Why Encouraging Diverse Representation Will Help Your Business Grow

Diversity in the workplace is a hot topic for business owners in recent years, changing from a novel idea to a necessity for success. Diversity comes in many shapes and sizes; differences in age, gender,economic background, race, and cultural differences are just some of the ways your business can focus on representing a diverse workforce.

While not always easy to achieve without dedicated time from your hiring team and management, when done successfully encouraging diversity at your business can actually help you reduce turnover, increase innovation, and help your business grow overall.

Improved Market Share

One of the most crucial parts of having a successful business is understanding your products and services and who your target audience is. Only employing staff from similar backgrounds in the name of ‘culture fit’ limits your understanding of other markets and ways your business could grow and succeed when marketing to these diverse groups.

By hiring employees that come from a wide variety of backgrounds, religions, sexual orientations, genders, age groups and spending habits, you are gaining insight into the market groups you want to learn more about. This allows you to create products and services that are sustainable. for them more effectively and it enhances your chance of capturing a wider market share.

Increase Innovation

Not surprisingly, an increase in difference of opinions, experiences, and ideas can lead to innovation in your business when a safe space is created to share such ideas. A study by NC State’s business school looked at 3,000 of the largest publicly traded companies and found that those with a diverse workforce were better at developing innovative products and services.

This is especially helpful for those companies working in global markets, which tend to evolve more quickly and compete with other businesses who also hire diverse workforces. It is important to emphasize that your staff must feel that their differences in outlooks are respected and they are encouraged to express these differences to their coworkers to maximize your potential for innovation.

Recruit and Retain Talent

Finding talented workers can be a difficult task for a business, especially as you compete with other jobs that may be able to offer better benefits or pay. One easy way to do this is by hiring diverse employees. A company that embraces diversity is automatically throwing a wider net to applicants of diverse backgrounds, letting a larger audience know they would be welcome and fit into your company culture, increasing the talent pool you will see.

A recent study from Atlassian found that 80% of respondents believed diversity and inclusion to be important in the workplace, and companies like B Corps, who openly are rated on their employee happiness and diversity are highly sought after by top MBA students. Tiffany Jana, CEO of TMI Consulting, a B Corp, stated that, “I can barely keep up with the droves of highly qualified, passionate, values-aligned millennials who want to work for TMI. I no longer search for high-potential staff; they now come tome.” As you bring in a more diverse staff and focus on employee well-being, you will see a positive impact on your reputation as a great place to work.

When it comes to retaining employees, diversity can also help. It does this by communicating to employees that your business is open-minded to different ideas and ways of doing things, which research shows greatly increases employee happiness. When workers feel a sense of autonomy in daily operations, meaning they have a say in their own goals, responsibilities, and creative process, they perform higher, have a better moral, and tend to stay with that business longer.

It also communicates to your workers that you do not practice workplace discrimination, which again increases workplace morale and trust in you as the employer, leading to longer retention rates.

Increased Profits

Another benefit of having a diverse staff is an increase in profits. If your employees are helping you improve your market share, increasing the level of innovation at your business, and you are recruiting highly talented workers and are able to retain them, it is easy to also expect an increase in profits for your business. A recent study by the Boston Consulting Group (BCG) found that diversity increases the bottom line for companies,especially when that diversity is in the board room. 

Of the 1,700 companies surveyed, those companies that reported above-average diversity on their management teams reported 19% higher revenues than those companies with below average leadership diversity, with innovation cited as the reason for increased revenues. 

Overall, improving your workplace diversity can help you attract and keep talented employees, increase creativity in your workplace which can help you better understand your markets, and increase the profitability of your business. But despite the overwhelming evidence that diverse workplaces help your business grow, many businesses still struggle to implement changes that are sustainable. Check out this list of easy steps your business can take to make sure your business is successful at encouraging diversity and reaping the benefits.

Sam Casteris is a small business owner and freelance writer operating out of Phoenix, AZ. You can find more of her work on Contently.

Being Bilingual Can Be a Career Asset

internationalSome believe that within the next 10 years, half the American population will speak Spanish. North America’s proximity to the Mexican border is the main reason why being bilingual is touted as being a career asset.

As more Spanish speaking immigrants integrate themselves into American civilization, it’s more likely that employees and the companies they work for will want to sell to Spanish-speaking consumers.

Demand for Bilingual Applicants

Employers looking for competent employees who can satisfy employee needs are more inclined than ever to require that the candidate be bilingual.

Employers are simply seeking to offer services to those who may not speak English, and providing employees who can communicate with those customers is a boon to business.

As the following article looks at, it should come as no surprise why the future is so bright for bilingual cosmetologists.

Relationships with Cosmetology Clients

Cosmetologists have the unique opportunity to work on clients from all kinds of ethnic backgrounds. It doesn’t matter what language they speak, where they are from or where they are going. Everyone has a head of hair that needs to be groomed.

Cosmetologists who are bilingual can interact with clients on a personal level, and give the same kind of service to all of their clients, no matter if they speak English or not.

As such, bilingual cosmetologists are in hot demand, and for good reason.

Role of Bilingual in Admin

Being bilingual can be a career asset in any field, including administrative duties. As a receptionist or administrative assistant, an employee will be exposed to all kinds of different people, including those from other countries who don’t speak the English language.

Since a receptionist’s job is to receive workplace visitors, being able to communicate with those visitors in their native tongue can be a real asset.

Interview Potential of Being Bilingual

In addition to communicating with customers, being bilingual can help job seekers to find positions. More and more company supervisors are from another country originally.

It isn’t that an interview needs to be carried out in another language. It’s that the interviewee will stand out in the crowd of job candidates when they are able to state – and prove – that they can converse in.

We live in a culturally diverse now, in a global community. In a few decades, Spanish or another language will become at least, or as popular as English.

By ignoring other languages, you essentially ignore the opportunity in business growth in specific consumer sectors.

About the Author: Kate Supino writes extensively about best business practices.