Strength lies in differences not in similarities
Through practice and experience, Cooper Fitch believes in workplace diversity due to its numerous advantages and its positive effect on the overall work environment and the business. With 15 different nationalities working together towards achieving success, Cooper Fitch learned that a diverse workforce is one of the best techniques through which a business can adapt to a changing and competitive economic market. In order to successfully handle a diverse workplace, cultural tolerance and efficient communication that transcend cultural barriers is a must. Here are 5 reasons why diversity in the workplace will make you rethink your hiring decisions.
1. Better Financial Results
Ethnic and cultural diversity in the workplace yields overall better financial results. According to a McKinsey&Company 2017 report that studies the correlation between financial performance and diversity in over 300 companies that are located in 12 different countries has shown that companies in the top-quartile for ethnic and cultural diversity were 33% more likely to have above-average profitability in comparison to those in the fourth quartile. The reason behind that might be the percentage of market share that an organisation with multiple ethnic employees have access to and the different approaches that the workers take to get their work done.
2. Creative and Innovative Thinking
Diversity is very important when it comes to a creative and innovative workplace. One of the reasons why people travel abroad is to gain experiences, learn more and expand their mental horizons. Imagine being surrounded by people who come from different parts of the world every day at work. One single job can be accomplished in so many ways and learning to do something being open to different techniques can bring innovative ideas to the office that benefits the business a whole.
An organisation’s reputation is very important. Having a diverse workplace is crucial when it comes to a positive brand perception. Whether you are a small sized business owner or a large corporation, employers who have gender and cultural diversity within the workplace are much more respected as it speaks for the values they have and comes with a lot of benefits such as the number of languages spoken and different thinking approaches.
4. Global Impact
Having a mix of different cultures in the workplace will make your business leave a strong fingerprint on the market and allow your business to have a global impact. For instance, if a business is operating in an only English speaking country and that business has different employees from different nationalities, there is a great chance that the name of your business will leave an impact in other countries as well and will create an opportunity for business expansion.
Employee retention is crucial to any successful business. A workplace that has diverse employees has a strong communication strategy which encourages tolerance and accepting the other in comparison to workplaces that do not have employees of different nationalities. This will make the employees feel more welcome and will encourage friendliness. Furthermore, all employees look for career and professional growth in the workplace. Since cognitive diversity is one of the important factors that employees look for in a workplace, there is a greater chance your employees will opt to stay in their job when they feel that they are getting exposed to different intellectual levels and various mentalities.
A culturally diverse workplace can be your greatest business asset. As long as a sturdy and practical communication strategy that dictates tolerance and acceptance is implemented in the workplace, the advantages of a diverse workplace will rise on the surface and make your business thrive.
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