First, let me state that I’m not an expert in diversity. I’m just a regular human who wants to do some good in the world.
Lately there’s been a lot of talk about The Great Resignation, and how we as leaders and small business owners can increase employee retention. I’m working on a book that relates to this very thing and finding that one of the most important aspects of employee retention is diversity in the workplace. And, added bonus: company diversity increases profitability, too.
When you think of diversity in the workplace, you may first think of race and gender, but diversity goes beyond ethnicity and gender. We must also consider different generations, educational backgrounds, different demographics, religions, sexual orientation, and disabilities.
Right now, my company is made up of a diverse group. We all have differences, yet a shared sense of values and purpose. It’s really quite beautiful. Our brainstorming sessions are incredibly insightful and productive, because more people with diverse backgrounds inevitably bring more insights.
Benefits of a diverse workplace:
Employee retention – Driven candidates are drawn to inclusive businesses. Employees feel more confident, included and satisfied with their positions when they don’t feel that they have to be someone else at work and have a sense of belonging.
Provides more solutions – If I’m in a room of people who are just like me, how will I learn anything? Besides, how boring would that be? Various life experiences bring a multitude of perspectives, which leads to more thinking outside of our norms, and better solutions for our company and clients.
Better profitability – All of this adds up to a more efficient and profitable business.One study showed that companies in the top quartile for gender diversity on their executive teams are 15% more likely to generate above-average profitability compared to companies in the bottom quartile whose executive teams are predominantly white males.
Bring in people who are not like you, who have different backgrounds and opinions, and watch your business bloom.
Wishing you tremendous health and wealth.
-Mike
