The Benefits of Diversity in Small Business
E.J. Dealy CEOThe workforce and nation are gradually become more diverse with each new generation. Women are moving up in the workplace and becoming prominent members of corporations and companies. Greater numbers of LGBT individuals are making significant advances in the business world. Minorities are increasingly represented in virtually all workplaces.
All businesses should be implementing methods of hiring, training, promoting, and rewarding employees across the entire range of employees. Businesses that embrace and foster diversity have a more solid structure and presence in the business world than those who do not.
The traditional views of workplace diversity focus primarily on the representations of various races, genders, and religious backgrounds -- but there is much more to the idea of diversity than what first meets the eye.
The modern concept of workplace diversity should also focus on an all-encompassing spectrum of variables, including educational backgrounds, skillsets, personality types, and learning styles. The diversity of ideas, thought processes, and experiences is a surefire way to benefit any small business. The focus of workplace diversity should focus on the promotion of the individual within an organization. Each person has the ability to bring something different to the table. Here are a few important ways in which diversity in the workplace can benefit any small business.
Diversity breeds creativity, innovation, and productivity. Drawing from a pool of workers from diverse backgrounds and experiences will provide the company with a variety of ideas and perspectives. Employees get the opportunity to learn from coworkers from different cultures and backgrounds. They can also learn from colleagues’ work styles and attitudes that vary from their own. Each person has varying strengths and possesses a multitude of different skills. Many of these can be combined for an overall increase in performance and productivity across the board.
Diversity fosters economic growth. Our nation’s human capital substantially grows as more women, racial and ethnic minorities, and gay and transgender individuals enter the workforce. With an emphasis on the skill of an individual, each employee represents an increase in the overall strength of the business. Diversity spurs economic development while homogeneity just slows it down.
Diversity builds a more qualified workforce. Businesses that recruit from a diverse set of employees are more likely to hire the top qualifiers in the application pool. Talent and skill are important to improving a business from the ground floor up. In order to succeed, a company must take the best applicants with various skillsets in the different aspects and markets that are necessary within the company.
Diversity shines a bright light on businesses. A company that promotes workplace diversity and inclusive work environments adds to its attractiveness as an employer. A work place that is open to exploring new ideas and styles is appealing to more adventurous open-minded employees of the younger generation of the employee pool. A company that is open-minded will bring in a diverse pool of like-minded individuals.
Diversity appeals to global branding. Technology and innovation puts businesses in the global marketplace. Brands are spread around the world and it makes sense to make a business as diverse as possible to appeal to a global economy. Additionally, it could be beneficial to seek out applicants on a global perspective.
About The Author:
E.J. Dealy is CEO of The Company Corporation, which helps entrepreneurs and small business owners with forming an LLC, S Corp, or C Corp. The Company Corporation does not provide legal, financial, or tax advice.