Retirement plan sponsors are the first, and most important, line of defense in providing employees with well-managed retirement savings plans.
Companies strive to stay competitive either through the products they sell or through superior customer service. But, with stiff competition, particularly on the recruiting front, there’s another way companies across America are trying to stand out—hiring a diverse workforce. So, what does a diverse workforce look like and how can your company benefit from it?
First, a diverse workforce is hiring individuals of different genders, ages, races, religions, and abilities. Why is this important for a company? When you bring on a diverse set of individuals to a team, you bring in new ideas and perspectives as a result of combining different world views, cultures, nationalities, and experiences.
According to a report by Deloitte, employees were 83% more innovative, 31% more focused on customer service, and 42% more collaborative with their team when they felt that their company supported diversity and inclusion.
Here are three ways your business can benefit from a diverse workforce:
1. New Creative Ideas
Including diverse individuals with unique life and professional experiences and from diverse backgrounds can cultivate new ideas and new perspectives on how to make positive changes in a company. The fact of the matter is, the marketplace and consumer behavior are constantly evolving. Having diverse individuals on your team can bring a certain level of understanding to different markets and demographics that you wouldn't otherwise have. For example, if only middle aged men are working on a new product launch, they may not consider how that product or the marketing plan to launch it will be received by women of a different age group. Including diversity in these type of brainstorming and planning sessions ensure that multiple points of view are considered in the decision making process.
2. More Productivity
Diversifying teams not only cultivates fresh ideas, but can provide more enlightening, productive brainstorming sessions with out-of-the-box solutions leading to more productivity for a company. When you encourage your employees to work in diverse groups, you are fostering a space for employees to bring their unique identities, networks, and resources to the table which can expand your ability to solve problems faster, resulting in increased productivity within the groups and throughout the company.
3. Improved Inclusiveness
People in the workplace enjoy camaraderie and feeling like they are a contributing member of a team. When a diverse team is able to come together and focus on meeting one goal while considering the opinions and suggestions of every contributor, inclusiveness and morale can improve. This can not only benefit your employees, but your customer base as well. As the marketplace continues to become more diverse, your business will benefit from having a diverse workforce to serve their needs. If you have an employee with mobility challenges, you can bet they will be able to relate to your customers who face those same challenges and may bring ideas to your business that make it easier for people to do business with you.
Whether you run a small, medium, or large company, it’s necessary to be open minded when it comes to hiring individuals with diverse backgrounds to work at your company. Plus, it’s a great way to create a competitive advantage from other companies who might not understand the multiple benefits of diversifying their workforce.
SWBC’s Employee Benefits Consulting Group provides companies with the expertise, advice and options that help businesses grow to their fullest potential. Click here to schedule a consultation today.
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