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Why is Diversity so Important for Business?

Updated: May 12, 2023

Diversity is an important business solution

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 For Enhanced Business Culture

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? It is truly the authentic focus on diversity within business culture that will make a definitive change to the way industries are viewed.

Although beneficial in itself, attracting talent from a wider pool of social, racial, gender, religious, LGBTQ+ 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.

Attracting diverse talent is important

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.

The management of diversity and inclusion, if implemented 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.

  • a strategically aligned policy and actions relating to diversity and business growth will help to achieve this.

  • embedding diversity into the core of business values and ensuring that staff teams are knowledgeable and aware of actions that can promote an inclusive environment

  • ensuring that diversity is about people, as well as business growth and innovation will achieve this.

Embedding diversity is a crucial business activity

Embedding Diversity and Inclusion Across Business

Underestimating the value of the true realisation of diversity, and the benefits that it brings will inevitably reduce baseline revenues. This will see your people benefits, customer alignment and 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 cultural diversity, 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. It is therefore crucial to embed diversity and inclusion across all business areas.

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

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