A diverse company is one that includes employees from every walk of life, working together towards a common goal. It includes people of different ages, ethnicity, gender, sexual orientation, and religions. While diversity in the workplace is most often strived for on the grounds of social justice, studies prove that employing a wide range of people with different experiences and unique perspectives is financially advantageous to companies that practice it. Here are three ways that your company can prosper from making diversity a priority.
Wider Talent Pool
When you are driven to assemble the best team of employees, being open to everyone—regardless of their differences—infinitely expands the potential to find qualified candidates. Two factors are crucial in helping a company achieve greater diversity. The first is having a good cross-section of people represented in your HR department and among hiring managers. This gives perspective hires of various backgrounds a sense that there’s a place for them at your company. The second is making sure to create job descriptions that are gender neutral by utilizing inclusive language. Many times job descriptions are skewed toward men and dissuasive to women. This is important to address in light of studies that show women apply for jobs only when they feel they possess 100% of the qualifications.
A number of studies have shown the financial benefits of having diversity in senior level positions. The Center for Talent Innovation, a nonprofit think tank, found in a 2013 survey that 48% of companies with a more diverse senior management team improved their market share from the previous year, versus 33% for companies with less diversity in management roles. Consulting firm McKinsey & Company’s most recent research shows a strong link between diversity and a company’s bottom line. Their data reveals that companies in the top quartile for gender diversity on their executive teams were 21% more likely to experience above-average profitability than companies in the fourth quartile. When measuring ethnic and cultural diversity on executive teams, the increase in profitability among companies in the top quartile versus the fourth was 33%.
Stronger Company Brand
The goodwill that comes from a commitment to a diverse workforce is a boost to any company’s brand. Being open to hiring people from diverse backgrounds connects your company to the entire community where you do business, not just a part of it. Inclusion is also a positive message to spread within your industry and it shines through to your customer base. All of this, of course, is good for business. It’s a classic case of doing well by doing right.
While diversity within an organization is worthy goal with many upsides, it’s not always easy to achieve. The tech companies in Silicon Valley, which are still comprised of mostly white male employees, exemplify the challenge. Utilizing an experienced recruiter with access to a diverse candidate pool is an effective way to build a team that brings together the best of all worlds. Attract diverse talent to your organization by partnering with IMPACT Payments Recruiting. IMPACT’s experienced recruitment consultants at IMPACT have been working with premier payments companies in the industry for more than a decade to connect them with top talent for high-level positions. Learn more about IMPACT – contact us today.