This article is sponsored by PECO, an Exelon Company.
While workplace diversity is currently a popular topic across the country, implementing the practice can bring substantial positive change to a business and should be looked at as more than just a passing trend.
Hiring staff with different backgrounds and personalities offers many benefits that may not be instantly obvious to small business owners. Here are a few of the advantages of having an inclusive workforce.
Innovation
Employing a diverse staff means these individuals will bring different perspectives, skills and ideas to your business. These unique outlooks can help foster innovation and faster problem solving capabilities than when employees are from similar cultures with analogous viewpoints. Having access to an array of outlooks can be invaluable when executing a business plan or strategy.
Employee satisfaction
When your entire staff works in an environment where everyone feels seen, heard and respected, morale goes up. Happier employees are also more engaged and productive. Making sure your staff feels valued leads to higher employee retention. As many business leaders know, high turnover not only requires more costs and time, it can negatively affect the overall culture at your place of business.
Customer outreach
A workforce that is diverse can give you access to communities and areas that you may otherwise not have been able to reach. Whether it is having language skills for a certain demographic or knowing the needs of a particular location, your diverse staff could bring knowledge and access that is key to growing your customer base. If your organization is known for being diverse and inclusive, it can also build goodwill with customers and vendors who will want to continue giving you their business.
Increased profits
Research has shown that companies with more diverse employees tend to have higher profits. McKinsey surveyed over 180 companies around the world and found those with more diverse workforces also wound up coming out on top financially. Being inclusive is not only the fair thing to do, it also makes good business sense.
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