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The new year's resolution that should be at the top of your list

By David Brown, CEO of Hays U.S. on Wednesday, January 15th, 2020

The diversity and inclusion (D&I) landscape is continuously evolving —many employers are starting to rethink their approach and its organizational impacts. The business benefits for diversity in the workplace have been proven repeatedly through research and experience, however some employers are still not be aware of the lasting benefits a diverse workforce can offer.

The Hays Global Skills Index shows that many companies are suffering from skills shortages. Creating a diverse workplace will help to address the skills gaps by expanding access to talent, improving staff performance and increasing business growth. Here are three reasons why companies should make rethinking their D&I approach a top new year’s resolution.

Fosters innovation
Diversity is an important driver of innovation and increases market growth. It also allows employers to create new services, products and improve ways of delivering their offerings. Additionally, companies should recognize that varied experiences, outlooks, and backgrounds are vital to innovation. In order to push boundaries, staff should consider all possible angles and embrace diverse team opinions. Staying open to this will lead to far more sources of inspiration, new ideas and knowledge to draw from.

Propel talent attraction efforts and improve retention
The Hays 2020 Salary Guide revealed that 71% of staff say working in a diverse and inclusive organization is a priority for them. Also, over 30% of companies surveyed have a dedicated, full-time D&I staff member. Though, there is still much room to grow this news is promising. That said, a diverse and inclusive workforce is essential to attract top talent and retain high-potential staff. A diverse workforce also sends a strong message to future candidates demonstrating that the company values people from a variety of backgrounds. This is can be a key differentiator for attracting key talent and becoming an employer of choice.

When staff feel appreciated for their individuality and contributions, they are more likely to feel a sense of belonging and fulfillment at their workplace. Remember that regardless of titles or seniority, welcoming all ideas and showing appreciation for everyone input will result in higher employee loyalty and retention.

Better connect and serve a diverse client base
With the world of work continuing changing, the face of today’s clients also continues to evolve. To effectively serve a wide client base, employers will need to have a diverse team. If this is not in place, it will mean that companies will have to work much harder to understand the needs of their audience.

To win in a diverse market, employers will need staff that have enough insight to be able to empathize with the people they are serving and their unique needs. The more employers can relate to their clients, the easier it will be to connect with them on a human level and understand their perspectives and experiences.

For more advice from our experts, visit our resources page.

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