“Workplace diversity sounds more like a messy jargon but in reality, it presents one of the coolest and most productive work environments.”
Advancement in technology has turned this world into a global village. If you’re not living in a deep dark untouched forest, then you must know about the importance of diversity in the workplace.
What is Diversity at Wordplace
Workplace diversity refers to having a diverse team of different age, color, creed, nationality, gender, ethics, and religion, etc. It’s not a trend in the workplace industry nor a quota that every company has to fulfill. Having a diverse team is not even a social responsibility. Why do companies opt for it? Why is the world moving towards having diversity in the workplace?
Why is Wordplace Diversity Preferred?
The benefits of diversity in the workplace are immense. It improves workplace productivity, company culture, employee retention, and fight biases. It also helps with the company’s reputation and much more. Workplace diversity attracts top talent and creates skilled employees. It sharpens their behavior, skills, qualities, and work ethic which in the end, boosts productivity in the workplace.
Workplace Diversity at Denarii Cash
At Denarii Cash, we have people from different countries, religions, age, gender, and abilities working together for one cause – providing ease in money transfer to expats in the UAE. At Denarii Cash, we have seen immense results and we have achieved our progress milestones due to the best and hardworking team that we have.
Here are some of the results that we’ve seen due to diversity:
More efficient and effective environment
When employees from different cultural backgrounds sit together for one goal, they bring a lot more than their individual skills to the table. Every problem or a new idea gets examined very critically on various levels. Also, it helps in understanding people’s psychology and customer base from various backgrounds.
Creative and Innovative
Globalization has challenged the pace and innovation of every industry in the business world. This continuously growing competition demands a constant burst of ideas and innovation to remain on the top of the business. A diverse workforce helps an organization bring more creativity and innovations. Diversity practice is not only a leveler. It is also an immense possibility for an organization’s growth.
Faster problem-solving
Companies having a diverse team solve problems way faster than others. Research conducted by Harvard Business Review found that diverse teams can solve problems faster and more efficiently as compared to cognitively similar people. Having different experiences and backgrounds, these people bring diverse solutions to any problem.
Better decision making
Not only faster problem solving, but diversity in the workplace also helps in better decision making.
Cloverpop, an online decision-making platform published a report on the pace of decision making and they have highlighted a direct relationship between workplace diversity and decision-making ability. Researchers came up with the result that the decision making of a diverse team is 87% better than the decision making of an individual in a similar mindset environment. When employees with different backgrounds and perspectives come together, they come up with more solutions, which leads to more informed and improved decision-making processes and results.
Increased profits
Diverse teams affect the profit of a company directly.
McKinsey & Company, a global management consulting firm, conducted research and came up with a result that companies with diverse teams and decision-makers performed well financially as compared to other companies in the same region.
Companies with a diverse workforce make better decisions faster, which gives them a serious advantage over their competitors. As a result, companies with diversity in the workplace achieve better business results and reap more profit.
Higher employee engagement
Higher employee engagement is another fruitful result of workplace diversity. Deloitte conducted research and found out that when employees feel valued, heard, and included, they are then more engaged with each other and more productive.
We would love to know your views and your experience of workplace diversity. Comment below and we will engage with you.
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