You’ve heard the phrase that two heads are better than one, but what if those two people were from different cultural backgrounds, genders, sexual orientations, ethnicities, political affiliations or beliefs?
Diversity in your company is a competitive advantage. In fact, ethnically diverse teams outperform non-diverse ones by 35 percent, and companies that are in the top quartile for gender diversity are 15 percent more likely to have financial returns above their industry peers.
Here are a couple of ways that a diverse team can strengthen your business.
Spark creativity. Teams that include people from diverse backgrounds and experiences can come up with more creative ideas and methods for problem solving. Having heterogeneous thinking in your group increases the number of ideas that are brainstormed; the more ideas, the better chance for success.
Chamber tip: Want more tips to inspire creative thinking? Check out these three tips to get the creative juices flowing in your office.
Match your market. Recruiting and reflecting a diverse and inclusive group of employees lets your company reflect the world around you. Your team is better equipped to develop ideas that reflect the needs of your whole market and respond to the ever-changing landscape of your target market.
Chamber tip: A diverse workforce not only enhances your connection to your target market, it boosts your company’s brand.
The best of the best. Diversity can help you recruit and retain the top talent; 67 percent of potential new hires consider a diverse workforce as an important factor when evaluating companies and job offers. When your company recruits a wide variety of candidates, your company is likely to hire the best and brightest in the labor market.
Chamber tip: Bring in the best talent for your business; implement these four tips into your hiring strategy.
Want to hear from the experts as to how diversity can strengthen a business? Check out these two TED Talks for a deeper insight into the importance of diverse work environments.
Regina Hartley
: Why the best hire might not have the perfect résumé. Look beyond work history; sometimes the unlikely candidate will surprise you.
Mellody Hobson
: Color blind or color brave? Diversity in hiring makes for better businesses and a better society.
Laura James is the marketing and communications coordinator for the Denver Metro Chamber.