These days, many companies are not afraid to make diversity as one of their priorities. It may not be easy managing a diverse team, but there are many ways to do this. For one, a 360-degree online review is a good way to learn more about your employee’s needs and pain points. If you haven’t considered the diversity trend within your company, then now is the perfect time to do so.
According to a 2009 study, diversity pays big time when it comes to businesses. Companies that made the switch experienced increased profits and sales revenue. They even managed to achieve better customer satisfaction rate. Another research claims that diverse teams can deliver 60% better results. The following shows how hiring a diverse team can drive your business to greater heights.
Avoid discrimination lawsuits
Many companies already faced discrimination lawsuits. This is one additional headache no one needs for their business. Recently, two executives filed a discrimination lawsuit against Mcdonald’s.
The executives claim that the number of purged black officers was incomparable to dismissed white officers. The fast-food giant maintains they respect people of color. But one can’t deny that the scandal quickly influenced their sales and reputation.
Better opportunities to cater to more people
You may have your target audiences, but as your company grows, so will your need to attract more consumers. Take note that hiring a diverse team gives you access to talented bilingual speakers. The more multilingual staff you have, the more business opportunities you can access.
For one, you can start catering to other nationalities that don’t have a good grasp of the English language. Many consider English as a universal language. But this does not necessarily mean everyone already knows how to speak and write in English well.
Creating ads, reaching out to diverse clients, and retaining customers become easier when you have a diverse team backing you up. It is also a great way to save money as hiring translator is no longer a priority.
Having bilingual employees also allows you to build instant rapport with your audience. Learning a new language can be difficult. But having someone speak your target audience’s language instantly creates a connection between the customer and the company. It makes your team more desirable not only for new customers but the best talents worldwide.
Improved business productivity and financial performance
The more diverse your workforce is, the more productive and creative they get. Another study claims that diversity boosts business bottom line. This is since your company gets to access diverse ideas and solutions to business problems. Of course, the key is to learn how to better manage your team.
Numerous studies stand as evidence that having a diverse team is a great move for businesses. Want to bring more success to your brand, make it more desirable, and want to outperform your competitors? Then start prioritizing diversity. It does not end after the recruitment and hiring phase. There is also a need to make sure you maintain balance when managing a diverse team of employees.
