“A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.” – Sundar Pichai, Entrepreneur
We are living through very turbulent times, and it has undeniably taken a toll on the business arena. Businesses around the world are beginning to feel threatened as they have lost the wind from their “sales” so to speak.
Is your business one of them?
It is no surprise that the world will witness many new businesses emerging during these unprecedented times; some will boom while others may struggle to keep up. To come out of this stronger, every business – old or new – needs to show up with innovative ways to be of service in the current state of the world, in order to make it to the top.
To survive such times and thrive, you have no choice but to be quick on your feet. The best way to do this is to adapt, diversify, reorganise, pivot, and, most importantly, innovate. In this regard, every business owner should consider introducing and embracing diversity in the workplace.
How did businesses survive the last global crisis?
As a matter of fact, many successful companies that we boast of today were launched during the previous global financial crisis or have lived through one successfully. Some of the names may even surprise you, considering how successful they have become over the years despite the global challenges!
● Uber set up business during the global recession of 2009. They have expanded internationally ever since, and now, the company is valued at $47 billion (Source: FoxBusiness).
This ridesharing giant has left its mark rather successfully across various platforms, including bike-sharing, food delivery, and more. Given its hold across the world, Uber is without a doubt one of the most diverse companies. It celebrates diversity within every community it serves, and that has played a significant part in its success.
● Another successful company that had made a notable exit out of the last global recession is Amazon. Amazon’s stock declined by only 8% from December 2007 to June 2009, outperforming the market, which dropped by 36%. (Source: salesbenchmarkindex)
Amazon set out with the mission to be the world’s most customer-centric company and, so far, they have done a tremendous job. With over 40,000 employees in more than 190 sectors globally, Amazon is hitting new milestones every day.
Diversity and inclusion are central to its success. Amazon’s founder and CEO, Jeff Bezos once said, “It’s not only that diversity and inclusion are good for our business. It’s more fundamental than that — it’s simply right.”
If you are reinventing your current business or starting something new, you should consider diversity in business as well.
Diversity helps to broaden a business owner’s vision, empowers businesses to stay agile and updated, and to keep up with the clients’ changing needs as well as the consumers’.
One of our followers, Geoffrey Hetherington, shared his views on the matter: “Diversity gives me the advantage to understand farther and gives an improvement to my mindset.”
Here’s the thing about diversity…
“Diversity is the mix. Inclusion is making the mix work.” – Andres Tapia, Diversity and Inclusion Strategist
To put it simply, diversity in business means hiring and involving a range of people from different genders, cultures, ethnic groups, and communities in your company. Diversity coupled with inclusion can make all the difference for a business that is beginning its journey or struggling to thrive.
However, in the process of hiring a diverse group of people, be sure to welcome brilliant members from a range of communities who can not only contribute to your business but also accomplish their personal goals in line with the business goals. Carefully choose the right employees and work towards retaining talent – and you will witness the results unfold.
In recent years, talks on diversity and inclusion have extended beyond the hiring process. You need to ensure your employee’s inclusion as well and allow them to engage in discussions and decision-making.
The idea is to introduce diversity not only symbolically but also in the true sense.
1. Diversity can improve your innovation
Diversity benefits every team working in a company. As mixed teams come together to work and brainstorm, interesting and innovative ideas present themselves. Diversity promotes a vibrant workspace, fuels creativity, and helps generate better results for your business.
DID YOU KNOW: According to Harvard Business’s research, there is compelling evidence that shows that firms having a diverse set of employees have 45% more likelihood of reporting growth in their market share and 70% more likelihood of capturing a new market.
2. Diversity helps to enhance your company’s reputation
Introducing diversity in the workplace is certain to have an impact on how society views you and your brand. Society approves of diversity and inclusion, and this step can completely change how your brand name is perceived. It will also bring more talent into your company, and help you promote advanced and innovative offerings.
With more diversity in the workplace, you will have a better understanding of different cultures in your community and a chance to adhere to the knowledge to better your service. As you offer more relatable services, your product will be well accepted in the market. As a result, sales will rise, in turn improving the bottom line.
3. Diversity increases your team’s productivity
One of the primary benefits of diversity in business is that it improves a team’s productivity. It is a result of improved employee morale and a higher rate of participation. As your company grows to be more diverse, there are more innovative ideas on the table. It is one of the most efficient ways to strengthen your brand’s name.
4. The big picture
If you look at the business strategies of leading corporations in the past decade, you will notice an emphasis on diversity. This has brought nothing but good results in terms of profitability, revenue growth, and shareholder returns. Open, inclusive, and diverse businesses prosper on a global platform as it allows you to reach people of every community, wherever they are.
The world today, despite the turbulence, has presented greater opportunities for businesses as there is a significant change in consumer behavior. You, as a business owner, need to figure out how to leverage this opportunity and take your business uphill. There is no scope of underestimating the global impact of a diverse workplace. We are making the future, even as you read this.
“Let’s hope more and more businesses take up this challenge to ‘really’ strive for a diverse workplace. One that as you say can add real value to their business, if done right. I work with global clients from many and varied countries and also employ a small team from both here and overseas. We are gender, race, and religion diverse. Love to see more of it!” said Melanie Colling, a business owner who shared her thoughts with us recently.
Diversity is becoming a huge point of consideration for businesses around the globe. You need to keep up with your competitors as you enter the market. So, if your company aspires to be a part of something bigger and flourish at the same time, you need to embrace diversity. Showcasing a diverse workplace will not only broaden your customer base, but also encourage innovation in your business.
Is your business on the path to diversity and all-set to beat the competition and reset the course towards success?
Other ways we can help you
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