white workers. Furthermore, 78% of large UK companies pay men more than women.
How Diversity and Equity Help Organizations
People need to be potected from being mistreated or discriminated against for their personal characteristics.
In a workplace that offers a fair and just system of evaluation, factors like age, disability, gender, race, and sexual orientation do not become a hindrance for employee growth and participation.
Moreover, allowing people from all kinds of backgrounds to join a workplace encourages challenging norms.
A workplace that embraces diversity and incorporates a culture based on equality is also able to enjoy a strong reputation in the eyes of the general public.
Diversity and Equity Boost Productivity
Here are ten reasons why equity and diversity boost productivity in an organization:
1. Diversity Creates a More Well-Rounded Team
When hiring a team made up of a variety of people coming from different cultures, your organization is able to capitalize on a diverse set of skills that each member of your team has to offer. This is because a diversified workforce includes people from various backgrounds, and this allows them to bring in new talents which they have acquired over the years.
All members of your diversified team have gained knowledge acording to their own personal experiences. All these additional skills help your team in the time of need.
2. An Equity Culture Allows You to Acquire Talent Based on Merit
When companies prioritize merit over favoritism and biases, they can to acquire better talent.
When the hiring and recruitment process is influences by bias, it can dampen an organization’s productivity. Companies suffer from a pool of less talented people who are unable to manage challenges.
At the same time, a diversified group of people with unique skills would make the company better equipped to handle and manage work-related troubles. The more capable and talented your workforce, the more adaptable your company becomes.
You need a dynamic team that can facilitate agile changes and adapt to technological progress.
3. Diversity and Equity Boost Productivity By Encouraging Better Decision Making
There often comes a time where management has to make a difficult choice. The stakes may be high. A diversified workforce can bring in a variety of ideas, notions, and perspectives that can contribute to good decision making.
4. A Focus on Equity Encourages Teammates to Build Positive Relationships
Relationship building is important for both internal and external clients. Your external clients represent your customers and stakeholders, whereas your internal clients are your staff and workforce. It’s important to manage both of these groups well to ensure long-term profitability and sustainability.
Relationship building thus becomes the key to organizational success. It empowers your teams and departments to overcome conflicts and deal with confrontations in a positive and constructive manner.
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5. Diversity and Equity Boost Productivity by Fostering Greating Workplace Harmony
Workplace harmony refers to an environment where each employee is focused provide their best while complying with workplace policies and procedures. Instead of competing with others, employees compete with themselves and try to keep on improving their performances. There is little unhealthy conflict and office politics.
Working with people coming from a variety of backgrounds allows the workforce to be more accepting of new ideas. Furthermore, they are able to understand how each member of the team contributes to achieving the desired goals and objectives.
6. Diverse and Equitable Companies Enjoy Better Brand Reputations
A brand needs to reflect the people it serves. A diversified workforce gives a company the ability to serve a greater and wider client base.
Potential customers may also have a more positive and favorable view of your organization. This can also eventually help to earn new followers and advocates.
7. Diversity and Equity Boost Productivity by Nurturing Employee Performance
There should be no discrimination of employees or prejudice based on any race, culture, ethnicity, gender, or sexual orientation. Therefore, managers evalute employees based on their performances rather than on any other factor.
Leaders encourage people to deliver to the best of their abilities. Employees would be equally rewarded for the level of effort they put into their daily tasks and achieving goals. Workers need to understand that rewards for hard work are always there and the system that judges them is fair and just.
8. Opportunities to Open Up To New Markets Increase
Market exploration is all about searching for a new product market that is outside the company’s current offerings. Market expansion refers to the identification of easy-to-reach markets where they can extend their offerings.
A diversified workforce can help organizations open themselves up to new markets and even try to expand their market size. With a variety of staff members, different approaches becomes more comfortable.
In order to capture a new market, you need someone on your team who is able to comprehend and fully understand what your new audience cares about. A diverse workforce can offer you such insights.
9. Diversity and Equity Boost Productivity by Fostering Innovation
One of the greatest advantages of diversity at the workplace is creativity. If we all think the same, it will limit our sense of perception and thus halt our progress. However, a diverse workforce can offer divergent thinking which at times is required to achieve a breakthrough.
If a company experiences a bottleneck, a team comprising of unique and different team members can pitch in their ideas to resolve it. This knowledge sharing can help companies open new doors and be more innovative.
According to a study by Harvard Business Review, companies nowadays are on the lookout for hiring people that offer 2-D Diversity. The concept talks about inherent diversity (the one we are born with) and acquired diversity (the one that is shaped through our own actions and decision during our lifetime).
10. An Equality Culture Makes it Easier to Retain the Best of the Best
With the focus of keeping the system fair and implementing the concept of equality for all, people who are loyal to the organization are given a chance to excel without being discriminated against. Likewise, management also appraises those who keep them performance up to the mark, and as such, it boosts overall employee productivity.
All of this allows organizations to retain their best workers and keep them satisfied as their efforts are timely rewarded. This also encourages others to follow the example of seniors around them and commit themselves fully towards their responsibilities and duties.
As such, many employees are able to extend their tenure at the company by keeping their performances in check. There is also less room for office politics to disrupt operations or cause unnecessary delays or conflicts.
11. Diversity and Equity Boost Productivity by Expanding Employees’ Minds and Experiences
Working with a diverse group of people allows our minds to become more mature, and as a person, you become less judgmental about differences. This enables you to appreciate others, and with it comes the possibility to cater to the needs and requirements of a wider range of audiences through your business as well.
Our perspectives can, at times, limit us to see the bigger picture. Whereas diversity allows us to look beyond the obvious and find out about common grounds as well as focus on things that really matter. With a more practical approach towards things, we are finally able to shun baseless criticism of others.
As such, the cognitive prowess of the company’s leading staff also grows, and this can allow them to incorporate strategies in their marketing mix that accommodates a bigger customer base.
It is clear that diversity and equity boost productivity. Talented workers and employees should be provided fair and just systems that are impartial in their decision-making process and focuses on merit or performance rather than prejudices or biases.
This allows any organization to realize its potential fully and gradually improve their employee productivity. For more questions and queries regarding the topic, please feel free to share with us your views and feedback by leaving a mention in the comment section below.
About the Author
Samantha Kaylee currently works as a Planning Manager at Crowd Writer. This is where higher education students can acquire professional assignment help from experts specializing in their field of study. During her free time, she likes to renovate her house and try out popular life hacks from the internet.