Why We Need More Diversity in Our Workplaces

Wed, 16 Oct 2024 15:00:49 -0400
bcgstudy, blog, bobbyallen, careerreadiness, careerreadinesscompetency, diverseteams, diversethinking, diversity, diversityrecruitmentevent, dre, google, mckinseyreport, nace

Despite what you might read in the news or on social media, diversity is more than just a buzzword when it comes to the workplace. It can actually help companies build innovation, profitability, and employee satisfaction. Here are a few ways that diversity in the workplace can create positive, lasting impact.

Builds Creativity. When organizations bring together employees from different cultural and experiential backgrounds, generating creative solutions can come more easily. Employees are more likely to question the status quo and think outside of the box to tackle complex problems. They take more novel approaches to the work that they do, causing the company to overall be more adaptable.

Fosters Innovation. Diverse teams bring broader perspectives and foster innovation. By challenging conventional thinking, companies can now make decisions that positively impact the bottom line. According to a McKinsey report (1), companies in the top quartile for gender and racial diversity are more likely to have financial returns above their respective national industry medians. Additionally, a BCG study (2) highlighted that organizations with more diverse management teams have a 19% higher revenue from innovation compared to companies with below-average diversity.

Causes Work Satisfaction. Other than financial benefits, diversity promotes a more inclusive and respectful workplace culture, which increases employee engagement and retention. People feel valued when their unique perspectives are welcomed, a consideration that recent grads do not take lightly, nor should they. According to the National Association of Colleges and Employers (NACE), equity and inclusion is a career readiness competency that employers should seek to promote open-mindedness, flexibility, and adaptability in the workplace in order to recruit top talent (3).

Represents Customer Base. Lastly, having a more diverse workforce better reflects the global customer base companies serve. As businesses operate in increasingly international markets, the ability to meet diverse consumer needs becomes crucial to ensure success. Additionally, companies that embrace diversity and reflect a diverse workforce are seen as more relatable and inclusive by global customers, opening the door for lucrative relationship building opportunities and partnerships.

Increasing workplace diversity isn’t just the right thing to do — it’s a strategic imperative for companies hoping to hire and retain the best employees. What that said, students should strongly consider a diverse organization for their next internship or job to experience the benefits firsthand.

If you want to get a head start, join us for our Diversity Recruitment Event on Thursday, October 17th from 5-8 PM at the University Center Ballroom. This is open to ALL students. Enjoy a free dinner, network with top organizations, and hear from UMBC alum Bobby Allen ’99 about his work at Google.

(1) https://www.mckinsey.com/~/media/mckinsey/featured%20insights/diversity%20and%20inclusion/diversity%20wins%20how%20inclusion%20matters/diversity-wins-how-inclusion-matters-vf.pdf

(2) https://www.bcg.com/publications/2018/how-diverse-leadership-teams-boost-innovation

(3) https://www.naceweb.org/career-readiness/competencies/career-readiness-defined