LGBT Jobs: Why Is Diversity Important In The Workplace?
Awareness for the business case for diversity is on the rise in the UK. While inclusivity and social justices are usually the first reasons behind these increasing efforts, it’s important to note that a diverse workforce can be a source of competitive advantage, and perhaps most importantly, a key enabler of business growth and profitability. The 2017 McKinsey & Company study found that companies in the top quartile for gender diversity on their executive teams were 21% more likely to have above-average profitability. In very simple terms, the more diverse your business is, the more likely you are to recruit, employ and retain a workforce who find innovative solutions and offer an array of perspectives.
But diversity isn’t limited to a candidate’s gender, age or race – it’s an umbrella term which broadly includes their religion, education, socioeconomic background, sexuality, mental and physical health as well as other factors. When a company seeks to create a diverse workforce, it builds an environment which fosters differing opinions and viewpoints, encompasses a variety of life experiences and allows for a melting pot of creativity. As, even in 2019, 24 companies from the FTSE 250 were found to have only one woman in a board position, it’s clear that diversity in the workplace is a key issue that businesses need to urgently address.
So, how will a more diverse recruitment process help your business? We’ve collated our top five reasons why you should be using LGBT Jobs to build a more inclusive workforce.
With more diverse teams comes more space for innovative creativity. Learning from each other, incorporating various working styles and differing perspectives, diverse teams draw upon a range of experiences and in turn produce fresh ideas. Using job boards such as LGBT Jobs could mean you recruit from a broader candidate pool, hiring talent which helps you stay one step ahead of your competitors.
Better problem solving
In the same vein, increased creativity leads to better problem solving. Harvard Business Review found that high cognitive diversity – defined as having varying perspectives or information processing styles in one team – is linked to high performance. Allowing your recruitment process and business overall to pave the way for higher cognitive diversity could ultimately lead to your teams being able to tackle issues, problems and obstacles faster than your competitors.
Improved hiring results
According to a survey conducted by Glassdoor, 67% of active and passive job seekers stated that diversity was a major factor when assessing potential companies and considering new job offers. Recruiting from a larger talent pool increases your chances of finding the most qualified candidate for the role, and LGBT Jobs allows you to find these candidates with ease.
Higher staff retention
Greater diversity in the workplace is also linked to higher employee engagement and retention. Where employees see and recognise the opportunities for promotion, success and a clear career path, they are more likely to stay at your company. Ensuring equal opportunity for employment, promotion and development is key to retaining a diverse workforce and increasing employees levels of satisfaction, happiness and success in their roles.
Better business reputation
How is a great reputation built? Some would argue that your current staff are the window into the company culture, so by educating them on the importance of diversity and the strategies in place to increase it moving forward, your employees themselves become advocates for your business.
What do these factors all contribute towards? Greater profitability. Not only are there a myriad of reasons why diversity is beneficial for new candidates, current staff and executive boards, it’s also crucial for your bottom line. McKinsey and Company found that across 180 companies around the world, those with greater diversity were also top financial performers. So, with better problem solving, inventive creativity and staff satisfaction your company can be safe in ensuring effective financial growth as well.
So there you have it, a round-up of the top reasons why diversity in the workplace is hugely important and why it must be a top priority for your business moving forward.
That being said, it’s important to be realistic about the pace of change and to create metrics of success that are measurable and achievable. Cultivating a diverse work environment cannot be done overnight, it requires hard work, patience and time. We recommend setting realistic goals to ensure your recruitment advertisements are appealing to diverse groups. If you would like to find out more, get in touch with us.