The key benefits of a diverse team
 

Learn the benefits of a diverse team within your organisation. From more varied talent to the bottom line, Barney Ely, Director of Hays Human Resources, explores the many benefits of a diverse team.

The benefits of a diverse team: Key insights

Diversity is well established as a requirement in today’s world of work. But many businesses are still failing to recognise the commercial benefits of a diversity-driven culture. 

Profits, engagement and productivity can all benefit from inclusivity within the workplace, if it is applied correctly. Businesses may also enjoy other benefits of a diverse team, such as:

• Increased client reach
• A wider recruitment pool
• A driven work culture
• Empowering employees to make the most of their talents.

The benefits of a diverse team: Background

Diversity is important, but it should not be seen as an end goal. By leveraging and implementing the results of your diversity policy, you can begin to see the true business value of diversity. 

According to our 2021 Diversity & Inclusion Report, flexible working arrangements and remote roles are the two biggest contributors to a diverse workforce. Put simply: Creating a diverse team is more possible than ever before.

So, what might the benefits of a diverse team be for your company? Here are some examples of how diversifying your workforce can benefit your organisation:

1. Expanded client reach

Think about the wide range of backgrounds your clients may come from. Hiring employees that understand their needs will alternatively create better customer service. 

Goldman Sachs Vice President Sherry Greenfield explains: “Our clients are diverse. The only way we are going to have a diversity of thought is to have it as a fundamental business principle. The benefits of the business are more creativity, better service for our clients, and a positive impact on the business bottom line.”

2. A more effective recruitment process

Jung Lee, Assistant Professor of Employment Relations and Organisation Behaviour at the LSE Department of Management, believes that companies should rethink how they assess candidates through their CV and interview process. 

While hirers might initially be drawn to a more confident candidate, there are just as many business advantages to hiring more reserved candidates. Extroverted people might have the advantage of optimism and strong communication. But those in the ‘reserved and introverted’ camp can bring more logical thinking and realistic judgement.
 
By diversifying your workforce, you can also attract and retain your staff more effectively. Our 2021 Diversity & Inclusion Report showed that 75% of employees believe diversity and inclusion programmes are having a positive effect on their workforce.

3. Get the best out of your employees

How do you know you are a trusted leader? Good managers should understand their team and play to their strengths. Only when empowered will a diverse workforce shine. 

An effective manager will also use this knowledge to empower their employees to grow and maximise their individual talents. This will not only motivationally benefit them but enable them to make an impact within the organisation. 

In our 2021 Diversity & Inclusion Report, managers needing more training was the top reason (48%) why companies don’t yet have a successful diversity recruitment policy. Provide support and training – and help your teams succeed. 

4. Improve processes beyond HR

Some companies – Ernst & Young in particular – have already embraced the path of cultural inclusivity. EY continuously supports and encourages diversity within the workplace and understands that this is about changing the majority, not targeting the minority. 

With this belief, they managed to increase their engagement score to 75% from just 5%, which (for their sector) was still quite high. EY’s Sally Bucknell – Head of Diversity & Inclusiveness UK&I – believes that “if you want to be a global player and engage global talent, the driver for creating a more inclusive is the fact that if you don’t change, you’ll be left behind.”

5. Mentor your employees to success

Mentoring is not just about developing talent. Encouraging staff to be confident with their ideas, and enabling them to flourish individually, are also critical to success. 

Companies can use this to broaden their diversity of thought. As Thea Watson, Marketing Director of Hays UK & Ireland points out: “Having a mentor is incredibly important as they can help employees see the bigger picture.” 

A mentor challenges people to think differently, an opportunity to test new ideas and an open dialogue of diversity of thought. Remote working need not block mentoring. In our 2021 Diversity & Inclusion Report, Honeywell reported that 96% of employees got the same or more out of remote mentoring than face-to-face.

The benefits of a diverse team: Next steps for your business

We’ve explored how empowering your workforce and training managers can lead to a more diverse team. When done successfully, your diverse recruitment policy can lead to:

• A wider range of skills within the organisation
• A wider client pool
• A positive impact on your bottom line.

For more information or to discuss your recruitment needs, please contact your local consultant.