The Positive Effects of Diversity in Workplace Management
Achieving ethnic diversity in workplace management roles is a constant challenge for companies. But having diverse leaders in your company can yield noticeable benefits.
Employees are more engaged: Based on a Gallup study, diversity in leadership (and the workplace as a whole) tends to foster a higher level of employee satisfaction. In fact, the same survey showed that approximately 60 percent of the staff working for companies with a highly diverse environment felt engaged, compared to low-diversity settings, where only 11 percent were satisfied with their jobs.
Retention increases and absences decrease: When retention increases and absences decrease, the end result is an organization with more stability. In turn, this promotes positive interpersonal relationships and leaves customers with a better perception of your brand and the services you provide.
Better products: A study by The Harvard Business review found that diversity in workplace management not only unlocks innovation, it drives market growth as well. There have been other studies that show that diverse organizations are more likely to take out new patents, resolve difficult problems, and innovate in their fields.
Increased revenue: Diversity in the workplace leads to better ideas and greater insights into the market, which results in the generation of more revenue. In fact, a 2014 Gallup poll reported that diverse business units earned almost 20 percent more than their non-diverse counterparts.
Diversity in workplace management impacts the entire organization. Employees are more engaged, retention rates are higher, absences are reduced, and much more. Although this practice isn’t a panacea for companies to achieve better financial performance, the benefits are undeniable.