Top 2 Reasons that a Culture of Diversity is Good Business

We have all likely experienced a distinct organizational culture – one that you can almost feel although it may be hard to put into words.  If you have been in an Apple store or stayed at a Ritz Carlton hotel, think back on that unique vibe you felt.   The customer experience that you (hopefully) enjoyed was a direct result of the organization’s culture.

Distinct and memorable business cultures are created from the organization’s values, competencies, defined strategy and expected behaviors that coalesce into that distinctive brand of glue that holds an organization together, gives an organization that identifiable “feel”, creates the organization’s identity and aligns its people’s performance to the organization’s objectives and results.

Not all businesses succeed in developing a consistent, strong, distinct and identifiable culture.  Those that do usually find themselves with highly motivated and engaged employees and loyal customers.

How is it that some organizations are able to build engaging and notable cultures that motivate its employees to be innovative and high performing?   One of the differentiating factors is an organization’s willingness to leverage diversity and inclusion.  (I am referring to more than age, ethnic and gender diversity, but also diversity in skills, competencies, philosophies, upbringing, education and life experiences as well.)  Not only does diversity and inclusion make sense as a social imperative but it also makes good business sense.

“Companies have realized that diversity and inclusion are no longer separate from other parts of the business,” said Stuart Feil, editorial director of Forbes Insights. “Organizations…understand that different experiences and different perspectives build the foundation necessary to compete on a global scale.”

According to a 2012 report by McKinsey & Co., U.S. public companies with a diverse executive board realized a return on equity that was 95% higher than those companies without a diverse board.  Such significant financial impact supports the case for diversity not only at the board level, but also throughout an organization’s management and employee ranks.

Here, then, are the top 2 reasons that make diversity and inclusion a top imperative for a business’ bottom-line:

  1. An Engaged and Motivated Workforce
    • Ability to attract scarce, highly skilled talent relevant to today’s diverse, competitive and evolving marketplace.
    • Enhanced retention of talent through respect, recognition, career progression and professional development important to a diverse and changing workforce.
    • Increased workplace collaboration, creativity and innovation.
  2. Increased Financial Results
    • Access to new and changing demographics and markets.
    • Increased customer loyalty and reach; meeting the consumer needs of changing lifestyles.
    • Reduced employee turnover costs.

Prism Partners International can help you unlock the power, potential and capacity of your people by aligning people to, and assessing people’s performance against, your organization’s culture and strategy.  The result?  A more engaged and competitive workforce, a relevant and enhanced customer experience and improved financial returns.

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