Question

5. What are some of the business reasons for diversity?

Answer 1

Answer:

Diversity means variety. Diversity in the workplace means that there is a variety of people from different backgrounds, be it race, education, age, skills, gender, sexual orientation, physical abilities, language, or culture.

Diversity is a hot topic these days and being a diverse and inclusive workplace is one of the top goals for most businesses. With millions of people migrating to different parts of the world for work and the inherent variety of the demographic, it becomes imperative that a diverse workplace s the way to go.

From a business point of view, diversity can be very beneficial in the short term and in the long term. Here are some ways diversity can positively affect business:

1. Increased creativity and varied perspectives

Diversity means having people from different backgrounds. These backgrounds shape the way these individuals think and perform. Having a team comprised of individuals from different backgrounds can lead to many different perspectives on the same problem and also increase innovation and creativity.

2. Faster and better problem solving and decision making

As mentioned earlier, varied backgrounds bring fresh perspectives and creativity. They could also contribute to a varied wealth of information and skills. These are important components when there is a problem or task at hand and having different ways to look at it reduces stagnation time on an idea. This way, problem-solving and decision making becomes faster and better.

3. Increased consumer understanding and reach:

Having a diverse workplace opens up an understanding of the various backgrounds. This can help businesses also understand and target customer bases that they might miss out on if they were homogenous.

4. Expands hiring options

When diversity is on the table, it opens up the candidate pool far wider than before. This way, it's easier to find talent. In addition, diversity creates a space where everyone feels included. If employees feel included, they are happier and thus stay longer thus reducing turn over.

5. Boosts Employer Brand:

Diverse and inclusive workplaces show that the business is open to people from all walks of like. This increases the employer brand of the business thus attracting more talent to the business.

6. Boosts Company Reputation:

The sum of all the above leads to positive growth in reputation as the business becomes inclusive and part of the community.

7. Increased Profits

Finally, everything listed above contributes to an increase in business thus boosting the bottom line.

Thus, diversity as a business goal is crucial in the today's changing world.