Diversity and inclusion strategies are fast becoming indispensable for organisational growth and success. Companies that embrace these ideas are likely to prosper while those that ignore them are more likely to fail.
In today’s complex and extremely competitive business environment, the new rules of business require continual innovation, speed, and flexibility. At the end of the day, it’s human beings who provide a competitive advantage.
To feel motivated, professionals must feel accepted by organisations on personal and professional levels. Is your organisation incorporating diversity and inclusion initiatives?
Why Companies Need a Diverse Workforce
An investment in diversity is an investment invaluable talent, fresh ideas, and innovative thinking. If your company is not investing in online diversity training for employees yet, it should be.
- Employees must feel valued before they can consider working for a business. The acceptance of different ethnic identities, age groups, sexual orientation, and abilities translate into improved performance, higher productivity, and better engagement.
- In service industries that are heavily reliant on people skills (including tech), maximizing diversity is not only a key tool for success but also ultimately critical for survival.
- Many cities in Australia have a large immigrant population, many of whom do not speak English as a first language. Hiring multilingual employees can help your workforce communicate effectively with these communities. Millennial employees gravitate towards socially progressive organisations where they feel appreciated and valued.
- Diverse workforces combine new leadership skills, different perspectives and better management styles to create a competitive advantage. Executing business goals and plans depends upon your ability to harness diversity benefits
Re-Thinking Hiring and Training Strategies
Leaders need to re-think hiring and training strategies to maximise the benefits of a diverse workforce. Well-constructed leadership skills training courses online can help managers develop strong inclusive skills needed to lead the organisations of today and the future.
Many valuable candidates perceive diverse organisations as forward-thinking and prefer working for them. If you want to attract top talent, now is the time to start incorporating diversity initiatives. Each employee comes with their own set of KSAs (knowledge, skills, and abilities) and it’s the leader’s job to leverage their strengths.
Rather than being focused on theoretical ideas, training programmes should be based on each organisation’s goals and values. The best training programmes are aimed at generating value from your diverse workforce.
How Diversity Drives Competitive Advantage
Diversity can drive competitive advantage in several ways:
Builds better networks
Diverse leadership creates new networks by attracting top talent and building new business relationships.
Attracts the Right Skills at the Right Time
Diverse company culture has an evolving mix of skills at any given time. This, in turn, helps develop positive cultural attributes:
Allows Organisations to Explore New Markets
Internal diversity allows companies to market their products or services to a broader customer base. No matter what space or industry your business is in, your customers likely belong to different cultures, ethnicities and religions. The more diverse your workforce is, the more empathy they are likely to show towards a diverse customer base.
Hiring and training a diverse workforce helps you capitalize on your team’s creative potential. Developing a strong diversity and inclusion strategy can help your company create a more collaborative culture that drives competitive advantage.