WHY DIVERSITY IS A GOOD IDEA FOR EVERYONE20.02.2018
Diversity comes in a variety of categories and for most companies has been a key priority in recent years. However, with the government introducing the Gender Pay Gap reporting last April and high profile cases such as the BBC’s gender pay debate, diversity in the workplace has turned from a ‘nice to have’ to an essential element of modern day business. We’ve explored just some of the benefits companies can gain by having a diverse workforce.
Increased international reach
As globalisation becomes more common and companies are targeting clients across the world, having a diverse range of ethnicities and backgrounds can help companies better understand and communicate with global clients. From being able to speak multiple languages to understanding cultural differences, within competitive markets having these skills internally can help businesses stand out.
A larger talent pool and increased skill set
According to PwC 3/5 of women returners will return into roles that don’t utilise their skills or experience. Also PwC’s Golden Age Index suggests the UK could benefit from £80 billion GDP by increasing employment rates of older workers to levels seen in Sweden. This shows a huge talent pool companies are missing by not targeting older candidates or women who are returning to work after an extended period of leave. With many companies experiencing skill shortages opening up their talent pool to a wider reach makes perfect business sense.
Improved innovation and productivity
Working in a diverse environment helps increase productivity and innovation enabling employees to work with people who have different ideas and working styles. This challenges the typical way companies work and think - improving innovation and problem solving. In a competitive market companies who aren’t finding new solutions and those who continue to operate the same way they have over the past ten years run the risk of loosing market share and revenue to competitors.
Diversity in the workplace is extremely important across all industries. If you would like to discuss more about how Cognatio Solutions can impact your businesses hiring plans or if you are a candidate looking to explore new opportunities please get in touch. Also don’t forget to follow us on Twitter and LinkedIn to hear regular industry news and find out about the projects we’re working on.