Diversity Matters to Your Bottom Line

If you read our article: Do I Really Want to Work Here: What Are Your Diversity Practices Telling Me? ...  you may be thinking (well, or at least so some of you have told us) , “valuing diversity sounds great, but it takes work. How is embracing diversity going to increase my organizational performance?”

A few thoughts, on why embracing diversity is not just the right thing to do, but is imperative to organizational success…

Companies that diversify their workforces have a distinct competitive advantage over those that do not, especially in the coming years as the diversity of our population increases as does globalization in business. There are several predominant factors that motivate companies to see the importance of having diverse workforces. A recent report from the Society for Human Resource Management identifies six key reasons embracing diversity should be part of an organization’s strategic goals and objectives:

1) Greater adaptability and flexibility in a rapidly changing marketplace

2) Attracting and retaining the best talent

3) Reducing costs associated with turnover, absenteeism, and low productivity

4) Return on Investment (ROI) from various initiatives, policies and practices

5) Gaining and keeping greater/new market share (locally and globally) with an expanded diverse customer base

6) Increased sales and profits

In a quick search, we've found several other studies on the importance of diversity in creating a high performing organization:

• Leveraging Diversity to Improve Business Performance


• Diversity Initiatives  in the Workplace


• The Effects of Diversity on Business Performance 

Here’s hoping that most of you desire to be part of an organization that embraces diversity –and strive to create and maintain an organization where people really want to work!   What do you think are the impacts, if any, of not valuing diversity?

About Scott Span, MSOD: is President of Tolero Solutions Organizational Development & Change Management firm.  He helps clients to facilitate sustainable growth by developing people and organizations to be more responsive, focused, productive and profitable.

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