17-Jul-19 | News

Slow to embrace diversity in the workplace? It’s probably affecting business

The most successful companies represent all of their customers 

Today’s global market is more dynamic than ever before. The digital revolution has made it possible for businesses of all sizes to expand their reach beyond the domestic market and tap into an international audience.

That means no matter what your company, you can now have a global customer base.

And your workforce is the greatest asset to have in carving out a competitive edge. A diverse employee base brings more knowledge, perspectives, and experience to the company, which makes it appealing to a wider global audience. To me, diversity is about asking questions, not making assumptions. It’s also about being open to learning what a person is about, rather than judging them based on their ability to put together a résumé (unless their job is to write résumés, of course).

While it’s far easier to conduct business as usual, if your company all looks the same, you’re playing the short game

When you’ve got a company of like-minded people with the same experiences, certain aspects of work are easier. Communication can be more seamless because everyone has similar interests and gets the same references, meaning everything moves more quickly. But as with most things in life, the easy way is rarely the wisest or most rewarding.

While you might be more efficient when everyone is very similar, you’ll only grab a smaller piece of the market. With a diverse workforce, you generate massive returns because you see the problems with your tech or your strategy before the customer has to tell you. Without diversity, you’re playing checkers when everyone else is playing chess.

That’s why companies and organizations with best-in-class diversity and inclusion (D&I) programs deliver a better ROI and outperform in the stock market than those without them. There is also evidence to show a strong D&I program helps to de-risk the organization. Click here to read the full article