Now more than ever before, workplace diversity has a front seat in HR departments around the world. Not only is diversity and inclusion smart to prioritize for your business, but it’s also the right thing to do for humanity. In the coming years, we predict that organizations who understand how to effectively manage diversity in the workplace will hold a distinct advantage when it comes to hiring and retaining talent.
In this article, we’ll define workplace diversity, talk about some of the benefits, and tools to gain cultural competency to better manage a diverse workforce.
What is workplace diversity?
Diversity in the workplace refers to an organization that intentionally employs a workforce comprised of individuals of varying gender, religion, race, age, ethnicity, sexual orientation, mental and physical conditions, education, and other distinct attributes between people.
What are some benefits of a diverse workforce?
A wider talent pool
By opening up your talent search to a diverse population, you automatically have a larger pool of applicants, thus, reducing the time it takes to fill positions and find qualified applicants. Luckily, in today’s world of remote, independent and distributed workforces, employers can engage talent all over the world – instantly gaining access to diverse individuals for whom a traditional 9-5 office job would have ruled out.
Did you know: After you’ve found your talent (in the U.S. or abroad) you can partner with an Employer of Record (EOR) to handle all of the onboarding, employment laws, payroll and more?
Simply put, the more diverse a team, the greater their creativity. This is because a diverse team generates a wider range of useful and original ideas as they draw upon various lived experiences, cultural upbringing, and unique perspectives. More ideas can lead to increased innovation for your company.
There are many studies that show diverse teams perform better and, as a result, are more profitable and likely to achieve long-term growth. In fact, according to a 2018 McKinsey report based on data from 1,000+ companies in 12 different countries, organizations with more culturally and ethnically diverse executive teams were 33% more likely to see better-than-average profits. Additionally, it was found that diverse companies attain 19% higher revenue than monolithic companies on account of greater innovation.
Considerations when building a diverse workforce
There are many things to consider when building a diverse workforce, especially when engaging individuals from other countries. Not only will you need to consider country-specific labor and employment laws, but also an understanding of each worker’s culture, holidays celebrated and more. For these reasons, employers are seeking out digital workforce management platforms that can provide them with pertinent country-specific cultural information.
How iWorkGlobal can help
Since 2011, our team of global employment experts have been helping companies engage talent in 170+ countries. During that time, we created MyVista, a digital platform designed to help teams engage, manage, and pay their geographically and culturally diverse workforce. A key feature in MyVista is content found in MyGuides – which provides organizations with the hard data needed to operate legally in a foreign country (think: paid leave laws, holidays and more). Additionally, MyGuides is full of cultural content that helps employers better understand their workers’ communication styles, core values, diversity factors and more!
Ready to discover all the ways MyVista can help your company build a thriving, diverse and culturally informed workforce? Click here!