Far more than merely a passing phenomenon, the incorporation of diversity and inclusion across industries is a crucial ingredient for overall success. The benefits that arise from these values are readily apparent from the perspective of a given company’s management, as well as its personnel, and even its customers.
The most commonly cited reason for embracing diversity and inclusion (D&I) is a moral one; groups that have historically been excluded from key business roles are well overdue for increased involvement moving forward. Though admirable, this sentiment overlooks the many practical arguments for pursuing D&I, of which there are many.
Here are the other reasons why our recruitment agency in Bangkok, Singapore, and London has been getting more requests than ever before for D&I-friendly hires.
Making the most of your human resources
First let us disentangle the terms ‘diversity’ and ‘inclusion’. The former represents a commitment to hiring people with different physical characteristics, cultural backgrounds, and life experiences. The latter is about making positive efforts to put these personnel in meaningful positions, where their thoughts and ideas can genuinely help to steer company practices.
Taken together, these policies increase a company’s talent pool (by drawing from larger subsets of the population), and then put that talent where it can be of greatest use. This is the core benefit of D&I from the perspective of management.
When individuals with different cultural backgrounds and life experiences work together, they bring a wide variety of viewpoints and concepts to the table, thus enabling a more comprehensive examination of business challenges as they arise. In short, diverse backgrounds lead to more imaginative and original approaches to issues that come up during business operations.
It should therefore come as no surprise that according to the International Labour Organisation (ILO), companies with more inclusive work cultures and policies experience a 59% increase in innovation, along with a 62.6% increase in productivity and profitability.
From an employee perspective, proper implementation of D&I leads to higher employee satisfaction and involvement. When people feel that they are respected and that their contributions are valued, they are more likely to remain motivated and invested in their work. The result tends to be improved productivity, lower turnover rates, and a more positive work environment overall.
Moreover, a diverse and inclusive workplace can help attract and retain the best employees. Many highly skilled individuals seek out companies that have a commitment to diversity and inclusion. In a Talos360 survey, 86% of HR professionals stated that they had experienced bias in their careers, and fully 98% said that a diverse recruitment strategy is important.
Customers also benefit from D&I. When a business is able to understand and cater to the needs of a diverse clientele, it is more likely to be successful in the marketplace. In our globalised business environment, companies must understand and connect with individuals from different backgrounds in order to achieve high levels of customer satisfaction.
Organisations that actively work to create diverse and inclusive workplaces will be better equipped to succeed in today’s business landscape — all while contributing to the betterment of society.