Companies With Diverse Work Teams
Make More Money
We live and work in a global village where diversity abounds.
As a green industry contractor, if your work team does not include a variety of racial, cultural, and age groups, your profits could suffer. At the very least, your business is missing a key ingredient for growth.
Just the Facts
Consider some statistics. Boston Consulting Group recently found that companies with a diverse workforce make more money than those with staff uniformity. In addition, companies with diverse management teams produce almost 20% more revenue than their homogeneous counterparts.
In the words of global industry analyst Josh Bersin, “Workplace diversity leads to innovation. Inclusive companies are 1.7 times more likely to be innovation leaders in their market.” If your irrigation business struggles with a particular issue, hiring a more diverse leadership team could be your answer.
The Multi-Generational Workforce
The U.S. labor force has become increasingly multi-generational, with 50-year experts working alongside young recruits fresh out of school.
Here are some of the benefits of employing staff from various age groups:
1. Knowledge Sharing: Older employees offer wisdom and institutional knowledge, while younger staff contribute fresh ideas and technological expertise.
2. Improved Creativity: The unique life experiences of employees from different generations can lead to creative solutions.
3. Adaptability: A multi-generational workforce combines the wisdom of experience with the receptivity to change offered by younger generations, helping companies navigate evolving markets.
4. Better Understanding of Customers: A multi-generational workforce helps businesses better understand their customers’ preferences and needs across various generations, resulting in greater customer satisfaction and loyalty.
5. Employee Engagement and Retention: A multi-generational workforce that fosters a sense of inclusion boosts employee engagement, job satisfaction, and retention.
Source: The Power of 10
Online decision-making platform Cloverpop revealed in a two-year study that inclusive work teams make better decisions, outperforming individual decision-makers about 87% of the time.
What’s more, your company can attract more job applicants if it reflects diversity in the workplace. According to a 2020 Glassdoor survey, 76% of job seekers believe workplace inclusivity is an important factor to consider when determining employment offers.
Diversity, Equity, and Inclusion
Diversity, equity, and inclusion (DEI) is a term business leaders use to encompass all efforts to make their staff feel accepted and supported at work, regardless of race, ethnicity, gender, age, or socioeconomic background.
While you can incorporate DEI practices into many aspects of your company, most initiatives are led by Human Resources, supporting current team members and ensuring equity when hiring. For instance, DEI recruiting software is available to help employment managers overcome unconscious biases that could disrupt the hiring process and ensure that job opportunities are open to all qualified candidates.
Where to Begin
Convene a meeting with your entire company. First, introduce the topic, explain why diversity and inclusion are important, and lay the ground rules for the discussion. These may include:
- Any information shared will remain confidential.
- Everyone should actively participate in the conversation.
- Every contribution is significant.
- Everyone should listen without judgment.
Then, begin brainstorming answers to the following questions:
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- How diverse is our overall workforce? Our leadership team?
- Can our corporate culture be viewed as biased or exclusive?
- What can we do to make our company more diverse and inclusive?
- How can we attract potential employees from a more diverse labor pool?
- How can we promote our commitment to workplace diversity?
- What challenges might we face in our efforts to become more inclusive?
After adequate discussion time and opportunity for input, gather the results of your brainstorming session and outline a clear action plan. You can then appoint a committee or designate an individual team member to serve as diversity officer to follow through on the approved plan.
Need Help?
The Society for Human Resource Management (SHRM) offers many online resources to help facilitate your company’s journey toward workplace diversity. Here are just a few:
- An Employer’s Guide to Demonstrating Equity and Inclusion
- How to Develop a Diversity, Equity, and Inclusion Initiative
- Navigating Religious Beliefs in the Workplace
- 7 Best Practices to Confront Age Bias, Build Generational Diversity
- How to Ensure Latino Workers Aren’t Left Behind in the Digital Economy
Sources:
Featured Image: Adobe, License Granted
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