The Business Case for Building Inclusive Workplaces
As today’s U.S. and Global markets become increasingly diverse, businesses are adapting in order to stay competitive, reach new markets and maintain the highest quality of staff. Listed below are five ways a well-managed multi-cultural and diverse workforce contributes to long-term business success.
Diversity enhances the quality of problem-solving and innovation.
Many studies now show that diverse teams view situations from a broad range of perspectives, producing more creative solutions to problems and greater product innovation.
Workplace diversity enhances productivity.
When employees feel valued, they can perform at their fullest potential and highest productivity.
Customers and markets are changing.
Customers are becoming more diverse. For many U.S. businesses, growth means new international markets. Businesses that reach and understand new customers, markets and cultures will create and maintain marketing and business advantages.
The workforce is changing.
The workforce is becoming more diverse as the 2000 census data demonstrate.
Cultural diversity affects costs in many ways.
Managing workplace diversity effectively can save money by attracting top talent, reducing turnover, developing the potential of all employees, and preventing costly lawsuits.
Companies with women and people of color in executive positions and on their Boards of Directors outperform the stock performance of companies without women or people of color in these positions.