Diversity can mean many things – race, gender, age, background and more. Regardless of the classification, diversity leads to success in business.
Hiring people from diverse backgrounds brings a well-rounded set of skills to an organization. This is healthy and certainly effective in that it helps to encourage and promote company growth.
Company growth means more internal referrals, quicker hires and better synergy amongst team members.
Employing a diverse workforce helps positively shape the company’s internal culture and identity.
Diversity leads to varied opinions, ideas, perspectives and above all creativity. Each employee carries varied skills, certifications and languages.
This leads to new business opportunities. Having the ability to accommodate diverse sets of clients and projects makes a huge impact on the bottom line.
It opens doors and people need to me more cognizant of it. From mom and pop shops to Fortune 500 companies, diversity is now driving all business. Diversity gives companies the ability to adapt to the growth and changes within their industry.
Now let’s take a quick look at the numbers.
Sociologist Cedric Herring found that companies reporting the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity.
Gender diversity accounted for a difference of $599.1 million in average sales revenue: organizations with the lowest rates of gender diversity had average sales revenues of $45.2 million, compared with averages of $644.3 million for businesses with the most gender diversity.
For every percentage increase in the rate of racial or gender diversity up to the rate represented in the relevant population, there was an increase in sales revenues of approximately 9 and 3 percent, respectively.
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Organizations across the United States are starting to embrace diversity in the workplace. And studies suggest there’s even more than social rewards to gain by doing so.
In this blog we examine:
The Sunday Times, Top 100 Best Small Companies to Work For (2019)
Best Companies, Top 75 Best Companies to Work For in the South East (2019)
Best Companies, 3-Star Accreditation (2019)
LinkedIn, Top 25 Most Socially Engaged Staffing Agencies (2016, 2017 & 2018)
Marketing & Digital Recruitment Awards, Best Recruitment Website (2018)
IRP, Best Recruitment Apprentice Award (2016 and 2017)
IRP, Best People Development Business Award (2017)