Enhancing Diversity to Improve Employee Retention
25 August 2023
A diverse workforce increases the likelihood that your company will appeal to a more extensive client base on the outside and have a more plentiful supply of creativity on the inside. In addition, employees who feel appreciated for their uniqueness and contributions are more likely to stay for extended periods
A diversity policy must be well thought out and planned for it to be effective. Diversity can be detrimental to employee retention iit is not managed strategically and excludes effective communication and training. Creating a welcoming and accessible workplace is a critical component of diversity. At work, employees who are genuinely at ease — both physically and mentally — are likelier to feel loyal to their employers, who will benefit from better employee retention. To lead in diversity, leaders must understand that everyone's definition of comfort is unique, particularly for those who are differently abled.
Impact of Diversity at Workplace
From the standpoint of business, diversity inclusion enables access to the broadest spectrum of talent. Diversity in the workplace also increases employee motivation and employee engagement while instilling a desire to work more efficiently. This can greatly boost the productivity of your business. Let's look at some advantages of a diverse workplace for both the workforce and the company:
Collaboration and Innovation
Collaboration among various teams entails bringing additional ideas to the table and thinking creatively, allowing workers to learn from one another and be exposed to a broader range of viewpoints. It has been seen that businesses with more diverse leadership are more likely to be creative. Recent studies have also revealed that diversity at the team level is just as critical for creativity.
In the past, corporations frequently sought to hire individuals who can "fit in" with their culture. This translates into recruiting employees similar to those currently employed by the firm, strengthening a monoculture
Talent Attraction and Recruitment
Companies that focus less on finding candidates who "fit in" with the existing culture or are similar to the current staff have access to a broader talent pool. Employees must still possess the necessary knowledge and expertise for the job. Still, looking for applicants who can use their differences to improve the company's culture can provide a crucial advantage.
Diversity can improve aspects of the workplace that are important to the firm, such as employee engagement and the employee experience. All employees (as well as the business itself) benefit as the company works to guarantee that the work environment is inclusive, which is frequently a requirement for engagement.
Better Business Performance
An analysis in Harvard Business Review reaffirms findings that have been repeatedly churned over the past 20 years, indicating organisations with greater-than-average diversity outperform less-diverse companies in profitability. While some studies estimate the diversity premium to increase earnings by 20%, others estimate it to increase profits by as much as 35%. Diverse organisations operate more effectively and profitably. Business leaders have taken note and are acting consciously to boost diversity within their companies. However, establishing diversity is a continuous process that can be challenging because it calls for a shift in culture and acknowledging and addressing the unconscious biases within the company (and individual employees). The foundation of Pluxee’s culture and an essential element of our overall growth plan is diversity. DiversityInc, which named Pluxee as a Top Company for Diversity, has recognised Pluxee's dedication to diversity and inclusion for the tenth consecutive year. We strive to build healthy work environments for employees to bring their complete selves to work, regardless of gender, sexual orientation, impairments, age, culture, or place of origin. Also, Pluxee provides the leading meal benefits, and the company’s employee rewards and recognition platform helps increase productivity and growth.