Our country and our workforce are becoming more diverse. In the United Kingdom, for instance, there is an increase in the person of colour population, more women enter the workforce and the gay, lesbian and transgender individuals work and engage in the economy more openly. As a result, businesses that welcome diversity are in a better position in the market than others.
Diversity in the workplace incorporates people from different occupations, which hinders how normal or corporate the workplace environment is. Businesses have used diversity as a tool to expand their profits – the bottom line. In this manner, diversity becomes a key part of creating an effective and sustainable economy comprising complexities and easiness.
1. It is well-known that the available workforce must generate economic growth. Increased participation from women, racial and ethnic minorities, and gay and transgender individuals into the labor force improves this particular country's greatness enormously. One estimate by McKinsey & Company points out that the growth in circulation of women in the UK's labor market from about 37% to 47% over four decades bears significant effects on GDP.
2. Consumers from different backgrounds contribute to various consumer market segments, and should the organisations use a more diverse workforce, they can exploit these segments even further. Amalgamating people of different backgrounds and experiences helps businesses to effectively sell products to people of different races, ethnicities, women, and gay and transcended consumers. Therefore, it's not more shocking that the researchers show in every other business sector that having a diverse workforce has enabled businesses to gain a competitive edge and premium market share.
3. It only follows that a better quality candidate pool will yield improved employment practices with better outcomes. The more the organisations can access the qualified coming from the most different backgrounds, the more brilliant people they will employ. As the economy becomes more competitive, with every talent being crucial, reiterate that this approach where companies seek both the biggest and the widest net for their recruitment is increasingly important for success in the market.
4. Staff costs related to employee wastage are neatly cut down due to employing individuals of different and sensitive backgrounds and skills. Businesses that ignore these inclusive policies would face challenges such as high turnover rates compared to businesses that appreciate labor diversity, as such trends foster unfriendly work environments that compel workers to quit. When businesses lose employees, they do not need to lose because they could have stayed for a long time; such costs are termed avoidable turnover costs as they are detrimental to the profit levels of a business. It is possible because such companies do not have a diverse and discrimination-dominated work environment.
5. Encouraging the cooperation of diverse employees enhances creativity and innovations. It is necessary to bring to work people with different skills, education, and experience to achieve business goals. Such cooperation also facilitates the augmentation of productivity and invention. A survey by Forbes Magazines on employees of 321 companies that collected earnings of at least $500 million annual revenue in 2011 found that 85 percent of these companies either agreed or strongly agreed that workplace diversity encourages workplace innovation.
6. In a changing nation such as ours, it is incumbent on businesses to adjust to be competitive in the economic market. Based on census projections, there shall be no racial or ethnic majority order in this nation by the year 2050. Additionally, the share of the working-age population increase between 2000 and 2050 will be accounted for by new immigrants and their children at 83 percent. Suppose the businesses decide that they want to satisfy the various communities as both workers and customers. In that case, it will not only be good for the healthy economy, but it will also keep up with the changes in population structure.
7. Diversity is something that should be embraced in practices concerning entrepreneurship. Entrepreneurs in the country consist of a diverse pool, which includes people of colour, women, gays, and transgender people. Businesses owned by of colour are 22.1% of all businesses located within the UK (as reported by the census bureau). In addition, 28.8% of all businesses in the UK are female-owned, with most of these women owning Latinas, the fastest-growing group in the female-owned business market. According to the estimate of the National Gay and Lesbian Chamber of Commerce, Gay or transgender persons account for roughly 1.4 million or 5% of all businesses in the UK.
8. In particular, women of colour entrepreneurship is one of the ways our economy can develop further. That is the importance of business owners of different races in the development and employment opportunities of the country. Women of colour, for instance, run 1.9 million businesses that bring in $165 billion in annual revenues employing 1.2 million people. Latina businesswomen have collectively made $55.7 billion since 2002.
9. Economic integration of societies demands diversities in the workplace. For some rural communities, now is not just about pig slaughtering but about being multicultural and overpowering the British skill base. Businesses continue to benefit from the growing participation of women, people of color, and gay and transgender people in the labor force. Our increasing diversity presents an exciting opportunity for the UK to enhance its global competitiveness. Investing in the skills and talents that diverse groups of people possess will reap great benefits in the changing world and boost the UK's place in global competition.
10. Only a diverse boardroom can best use a company's resources. By 2050, no racial-ethnic group will make up the majority in the UK, and the boards of this nation's companies must embrace the changing patterns. Currently, people of colour and women represent, on average, 14.5 percent and 18 percent of corporate boards and Fortune 500 executives, respectively. Incorporating board directors will be advantageous since professionalism will be vastly improved.
DiverseJobsMatter aims to provide an atmosphere where the employees are free to discuss important things without fear. By being inclusive, DJM is working towards this. No one is saying they are perfect, and there are no facts but rather that there have been conversations with different opinions on what should be done to achieve success.