{"id":9136,"date":"2021-02-03T09:59:47","date_gmt":"2021-02-03T14:59:47","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=9136"},"modified":"2024-08-30T11:07:58","modified_gmt":"2024-08-30T15:07:58","slug":"culturally-diverse-workplace","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/culturally-diverse-workplace\/","title":{"rendered":"Here are 6 Benefits of a Culturally Diverse Workplace"},"content":{"rendered":"

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The subjects of diversity and inclusion have been prominent over the past year, and while much of the attention is focused on community and social behavior, it also applies to the business world. isolved<\/a>, our human capital management partner, takes a look at the benefits to organizations that foster inclusion and a culturally diverse workplace.<\/em><\/p>\n

To develop a culturally diverse workplace, leadership teams need to bring together people from a wide variety of backgrounds and demographics and enable them to work together in a welcoming and supportive environment.<\/p>\n

Since most workplaces aren\u2019t inherently set up to support this type of environment, it is up to business and human resource (HR) leaders to bring this vision to life by implementing diversity, equity, and inclusion (DE&I) initiatives. The energy put into fostering an inclusive and culturally diverse workplace comes with many benefits<\/a>, including:<\/p>\n

1. Increasing Employee Engagement<\/h2>\n

Hiring a culturally diverse staff won\u2019t make a difference if HR leaders don\u2019t cultivate an inclusive and supportive environment for every employee. After all, a positive working environment will encourage employees to contribute their ideas and stay engaged within their roles.<\/p>\n

2. Improving Innovation<\/h2>\n

Diversity can boost creativity within the workplace. In fact, a study from\u00a0Boston Consulting Group<\/a>\u00a0found that diverse leadership teams can have a positive impact on innovation. This is because people with different backgrounds will oftentimes find different solutions for the same problem.<\/p>\n

3. A Boost in Productivity<\/h2>\n

By providing support and the tools needed to perform at a high level, employees are able to complete their daily duties and focus on strategic initiatives. In fact, one study found that companies in the top quartile for racial and ethnic diversity are\u00a035 percent more likely<\/a>\u00a0to outperform the competition.<\/p>\n

4. Higher Profitability<\/h2>\n

Did you know that diversity can impact a business\u2019s bottom line? An\u00a0analysis from McKinsey<\/a> shows that companies with diverse executive boards are likely to see higher profitability. Additionally, colleagues with different perspectives and ideas make it easier to recognize and capture new markets.<\/p>\n

5. Better Customer Service<\/h2>\n

Creating a culture of inclusion trickles down to customer service, establishing an environment where customers are served without bias. Plus, the impact diversity has on employee engagement can impact customer service as well, with\u00a0research suggesting<\/a>\u00a0that there is a connection between engaged employees and better customer service.<\/p>\n

6. Reduce Turnover<\/h2>\n

With all of the positive impacts diversity can have on an organization \u2013 from increased engagement and productivity to higher profitability and better customer service \u2013 it seems safes to say<\/a>\u00a0that diversity can also reduce turnover. Keep in mind that happy employees are less likely to search for a new job.<\/p>\n

\u201cBy fostering an inclusive workplace, business leaders can better support employees of all backgrounds, making them feel welcomed and engaged,\u201d says isolved\u2019s Chief People Officer Amy Mosher. \u201cThis not only leads to a happier and more fulfilled workforce but also can have an impact on the rest of the business \u2013 from innovation to customer service.\u201d<\/p>\n

It is important to note that achieving a culturally diverse and inclusive workplace doesn\u2019t happen with a few new hires or initiatives. Rather, it is something that an enterprise needs to\u00a0continually focus on<\/a>\u00a0by working toward specific DE&I goals.<\/p>\n

Download our Free Guide: Recruitment, Onboarding, and Engagement in 2021<\/h2>\n

Having a culturally diverse workforce isn’t the only trend in HR these days. The way you hire and retain your employees has shifted. There are many approaches to take for these processes, and the pandemic in 2020 made things a bit more complex for hiring and retaining talented employees. That\u2019s why we\u2019ve put together this Recruitment, Onboarding, and Engagement in 2021 guide to help you with what you need to know.<\/p>\n

Enter your information in the form below to download this free guide.<\/p>\n