D&I (diversity and inclusion) is a recurring theme in many modern organisations. While the practice has some apparent advantages, such as employee engagement and increased revenue, some boons may not seem immediately obvious.
Ultimately, every company aims to improve the employee experience since employees are the most valuable assets to an organisation. And D&I will help leaders work with every talent to achieve the best possible outcome.
Gain Fresh Perspectives Every Time
An organisation with D&I practices stands to gain a creative advantage over exclusive competitors. Leaders will have access to ideas and concepts from disparate individuals, often what organisations need to place their best foot forward.
Paul Coutts, the CEO of Singapore Post, once shared, “The constantly changing business environment that SingPost is in makes it imperative to have a diverse and progressive board composition with members who offer various perspectives derived from their respective areas of expertise and industry knowledge.”
Attract Future Talents
The prominence of workplace review sites such as Glassdoors means that word travels fast among the modern workforce. Organisations with good standing (i.e., effective D&I policies) are more likely to attract top talent than companies associated with unfair staff treatment and underrepresented groups.
With employee turnover more rampant than ever, organisations need to review each hire for the best fit. D&I is likely to attract the workforce’s highly ethical creme de la creme with the discipline and commitment to further organisational goals and objectives.
Access Market Expansion Opportunities
Recruiting diverse talents might open doors to novel opportunities. For example, an employee from the LGBTQ community might have close contacts within, which can help promote your organisation across new channels. Similarly, you may access additional market data from diverse sources that can prove advantageous to organisational growth.
With additional partnerships and collaborations, your organisation is likely to become more innovative and productive as a result. A prominent example of diversity comes from high-skilled immigration that directly leads to innovation and economic progress.
Attract Customers with Sincerity
Effective D&I policies go beyond employee engagement and satisfaction. In fact, it goes beyond employees. Customers who witness D&I at work within your organisation are likely to associate your company with a passion and interest in people’s needs.
The process might result in increased patronage and revenue. Research shows that 71% of customers prefer shopping with companies/brands that align with their values.
D&I’s range of benefits makes it a strategy geared for the long-term sustainability of your organisation. Diverse teams unite various strengths that give an edge in atypical situations where a unilateral or rigid approach will likely fail.
Specifically, the future might remain highly volatile and unpredictable, but D&I sets the foundation for agility and adaptability that will have your company responding well, come what may.
StrengthsAsia has helped many individuals and corporate clients empower leaders throughout the region by enabling breakthrough experiences for both leaders and followers. If you wish to learn more about the Strengths Leadership Program, please reach out to us here.