International Women’s Day 2020: The benefits of hiring a more diverse workforce
How will your organisation celebrate International Women’s Day 2020? As 8th March approaches, now could be the perfect time to look a little more closely at the many tangible benefits a diverse workforce could offer your business.
A chance to boost your revenue
A study by Boston Consulting Group (BCG) in 2017 found that diverse teams brought in nearly 20% more revenue. Why does this happen? Because businesses are able to develop products that are more relevant and in tune with their customers’ changing needs. This stems back to the point above – where diverse teams help you to better represent and serve your target customer base.
A rich diversity of perspectives, ideas and creativity
If everyone’s looking at a problem from the same perspective, they’re all likely to come up with the same solution.
But in a workplace full of people of different backgrounds, genders, ages and ethnicity, you’ll gain access to a huge variety of unique perspectives. When all of these people come together, they’ll create unique, out-of-the-box solutions. In fact, research by the Harvard Business Review found that cognitively diverse teams solve problems faster than those that think alike.
This makes your company more resilient and able to outfox its competitors with its insight and creativity.
Crucially, employing a broader cross-section of the population will also enable you to gain a better understanding of your customers.
A more inclusive company culture – which attracts the best talent
When salaries are competitive between organisations, company culture becomes crucial. Remember that the best talent won’t always be most attracted by salary. They’ll also prioritise organisations where they feel they fit in, and will be accepted and valued.
Committing to a building a diverse, inclusive workplace can even be a brand-booster. It can enhance your reputation in the hiring community, as well as with your customer base.
LinkedIn beautifully encapsulated the benefits of fostering a diverse, inclusive company culture in its Global Recruiting Trends 2018 report:
“Diversity is being invited to the party, inclusion is being asked to dance, and belonging is dancing like no one’s watching,”
“Belonging is the feeling of psychological safety that allows employees to be their best selves at work. Even at the most diverse of companies, employees will disengage and leave if they don’t feel included and accepted.”
What changes can you make in 2020?
The discussion on diversity isn’t just one for International Women’s Day. If your organisation wants to make a positive and lasting change, it’ll require commitment and focus. And crucially, it requires a carefully considered strategy.
If diversity is on the agenda for your hiring strategy in 2020, you don’t have to do it alone. Work with Expand Executive Search and you’ll get access to the very best people from a network of 60,000+ talented professionals – along with dedicated help from our recruitment experts to achieve your goals for diverse hiring. Get in touch with the team to find out more.