5 Reasons why diversity hiring matters
Diversity hiring means more than simply having a perfect female to male workforce ratio. In fact, there’s evidence to prove Diversity hiring can improve business results. This hot topic is much more than just ticking a few boxes, and here’s why.
Research conducted by McKinsey (2018) found that companies with the most gender diversity on their executive teams were 21% more likely to preform above average in profitability than those with the least gender diversity.
This isn’t only applicable to gender diversity either! When it comes to ethnic and cultural diversity, the most diverse companies are 33% more likely to outperform on profitability. Below, we have listed 5 more reasons why diversity hiring matters:
1. Your talent pool will grow
Businesses that embrace diversity hiring will gain interest from a wider range of candidates on their vacancies. This means they will be able to benefit from a larger talent pool.
2. It improves employee productivity and happiness
Employees will be happier if they feel like they are accepted and equal no matter their gender, age or ethnicity. Happiness then makes staff more productive and less likely to leave the business.
3. It improves creativity
Combining people with different experiences, cultures and working style generates higher levels of creativity and innovation through collaboration.
4. Its positive for your employer brand
If your brand is known for its diversity, it will appeal to many different customers, candidates and potential business partners.
5. It increases your workforce’s range of skills, talents and experiences
Diversity hiring will help you better understand your customers’ needs. The more diverse your workforce is, the greater the chances are that your employees will be able to cater to individual customer needs.