Why is diversity so important for business?

Updated: Aug 10, 2020

In a modern globalised marketplace, businesses will miss out on a bounty of benefits if they do not embrace diversity and inclusion in their business planning.

The benefits of diversity are many and include:

  • enhanced and more productive workplace culture.

  • increased scope to develop relationships with a wider range of customers.

  • increased creativity to support business growth.

  • enhanced ability to attract and retain staff.

  • increased synergy within work teams.

Diversity is an important business solution

Diversity must be a core theme across all aspects of business activity

There has, over some years, been increased recognition of the need for diversity within many business sectors. However, is it true to say that this recognition, for many industries, is much more than an increase in talent from a wider pool of candidates?

Although beneficial in itself, attracting talent from a wider pool of social, racial, gender, religious, LGBT and other backgrounds, is only the first step.

Businesses must be aware that if they are truly to make the most of diverse talent, they must ensure that inclusion is at the core of their operations.

To be truly effective, diversity must be truly embedded to every aspect of the business.

It must be an enabling factor which serves to drive productivity, interact with, and build relationships, with a diverse customer and client base. Diversity management, if done correctly will engage not only employees and customers, but has the potential to really grow your business.

It will enable expansion into new markets and help you engage with local markets in a more productive way.

Embedding diversity is a crucial business activity

Embedding diversity and inclusion across all areas is a crucial activity

Underestimating the value of the true realisation of diversity, and the benefits that it brings will inevitably reduce baseline revenues. This will see your business profits contracting in a globally competitive marketplace.

Failing to attract diverse talent and customers, in a rapidly changing business environment, will have a negative effect on your business outputs.

Globalization and the changing nature of business, means that relationship building with a much wider range of clientele is an absolute necessity for any business that intends to be relevant in the next 5 to 10 years.

The acknowledgment of culture, religion, lifestyle, language, generation and social class, is a key cornerstone of strategic business planning. The bottom line is that diversity and inclusion affect your business bottom line.

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Kenroi Consulting is a bespoke diversity consultancy providing tailor made solutions for businesses across the UK.

W: www.kenroi.com T: 0203 633 1185 E: info@kenroi.com

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