Why is diversity important in the workplace? This is a question that many managers and business owners seem to be asking in the current market. There now seems to be a bigger push than ever to have different genders, ethnicities, religions, sexual orientations, cultural beliefs and more, but why?

The fact is, diversity is an important factor influencing the modern business environment that impacts companies of all sizes and across all industries - the finance space is no different. So what are the real benefits?

Diverse teams perform better– Studies have shown that a cognitively diverse team of people will solve problems more efficiently than a team of cognitively similar people. When it boils down to it, if you have a broader spectrum of understanding and thinking, then you are going to be able solve a broader range of challenges that rear their heads on a daily basis.

It provides a greater platform for innovation and creativity - Having a workforce comprised of people with different backgrounds, experiences and skills means the ideas generated by these teams won’t be homogenous – they’ll be innovative and creative. One of the most common requests from managers is candidates with ideas, strong opinions and a different way of thinking; diversity provides this in abundance. 

Increases Company and Employee Growth – The importance of workplace diversity cannot be overstated when it comes to an organisation’s ability to reach markets in foreign countries. The appeal of global markets creates two kinds of opportunities for employees: opportunities for promotion and employee development. A global marketplace opens doors for employees with diverse language skills and multicultural understanding to build global profit centres.

Diversity certainly appears the word on many a set of lips in the current market – if you are interested in promoting your diverse and inclusive workforce then we would love to hear from you. We will announce our Diversity & Inclusion Champions later this year, it is a great platform for employers to highlight their open-mindedness and inclusivity. If you would like to be considered then please get in touch with Scott Richardson @ Harrington Starr.