DIVERSITY AND iNCLUSION
SimpleInsight Ltd supports and enjoys working with people from all different backgrounds. There are great advantages to operating a company and producing a product or a service with a diverse workforce.
Advantages of Diversity
- Higher staff engagement leading to stronger employee performance.
- A better ability to react to globalisation with strategy coming from differing backgrounds.
- Improved brand and reputation as a company is viewed as being socially responsible and ethical.
- An ability to attract talent and close skill gaps within an organisation and industry.
- Improved financial performance as per the graphic below from McKinsey.
Companies that promote and adopt diversity, will be better placed to gain new customers in different markets. While attracting the best talent who have been placing social responsibility and ethics as one of their key hiring criteria in choosing where to work.
“A Boston Consulting Group study found that companies with more diverse management teams have 19% higher revenues due to innovation. This finding is significant for tech companies, start-ups, and industries where innovation is the key to growth. It shows that diversity is not just a metric to be strived for; it is actually an integral part of a successful revenue-generating business.”
This isn’t a new topic; the McKinsey report was produced in 2015 and nothing has changed to show that many businesses take this seriously. It’s probably the lack of accountability that companies have in making the change. It is still very profitable for non-diverse companies to just stay as they are and generate profits, until the customer changes on mass.
“By the year 2025, 75% of the global workforce will be made up of millennials – which means this group will occupy the majority of leadership roles over the coming decade. They will be responsible for making important decisions that affect workplace cultures and people’s lives.”
If you looked at the crowds of people that protested following the death of George Floyd on 25th May 2020, it wasn’t just black people, all people from all backgrounds protested men and women together. For us, this is a step change because it will be these people that will become the recruiters of the future as the above quote suggests.
Mentioned here was gender and race diversity, and how the lack of it doesn’t make commercial sense, but it doesn’t stop here. People can be discriminated against based on their age, disability, gender reassignment, marriage or civil partnership, religion, or sexual orientation. No form of discrimination is acceptable, so if you’re reading this are you prepared to act now for a better future and drive the change, because we are.