It’s no secret that diversity is good for your business however a diverse workforce is only the first step. Businesses will only benefit from diversity when they have cultivated a culture of inclusion and under-represented communities have an equitable voice.
The list of benefits of an inclusive culture is endless, here are the key reasons an inclusive workplace should be at the top of your priority list.
1) Employee attraction
You’ll only unlock the value of diversity through inclusion. An inclusive culture will lead to happier employees which in turn improves employee attraction and retention. A report from McKinsey shows that “39% of those surveyed have turned down or decided not to pursue a job because of a perceived lack of inclusion at an organisation”. Your prospective employees will want to see themselves in your organisation and if they don’t, they’ll be significantly less likely to apply.
2) Improve innovation
Employees from diverse backgrounds will all have diverse perspectives and approaches thus are more likely to come up with different ideas when compared to a homogeneous workforce. The key to surfacing these ideas is to cultivate an inclusive culture and create a platform for those ideas to be discussed in a safe and meaningful way. These differences in ideas can drive innovation for businesses by opening new markets, delivering new solutions and implementing new ideas.
“What makes me feel included is realising that everyone is transparent and being able to contribute without being judged by my background.” – Natasha, Technical Trainer at TechTalent Academy
3) Increase your bottom line
The improvement in innovation will significantly impact a business’ bottom line. Figures released by Deloitte shows that businesses with an inclusive workplace culture are twice as likely to meet or exceed financial targets and 8x more likely to achieve better business outcomes. Furthermore, a report from McKinsey shows that gender and ethnically diverse board rooms within companies increased financial returns by as much as 43%.
4) Boost your brand
All businesses understand the importance of their brand, but not all businesses are aware of the impact their diversity and inclusion strategy can have on it. Brands with authentic strategies when it comes to D&I are more likely to become the brand of choice for their consumers. Barclays have achieved this through their commitment to championing the LGBT+ community. Not only do they support the LGBT+ community in their consumer communications, they also celebrate it within their business. Their Spectrum vision drives LGBT+ inclusion at Barclays and in turn, makes them the bank of choice for their colleagues, customers, and clients.
“Inclusion is about having a voice and feeling valued in an organisation. That’s the most important thing for an individual.” – Janice Rae, CEO and Founder, TechTalent Academy
Are you looking for diverse tech talent to join your inclusive business? We have a pool of technically trained graduates who are ready for a career in tech. Get in touch to find out more – firstname.lastname@example.org