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Acumen Connections » Blog » 70% More Likely to Acquire New Markets – 5 Benefits of Hiring a Diverse Workforce

70% More Likely to Acquire New Markets – 5 Benefits of Hiring a Diverse Workforce

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Discover why diversity in the workplace is essential

Did you know that having a diverse workforce is helpful to a company? Such workplaces see a number of benefits. This may include increased productivity and innovation. As a business owner, you need to focus on more than just the bottom line. Hiring a balanced team is essential to your success, too.  

As you will see, a diverse workforce allows people to share ideas. Humans enjoy conversation. When employees have diverse backgrounds, they can have engaging discussions. This is key for any company that wants to grow.  

You want a team that can work together, yet be different enough to encourage new viewpoints. Overall, hiring a diverse team will help your company avoid homogeneous thinking.  

Looking to hire top-notch candidates? Let’s show you how.  

When coworkers have diverse backgrounds, they each have unique perspectives. They will be able to see opportunities and find ways of problem-solving. It is important to remember that a team with differences may not always see eye-to-eye. However, studies show it helps build a foundation for your company’s success.  

At Acumen Connections, a favorite among credit card processing companies Wichita, we believe in the power of diverse workplaces.  

What is diversity in a workplace?

You may be familiar with diversity in terms of gender, ethnicity, race, sexual orientation, nationality, and religion. There are even more kinds of diversity. There is also neurodiversity for example, which is the idea that people perceive the world around them differently, think differently, and learn differently. More common examples may include Autism or ADHD, but it can include any type of neurological or developmental conditions or learning disabilities.  Additionally, you may also consider different personality types, educations, and work experiences. There is also a range of disabilities, veteran statuses, and socioeconomic backgrounds.  

It may be 2022, but even in many workplaces, there is still a noticeable lack in diversity. Diversity is still so important these days. Take a look at some of today’s current trends.  

Orange graphic provides a look at current office and workplace diversity statistics “19% of people with a disability were employed in 2021. 5.6% of the workforce accounts for veterans. 33% of the women in workforce are women of color. 46% of LGBTQ+ employees have experienced discrimination. The largest fraction of the workforce is made up of people aged 55+. Women represent less than 5% of Fortune 500 company CEOs.”

The goal is to create an environment with high engagement. Engaged employees are more productive and create better results. When people feel like they belong, they’re motivated to perform well. That’s why 69% of executives believe diversity and inclusion are important aspects of any workplace.  

What are the 5 benefits of diversity?

There are many benefits of hiring a diverse team. Businesses can benefit significantly from having a diverse workforce. Did you know that companies with gender diversity are 15% more likely to outperform their competitors? In addition, ethnic diversity in a company makes it 35% more likely to perform better than its peers in the industry.  

Orange image with gray and white text showing that diverse companies often perform better than their competition

Ok. We see that there is a benefit to having a diverse team. But why is diversity important at work?  

The following are a few advantages that we would like to highlight:  

Orange graphic showcasing the benefits of having a diverse team. Those same benefits are listed below.

1. Higher creativity and innovation

When a team consists of different age, background, and experience levels, it brings everyone new ideas. This leads to enhanced creativity. Everyone offers something unique. This exposure to other views leads to innovation.  

Research suggests that companies that practice inclusivity are 1.7 times more likely to drive innovation in their industry!  

2. Enhanced problem-solving & decision-making

Multiple points of view can improve your team’s problem-solving abilities.  

According to the Harvard Business Review, diverse teams account for faster problem-solving than homogeneous teams. This is because when people come from various backgrounds, they have different approaches to tackling problems. As a result, solutions can be found faster.  

The same applies when a company needs to make a decision. Research states that diverse teams make better decisions 87% of the time.  

3. Decrease in employee turnover

It’s not enough to just hire a diverse team. You must take steps to keep your team once they are hired.  

Employees feel like they belong in workplaces that support diversity and inclusion in their hiring practices. Everyone likes to feel accepted and appreciated. This leads to higher levels of employee satisfaction. Plus, happy employees are also more engaged. These factors reduce turnover. People are less likely to leave workplaces where they feel valued and included. 

Graphic showcasing ways to empower and engage your team. To ensure you keep employee turnover down, it’s important to ensure your teammates feel welcome and comfortable regardless of their background. You can empower and engage your team (while also promoting diversity) in the following ways: Educate leaders on inclusivity, allot tasks according to capabilities and interests, offer tools and resources for improving skills, celebrate employee differences, nurture and environment that encourages listening, promote effective communication, acknowledge efforts and celebrate wins, organize team-building activities, create a safe space for everyone, and be mindful of using inclusive language.

4. Improves company reputation

When a company strives for diversity, it is seen as more socially responsible than companies who do not.  

Inclusive companies are viewed as bringing a sense of humanity to the workplace. This improves the company’s reputation. It’s one thing to improve your company’s online reputation. It’s another thing to improve your customers’ perceptions of your company.  

Employing people from various groups may also allow companies to broaden their customer base. Therefore, they can also tap into new markets. Consider the benefit of hiring a bilingual salesperson. You may be able to reach and engage with more customers in your area who speak that language. It’s certainly an opportunity your competition may not have!  

5. Greater variety of perspectives 

People from various walks of life will perceive things differently. This is true in almost every industry. Cultural diversity brings in more viewpoints owing to different experiences. This proves to be very useful.  

The executive team can analyze how different groups may view a product or service. Diversity in age, national origin, and income level leads to well-rounded perspectives.  

The more points of view you have on the team, the more confident you can feel about the decisions being made.  

Why is diversity so important right now?

There are a few reasons that make diversity extremely important.  

First and foremost, companies with a diverse workforce are more profitable. Statistically speaking, a diverse company will have 2.3 times higher cash flow per employee. From a hiring perspective, diversity is important. It turns out that 80% of employees want diverse and inclusive workplaces. Diversity is essential when trying to generate higher revenue or keep employees happy. It is a driving force that contributes to the success of a business.  

Orange text graphic says ”corporations with diversity are 70% more likely to acquire new markets".
Orange text graphic says, “Companies with diverse leadership can generate 19% higher revenue.”

Big Picture Thinking or Detail Oriented 

Organizations that focus on the big picture have an advantage over others. Big-picture thinkers tend to be goal-oriented. This can expand the business. If your team can see the path forward, it can create the right strategy. You will also need people that focus on the small details. They help to identify and correct mistakes before they happen.  

Your dream team could include an employee with grand visions. They can help find the next sales strategy. This team could include another person who can proofread the copy. Say you like to focus on the big picture. It would be smart to hire someone who can handle the details. A diverse workforce like this is the first step towards achieving the bigger picture.  

A diverse workforce will have experience in many areas. This can help your business in the long run. When you hire a diverse group, it allows them to collaborate and find solutions. This kind of team can see weaknesses, threats, opportunities, and strengths better than a homogenous one. Each employee can add another. One employee’s weaknesses can be helped by another’s strengths. This creates balance.  

When hiring a candidate, you must ensure they will fit the team and company culture well. Employee retention is vital for any company. When it comes to staff retention, it is often not the work that matters most to the employee. Rather, it is their relationships with coworkers. If there is hostility in the team, it may encourage them to seek opportunities elsewhere.  

Having diversity and building a diverse workforce are imperative for growth. It is also crucial to have a team that gets along. A diverse team can help your business develop into a thriving company. A diverse workforce can help not only the company but also its employees achieve beyond their goals.  

For more help growing your business, please review our payment processing and business services today!  

Anna Reeve, MBA

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Hello! I am Anna with Acumen Connections and I love assisting small businesses in any way I can. I have worked in marketing for businesses of different sizes and industries. I believe that creativity and imagination are the hallmarks of content building. I enjoy creating blogs, social media posts, marketing emails, press releases, website copy, responding to reviews etc.

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