Does diversity impact a team’s efficiency?

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This meaningful quote from the iconic 1994 movie, The Shawshank Redemption, conveys that one can do wonders and reach unattainable heights if one can utilise an opportunity.

When we talk about the Morgan Freeman and Tim Robbins-starring movie, we instantly think of “talent utilisation.” It is one of the key takeaways from this movie for the present-day recruitment strategy. However, proper utilisation of talent is only possible when a team has a diverse workforce so that it can offer multiple perspectives.

A diversity recruitment strategy is the first step to building a diverse workforce. It determines the efficacy of your planning in assembling a team that consists of various ideas, opinions, and individuals from distinct experiences and backgrounds.

“The goal of every hiring manager is to select and hire the best talent possible. However the recruitment process may face unconscious bias. These can lead to an imbalance in the hiring process. Hence question your own judgement and become aware of your own bias.”

Urvashi Verma

Head of Recruitment – APAC

Remember, your goal is to create a welcoming strategy. Moreover, it should cultivate a sense of belonging in anyone who joins your team, regardless of background.

This article will explore the need for a diversity recruitment strategy, its benefits, and other facets.

Without further ado, let’s learn how your firm can make its recruitment process more diverse.

“Diversity is a foundational value for us. Given the scale at which we build products and the fact we do it locally for our users, we are deeply committed to having that representation in our workforce. What we are doing in the company is constantly on our scale. We look at that first—to see what works, and what we can scale up better. All I can say is we probably have more resources invested in diversity now than at any point in our history as a company.”

Sundar Pichai

CEO

Plenty of studies prove that diverse recruiting leads to more significant results. If you observe leading companies like Google and Netflix, you will find that most of them have a diverse leadership.

Wise leaders know the importance of hiring, developing, and retaining diverse talent. They also acknowledge that a diverse workforce enables companies to be more creative, dynamic, and successful.

Moreover, 76% of job seekers have stated that they would not apply to a company that does not have a diverse culture. Therefore, visionary executives need to understand the significance of retaining a diverse workforce, as it attracts talented individuals and inspires them to stay longer.

Contribution of diversity in a successful firm

Boost in Financial Profitability

Image Source: Mckinsey & Company

Research revealed that profitability increases by at least 25% when a company has a diverse executive team.

“I think it’s important for leaders around the company to support individuals in their own, unique learning and development acts to create that culture of learning and a people-centric organisation.”

Joseph D.

Global Director – Talent Acquisition/p>

Improves Innovation

Image Source: The World Economic Forum

A study conducted by the London School of Economics states that organisations with diverse leadership are likely to be more innovative and profitable than homogeneous management.

Faster and Better Decisions

Image Source: Cloverpop

A white paper report implied that diverse teams make twice as many decisions and achieve 60% better results, producing significantly more revenues in half the time.

Consequently, it stands to reason that a workforce with a range of experiences and distinct perspectives will inspire innovation and generate more creative and diversified solutions.

Not only is building a diverse team a noble task that promotes a positive work culture, but as witnessed above, it is also more profitable. Therefore, it is not surprising that firms all over the globe are working tirelessly to enhance & embrace diversity in their talent acquisition strategy.

Key Takeaways

• As stated above, diversity in the workforce is a long-overdue process. While diversity has changed the hiring process significantly, much is still to be done. 

• Most organisations feel they can implement a diversity strategy by altering a minor thing, but that is far from reality. All such half measures do is make employees feel uncomfortable.
• Therefore, you must remember that the process of making your workplace more inclusive is a marathon rather than a sprint, which will take substantial time and resources. 
• As the famous proverb says, “A lot of different flowers make a bouquet.” Similarly, diverse culture in your workforce fosters creativity and empathy and eventually boosts business. The road to achieving diversity in the workplace may be long, but it is indisputably the right one!