Diversity in the workplace can include gender, race, culture, age, among other background differences. Having a diverse set of opinions and backgrounds is integral to a strong, economical business. Our economy will grow and benefit from these changing demographics if businesses commit to meeting the needs of diverse communities as workers and consumers.
Return on Investment
Research shows that companies that fail to foster inclusive work cultures see higher turnover rates than companies that value diversity in the workforce. Companies with at least $500 million in annual revenue—surveyed in a Forbes study in 2011, 85 percent agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace. Clearly, strong diversity management has a positive impact on corporate performance and shareholder value.
A More Qualified Workforce
When companies recruit from a more diverse pool of candidates, they are more likely to hire the most qualified employees out there. In an increasingly competitive economy, pooling from the largest and most diverse set of candidates is necessary for success. Businesses should continue to capitalize on the growth of women, people of color, and gay and transgender people in the labor force.
Helps Businesses avoid Employee Turnover
The failure to retain qualified employees results in avoidable turnover-related costs at the expense of a company’s profits. Having a diverse and discrimination-free work environment helps businesses avoid these costs.
Fosters more creativity and more innovative workforce
Bringing together workers with different qualifications, backgrounds, and experiences are all key to effective problem-solving on the job. Similarly, diversity breeds creativity and innovation. Our increasing diversity is a great opportunity for the United States to become more competitive in the global economy by capitalizing on the unique talents and contributions that diverse communities can bring to the table.
Competitors in a Globalized Market
Businesses need to adapt to our changing nation to be competitive in the economic market. Census data tells us that by 2050 there will be no racial or ethnic majority in the United States. As our countries develop into one of diverse workers and consumers, it is important to harness the talent of a globalized workforce.