Diversity training is an increasingly popular topic, but businesses want to know: what are the benefits of diversity training in the workplace? Well, besides the good feeling of being kind, there are plenty of financial and business benefits of inclusion in the workplace.
Businesses need to provide diversity training in order hire and retain the best talent, maximize their markets, and avoid nasty such as bad publicity and costly lawsuits. For example, companies that train on ethnic diversity show 35% better than national average financial returns, according to a study by McKinsey on 366 public companies. Those with a focus on gender diversity show financial returns 15% higher than the national average.
When you make diversity training in the workplace a priority, your company reaps the benefits in more ways than one. You’ll create an inclusive environment that fosters innovation, and ensures your brand will be popular with all demographics and thus boost your revenue. With better team morale due to cultural differences, you’ll draw attention from top talent and grow your company with the best possible people.
Here are 5 key benefits of benefits of diversity training in the workplace:
Avoid Costly Blunders – Janina Kugel, Chief Diversity Officer of Siemens, said “Systematic prevention of unconscious bias at work allows us to make fairer decisions.” In her recent Ted Talk, she opened up on personal experiences of bias against her in her career. Kugel said diversity training in the workplace helps Siemens avoid cultural mistakes made by others. Companies also need to avoid scheduling blunders, by consulting a diversity calendar.
2. Boost Recruiting and Retention – Another of top benefit of diversity in the workplace is winning – retaining – the best and brightest talent. When all employees feel their voices are heard, they feel included. Employees who are happy at work are more productive, willing to take on more projects, and provide more feedback to their employers. When your employees are happy, it shows, and attracts more top talent to your company.
3. Increase Innovation – different people see problems differently, and have different ways of solving them. If your people don’t understand the perspectives of diverse groups, they’re less likely to come up with comprehensive solutions. A diverse team is a creative team. When your staff can learn and grow with each other, and understand others, they can open their minds to creative solutions.
4. Increase Market Share – Another of the benefits of inclusion in the workplace is more business. Inclusive ideas reach more markets. Reaching all demographics and markets, and ensuring you’re competitive, requires teams to think in an inclusive manner. Make sure your top decision-makers include diverse backgrounds to expand your customer base into all demographics and markets.
5. Better Business Reputation – Companies that focus on building diverse teams have a better business reputation. Many businesses feature all-white, all male leadership, which leads a narrow perspective. But when your board of directors includes women, LBGTQ+, diverse cultures and more, your business has a wider reach and can relate to more individuals. Perhaps the quickest way to instill the benefits of diversity training in the workplace is online diversity training
Differences in team dynamics make for empathetic teams who understand how to avoid offending people of diverse backgrounds. When your teams are made up of many backgrounds, your staff members are able to uncover the unconscious bias that holds them back from identifying offensive content from your business. And your company will profit well from the benefits of diversity training in the workplace.
To move forward on your D&I journey, enjoy our diversity training tips.