Corporate Diversity Improves Culture, Increases Profits
As the Black Lives Matter movement continues throughout the globe, corporate diversity is once again on the minds of leadership in the United States. Leadership has begun developing strategies to improve diversity in their structure. Regardless of the motivations behind resisting this change, leadership might not understand that corporate diversity is a measure that not only elevates BIPOC professionals, but will improve the quality of life within the corporation.
When leadership is singular in representation, it cannot possibly consider all the needs of everyone in the organization. Leadership that is composed entirely of White executives will have a functional blindness or bias towards the needs of non-White employees. Not only will they leave their non-White employees feeling undervalued, but corporations can be selling themselves short on opportunity to improve business from within, and ultimately from without.
One of the most obvious benefits to having corporate diversity—both at the executive level and below—is that diversity breeds innovation and creativity. When a corporation continually relies on the same thinktank of people who all come from similar backgrounds and have similar experiences, you will eventually begin to see a patter in the same 15 ideas or solutions generated by that thinktank. Workforces with diverse backgrounds see a more diverse array of ideas, innovations, and solutions to challenges faced in the workplace and in the market.
The more corporate diversity you have, the more likely your team will generate ideas and solutions that will better serve your customer base. Different skills and different histories of experience will lead to a more unique brainstorm—from the conference room to the loading dock. According to a study conducted by the Harvard Business Review, businesses with corporate diversity are able to find solutions to problems faster than teams of employees from similar backgrounds. The speed attributed to corporate diversity is due in part to the fact that these corporations foster an environment that promotes a free exchange of ideas, where everyone has a place at the table and their voice is heard. That is the sort of corporate culture all businesses should be striving for.
Diversity is more than a two-pronged approach, but it is important that you have diversity from the top down, and that every person feel as though they can safely bring ideas, concerns, or solutions to the table. By encouraging this diversity, you make sure every person on your team feels as though their voice is being heard. When employees feel heard and valued, the corporate culture of the entire business significantly improves. We know the effects of corporate culture move in a cycle. Employees are either positively or negatively impacted by engagement and validation from leadership, which in turn effects their own engagement, which directly impacts their level of output. As corporate culture improves, output increases. The elevation of those diverse voices has the capacity to save your corporation money in billable hours, workplace lawsuits, and engagement.
Corporate culture audit
At Lauth Investigations International, we pride ourselves on using our intelligence services to connect business leadership with the solutions they need to improve their company from within. If you suspect your business is suffering due to a lack of diversity, call Lauth Investigations International today for a free quote on our corporate culture audit.