In the past decade there has been a definite shift in societal values towards more socially responsible business practices. There is an increasing expectation from customers, employees and the public, that companies must champion diversity within the workplace and genuinely reflect this in all aspects of their trading life. Australia is a famously diverse country but in more recent years Australian workers are voicing an increased desire to see diversity reflected in work practices. Examining some of the positives of achieving diversity in the workplace, strongly suggests that it may not just be an ethical issue but also makes good business sense, creating limitless benefits.

Diversity fosters more creative solutions

Diversity includes individuals from all different backgrounds; embracing differences which are both visible and invisible, inherent or acquired. It encompasses not just gender, ethnicity or religion but also includes age, sexual orientation, educational achievement levels, values, experiences, technical skills, linguistic background, learning styles and disability. Evidence suggests that having an inclusive, diverse workforce enhances employees’ performance. It’s about leveraging those differences to achieve optimum results. Those businesses which celebrate diversity testify that their employees have become more collaborative, innovative and dynamic and that they have been able to optimise this to better understand their client base. Diverse teams can bring to the table a broad spectrum of knowledge, skills, experience and perspectives which can prove an excellent melting pot from which new ideas can emerge, giving businesses that competitive edge in challenging economic times.

Diversity attracts a better pool of talent

Many millennials value diversity over more traditional perks such as financial remuneration. Employees feel more valued in a business which meaningfully fosters and outworks diversity at all levels of the organisation and more objectively evaluates a candidate’s ability to succeed. This allows businesses to attract the most talented and diverse pool of candidates. Evidence further points to the fact that employee retention is often higher in such businesses which reflect the increased diversity of our more global societies.

Diversity puts us in a position to better reach a more diverse customer base

A diverse workforce allows businesses to be more in tune with the peculiar needs of an international client base or a more diverse customer base at home. A diverse team can better reflect the societies or sections of society with which the business trades. The economic impact of Covid 19 has caused some businesses to rethink and diversify the services and or products they market. Reaching a different target group or market may pose new challenges. Such obstacles may be better overcome by a more diverse team, that collectively can provide more informed insights into the dynamics of specific target groups.