How An Impactful Diverse Workforce Increases The Bottom Line

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One of the business concepts you can adopt to make your company more competitive is taking in a diverse workforce. As the business landscape takes on a global economic approach, it makes sense to put in concrete steps. Those steps must be deliberate in your efforts of creating workforce diversity within your ranks. This is one of the reasons why Time.com shared that Google spent about $150 million to promote diversity in their workplace.

Simply put, diversity means having individuals in the office coming from various backgrounds. This encompasses characteristics as well as experiences of your people. Most of the key components when you start talking about a diverse workplace environment would include race, gender, age, religion, ethnicity, and sexual orientation.

To broaden skill base in the company and become more competitive within the industry, diversity is a welcome development. However, as big as an asset that it can be, there are costs to it as well.

Management costs will show up as you start to look into a diverse workforce. This could come in the form of coaching, relationship building as well as conflict resolution within the office. This is normally an ongoing cost as refreshers for old employees and constant training for new hires. HRdive.com explains that it is an accepted truth that training and development incur a cost. There is also the cost of legal compliance as you start to account for multiple considerations from a diverse group of people in your office.

SHORT AND LONG RUN IMPACT OF HAVING A DIVERSE WORKFORCE

As you put together a diverse team of people in your office, here are a few of the benefits you can expect from this setting.

SHORT RUN IMPACT

Language Skills – Diversity in people would mean enjoying the benefits of a diverse language set in your office. This makes it easier to reach out to more markets and even bring your company outside your comfort zone. This allows you to expand operations in other markets.

Creativity in the workplace – Diverse workforce brings various solutions to the table when trying to achieve a common goal. Multiple approaches to the same problem increases the chances of finding the most suitable solution.

LONG-RUN IMPACT

Productivity – Diversity in your team brings you a competitive advantage because of increased productivity. As the desire to work more effectively with different groups of people increase, the result of output increases as well.

Adaptability – As diverse talents and experiences come into your company, teams can adapt to changes pretty well. This allows flexibility within your organization in addressing various challenges along your way.

According to the Yale Economic Review, a diverse workforce brings a delicate balance between the positive and negative factors or an organization. However,  the benefits far outweigh the risks and costs it brings.

Alan Benson is the author of this article and the President of Benson Group, LLC – a Human Resources Management and Organizational Development company.



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