New research makes it increasingly clear that companies with more diverse workforces perform better financially. We know intuitively that diversity matters. It’s also increasingly clear that it makes sense in purely business terms. Recent McKinsey research finds that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. Companies in the bottom quartile in these dimensions are statistically less likely to achieve above-average returns. And diversity is probably a competitive differentiator that shifts market share toward more diverse companies over time.
Join Rupert Walters, Director of 4orty2, to hear how having an inclusive & diverse workforce won them a £70M contract against the all the odds and how their approach to ED&I has enabled them to deliver an outstanding service that clearly defined them from the competition.
Why is Diversity Good & Important?
- Increased market share. Having a diverse workplace allows organisations to more effectively market and better serve their customers
- Productivity and innovation.. Diversity widens viewpoints and takes different ideas and perspectives into account.
- Employee attraction and retention.. Recruiting from a diverse pool of candidates increases an employer’s chances of getting different skills sets and experiences
- Diversity & Inclusion Improves Employee Engagement in the Workplace. Once you have a diverse workforce with an inclusive culture people will want to stay
Watch the recording of the conversation with Rupert and his experiences:
These were Rupert’s Top Tips:
Acknowledgment.
- Discrimination exist in all sectors of our society
- Create open and honest conversations
Organisational Leadership.
- Defining fundamental values.
- Embedding fundamental values.
- Managing fundamental values.
Equality, Diversity and Inclusion
- Diverse teams Work
- They may look and work in a different way
- Clients like diversity
Please get in touch with Rupert for more information: rupert@4orty2.co.uk
What Does Diversity in the Workplace Mean? – Having a diverse workplace is no longer about race, gender or age. It’s much broader than that. Given the increased accessibility of work, diversity in the workplace means a whole lot more. To have a diverse workforce, you need several different individuals from many categories such as, but not limited to, race, age, sexual orientation, skills and physical abilities.
How to Encourage Diversity in the Workplace – It may be daunting to enforce a diverse workforce if you don’t know where to start. But it is simple and can and should be done within your day-to-day work life.
It Starts with Recruitment – Although you should never hire solely based on diversity, you must widen the talent pool and acknowledge all individuals during the hiring process. Additionally, show that you’re diverse focused this will motivate more to apply.
Acknowledge Difference – Don’t sweep diversity under the rug. Acknowledge that everyone is different! In doing so, you will avoid any discrimination in the future.
Check in With Yourself – Address your own biases to create diversity in the workplace. Regardless if you mean to, many individuals have ingrained behaviour which can be unacceptable. Checking in with yourself is a way to squash said behaviours.
Rewards and Recognition – Having an effective, inclusive and accessible employee reward scheme helps improve wellbeing and increases diversity in the workplace. If you offer your people inclusive benefits, you will attract more people to your company.
Wider Talent – Diversity in the workplace increases the talent pool. Ignoring prejudiced mindsets, your company will attract a plethora of talent that other companies would otherwise neglect.
Company Culture – Given the pandemic, individuals no longer want to work just for a salary. They need a job they can love. Increasing diversity in the workplace will encourage a better company culture for all.
Increased Productivity – Research shows that increasing diversity in the workplace can increase productivity by 35%. Since diversity improves morale and wellbeing, it aids employee engagement also.
