08 Aug How Diversity Builds Better Businesses
Data proves that the business world is quickly becoming minority dominant. The consumer base is increasingly changing, representing a much more diverse world. These exciting changes also mean that companies need to change or run the risk of becoming obsolete.
Diversity is the key to growth. Hiring managers and recruiters have the power to increase diversity and further strengthen the company they work for. But what are some key benefits of implementing a diverse workforce?
The Role Recruiters Play
Recruiters are on the front lines. They have the experience and knowledge to attract key talent that benefit the company as a whole. Outreach to minority organizations is a critical component in this process. Hiring Managers and recruits are responsible for isolating the top talent in a given field, and they need not overlook minorities in their search.
Hiring managers and recruiters are responsible for diversifying their company’s workforce. Doing so not only benefits the individuals they hire but also provides both immediate and long-term benefits for their company.
The Benefits of a Diverse Workforce
While it can be an arduous task creating diversity in your workforce and isolating the right talent, there are serious benefits for doing so. Some of these include:
- Broadened Perspective. Companies with greater diversity benefit from multiple perspectives. Better understanding of consumers and unique perspectives generates new ideas that are priceless.
- Assists with innovation. Innovation is driven by out-of-the-box thinking. Diversity promotes this style of brainstorming.
- Improves Customer Satisfaction. When customers see that your business represents a diverse workforce, and feel represented by your customer service reps, their satisfaction increases.
- Builds Brand Authority. Building diversity improves branding and authority in your niche.
- Increased Revenues. Your team’s ability to understand what your consumers want results in better targeting and advertising. The result? A better bottom-line. According to a report, companies in the top quartile for racial and ethnic diversity have an increased likelihood of better financial returns.
How GO2 Handles Diversity
The GO2 People passionately pursues the top-tier talent, but we do so recognising the importance of diversity.
“At GO2, diversity isn’t a quota, it isn’t just about gender and race” says Managing Director for GO2, Billy Ferreira. “It’s about surrounding ourselves with people who come from diverse backgrounds and who have had a wide range of life experiences that help shape their perspective. It promotes deeper levels of discussion, more accountability and innovation. Diversity promotes openness. It’s so much more than a buzz word on the organisational values poster”.
GO2 also focuses on providing multiple service offerings which creates opportunity for people within the business, according to Head of Growth & Investor Relations for GO2, Paul Goldfinch. These opportunities provide employees with more scope to develop their skill sets and improve their core function, all of which is a part of diversifying service offerings as a business.
“Diversity within the company is critical to the development of our employees, both personally and professionally. From a workforce point of view, it also promotes cultural awareness and understanding which is reflected in our day to day operation. This allows the company to be more engaging across all levels of society.” said Paul Goldfinch.
An increase in vertical integration with the existing business units and having a diverse service offering strengthens the company and spreads risk. Each division speaks with the next thus providing vertical integration and increased capability.