Diversity Drives Innovation, Efficiency, and Revenue
First, According to 2020 data from SCORE (Service Corps of Retired Businesses), companies with above-average diversity earned 45% of revenue from innovation. Those that had diverse management teams achieved 19% higher revenue based on their progressive leadership.
Because diverse teams focus on facts, SCORE’s data found that such teams make decisions twice as fast in half the number of meetings. Plus, the decisions made in those meetings deliver 60% better results.
Grow Diversity in Small Places
Second, the size of a company or its location may appear to be a roadblock to achieving a diverse workforce. However, planting the seed of creative thinking can yield new options, products, and results long term.
An article by Takeflyte.com asks businesses to consider age, race and ethnicity to encourage diversity. It also challenges companies to widen the definition to realize that existing differences among employees can bring value to the organization.
- Recognize how employees’ varied religions, generations, politics, social and family influences can bring fresh insights to brainstorming, planning, and customer service.
- Contemplate how employee’s previous work experiences can help your business avoid pitfalls or trim time from daily tasks.
- Consider hiring remote workers or part-time staff for appropriate tasks. Be sure to include them in planning and product development.
Find Diversity Within Current Staff
Third, many small businesses may not be able to hire a more diverse workforce right away. However
- Take time to ask the opinions of individual staff members.
- Communicate on a personal level to understand the lives of employees. Where did they work before they joined your team? What was that culture like? What activities do they enjoy, and which organizations do they support
- Change up your meeting leaders. A new voice at the head of the table can change the tone and shake up the viewpoints of the group.