The importance of diversity and inclusion in hiring

From a business standpoint, equitable employers are not just likely to, but are actually being able to outperform their competitors, because of their multi-faceted team, whose unique personalities, perspectives, and potential bring actual value to the table.

Diversity and inclusion can be instrumental for innovation, along with financial and employee performance. Proper representation doesn’t just merely matter; it can prove to be costly if not implemented correctly (or at all).

Studies have found that diverse companies enjoy approximately double the cash flow per employee and that inclusive teams can improve team performance by almost a third in high-diversity environments. Companies with diverse management teams are actually recording an increase in revenue as compared to the less diverse ones who are still wondering if diversity and inclusion are really that important.

It is not a question any more; the apparent benefits of diversity and inclusion for all stakeholders are hard to ignore. Hiring people by giving them a fair chance and genuinely investing to have a more vibrant and multi-faceted team can result in driving holistic and amplified growth for organisations.

Hiring the same way despite changing times will only get you the same kind of people you’ve employed so far, resulting in stagnation at some point. Expanding one’s recruitment horizon to include searches for more diverse candidates considerably widens a company’s talent pool and boosts its chances of finding the best-suited people for its team(s).

Diversity in hiring doesn’t just improve one’s current business; it has become crucial for attracting better-suited candidates as a majority of workers consider diversity as a factor when seeking employment. On the other hand, inclusion significantly increases employee engagement and trust because when employees feel included, they’re more motivated and proactive to work for organisational growth.

The higher engagement cultivated through diverse and inclusive hiring practices has a ripple effect on driving profitability and employee retention.

Building an inclusive work environment helps solve several issues facing today’s workforce by instilling greater trust between employees and their company leadership. Leaders need to recognise the unique talents of their team members and teach employees to recognise each other to be able to cultivate a truly inclusive culture.

Diversity and inclusion in hiring helps bring new perspectives and innovation to the workplace.

An inclusive workplace also sees employees maintain better mental health and apply for fewer or infrequent leaves as they are happy at work.

Diversity and inclusion in hiring helps bring new perspectives and innovation to the workplace as there is a much higher chance of fresh ideation with a more diverse group. Research has found a statistically significant relationship between diversity and innovation outcomes wherein the most diverse enterprises are also the most innovative, and their teams have a more significant effect on companies’ revenue.

Diverse teams are also able to better identify solutions and offerings that meet the needs of emerging and dynamic customer profiles. They are better decision-makers as well, so organisations should really start including their employees in the decision-making process to make better use of their skill set for the company’s growth.

Diversity matters and its correlation with organisational success is hard to ignore. Companies that don’t see that are not just struggling to lead; they are actually beginning to lag behind due to their orthodox approach and how it is stunting their growth. It is no longer feasible to remain insensitive as corporates and human resource departments.

Anjali Samuel, managing partner, Mindfield Resources.