The number of organisations placing a diverse workforce and culture of inclusivity very high in their strategic objectives has increased dramatically over the past few years. But while this is a progressive and vital step, often these same organisations are failing to understand the value diversity brings, instead seeing it as a tick in a box for their CSR agenda. This failure means insufficient heed is paid in developing a strategy to support a diverse workforce.
So, why is a diverse workforce such a great source of competitive advantage? The answer lies in the changing nature of work. As artificial intelligence and machine learning automate an increasing number of jobs, the ones that remain require complex problem solving and abstract thinking. A homogenous workforce, from a single gender, race, religion, class and educational background will likely be able to tackle these problems, and even successfully solve them. However, they are significantly more likely to fail, miss more optimal solutions and spend longer completing them. The reasons for this is that they lack a broad spectrum of perspectives, and therefore the synergistic benefits of a diverse team. In fact, according to a 2017 study by Boston Consulting Group, diverse teams produce 19% more revenue.
Therefore, it is vital that companies complement their diversity agenda by developing an Employee Value Proposition that attracts and nurtures diverse talent. Not only must organisations ensure that their workplace supports the needs of different genders, abilities and age, but also that they develop a culture of inclusivity that embraces different working styles and allows employees to bring their true self to work. Do this successfully, and companies will be rewarded with a significant competitive advantage.
