The Power of Employing Diversity
‘Diversity’ is a powerful term that encompasses a complex yet exciting meaning, as it involves the collaboration and inclusion of a variety of perspectives and experiences. When people of varied social backgrounds, ethnic influences, genders, and sexual orientations come together, it creates a rich tapestry of variety and distinction.
An inclusive and diverse workplace is proving to be of occupational benefit in today’s business world. The talent that is incited when joining minds and cultures in business, is a direct contributor to a range of positive outcomes. Innovation, increased approval ratings, improved performance, and financial gains are evidence that employing diversity is beneficial for organizations.
Employers and employees alike find that diversity matters, and company acceptance and performance are demonstrating to be directly related. When considering diversity in the workplace, there are two perspectives to regard: that of the employer, and conversely, that of the employee.
From the corporate level, diversification has led to several significant statistics:
- Diverse and inclusive companies are 35% more likely to outperform their competitors.
- Companies led by diverse management teams net 19% higher revenue.
- Diverse companies are 70% more likely to acquire new markets.
- Inclusion boosts overall results by 60%.
- Companies that employ a gender-diverse workforce are 15% more likely to surpass industry median financial returns.
Businesses are also feeling the impact of employee stance on diversity and its importance in the workplace:
- Innovation success is 1.7 times more likely in a diverse company.
- Two out of three job candidates will pursue companies with a diversified labor force.
- Companies that focus on inclusion, net 2.3 times more cash flow per employee.
- Diversity and inclusion are a top priority for 69% of executives.
- 66% of the time a team makes better decisions than an individual, however a diversified team will make better decisions 87% of the time.
Benefits Through Diversity
Diversity in the workplace brings a range of benefits to an organization. Some of these from an employer’s viewpoint include:
- Improved decision-making: A diverse group of people offering varying perspectives and approaches to problem-solving leads to more comprehensive and well-rounded decision-making.
- Increased creativity and innovation: Diversity fosters a culture of creativity and innovation, as different perspectives and ideas encourage new and inventive solutions.
- Enhanced team performance: Research has shown that diverse teams tend to perform better than homogeneous teams. The culmination of diverse teams prompts consideration of a wider range of perspectives and approaches.
- Greater attraction for and retention of top talent: Companies that are seen as diverse and inclusive often gain an advantage in attracting and retaining top talent, as many job seekers value these qualities in an employer.
- Improved company image: Reputation is key and businesses that show their dedication to and value in diversity and inclusion often earn a more positive reputation. This bodes well in attracting both customers and business partners.
- Enhanced adaptability: A diverse workforce aids in organizational adaptations to changing market conditions and customer needs. Different individuals have unique insights and approaches to addressing challenges.
- Encouraged critical thinking: Having a variety of perspectives, unique backgrounds, and varied experiences within the workforce, employees provide important insights into different consumer demographics.
By creating a culture of inclusion, diverse teammates will feel empowered to contribute their best work consistently. Diversity and inclusion for employees in the workplace are directly correlated with:
- Increased motivation through employees feeling valued and having a sense of belonging.
- Increased employee productivity which drives overall business growth.
- Positive collaboration and teamwork by having perspectives challenged, through a combination of different demographics, skills, values, and qualities.
- Positive engagement by sparking creativity and working in an open environment with set expectations that recognize the impact of each unique member of the team.
- Improved retention rates especially in the younger workface that values and seeks out companies with a healthy culture of diversity.
The Cayuse Mission
Cayuse empowers diversity to the fullest. The talent within our company is more than minority-owned in name. Diversity grows in our roots and is at the core of the work our team performs each day. Cayuse promotes a diverse workplace by encouraging employees to engage in continued education, certification achievements, and individual growth plans. We empower success by supporting each employee in developing leadership skills to foster their motivation and ultimate success.
William Payne, a Senior Managing Director with Cayuse Commercial Services explains; ‘The growth of diversity, inclusion, equality - those values, with courage and open hearts of acceptance, has grown throughout the fabric of our country but also in corporations.’
Cayuse works strategically to offer promotional opportunities and pair diversified employees with new roles to elicit excitement in gathering skills and knowledge. By creating such a culture, Cayuse is a leader in differentiated services and continued revenue growth year after year.
The Inclusion Conclusion
Diverse teams are driving business forward and inclusion is the key that unlocks the power of diversity in your teams. Efficiencies, creativity, engagement, and profitability are brought forward when the experiences and perspectives of others are utilized to the fullest potential.
Yielding measurably better business results by improving decision-making and innovation, a diversified team that is well supported in their efforts, will raise your entire organization to a much higher level.