Workplace diversity is something that businesses of all shapes and sizes are starting to prioritize. In this article, we are going to be looking at how a workforce, enriched with progressive values and ideals, can lead to high performance, enhanced wellbeing, and greater innovation.
At Karma, we are incredibly passionate about workplace diversity. Before we start exploring the potential benefits of having diversity in the workplace, let’s look at what the term “diversity” really means.
What is diversity in the workplace?
Diversity in the workplace is all about encompassing all those differences that make us unique, including but not limited to gender, age, race, ethnicity, education, and sexual orientation. In recent years, societies across the globe have started to focus on being more inclusive. This shift in culture has helped to shine a light on minority groups, increasing their visibility in settings like the workplace.
It has become more evident than ever that people just want to be seen and heard. Having diversity in the workplace isn’t about ticking boxes, it’s about giving people a seat at the table and listening to their perspectives and viewpoints whilst making sure that their voices are heard. In your workplace, how could the unique experiences of team members impact decision making?
Inevitably, diversity of thought, stemming from a workforce with different life experiences, is going to enhance conversations and have the potential to improve decision making. If every member of a team grew up in the same neighborhood, went to the same college, and earned the same degree, how different are they from one another? It simply becomes like an echo chamber. If organizations serve the societies they operate in, they need to ensure that their teams have an adequate representation of those societies.
What are examples of diversity in the workplace?
Hiring people from different cultural backgrounds is an example of diversity in the workplace. A group of researchers at several universities, including Columbia, Texas-Dallas, and MIT, explored stock-picking among ethnically diverse groups and homogeneous groups. The results from their studies found that ethnically diverse groups made more accurate pricing decisions.
Credit Suisse, a financial services company, recently conducted a gender-based study into the performance of large company boards. They analyzed the performance of all-male boards and boards that included both males and females. The results from their studies found boards that included women had a lower debt to equity ratio and higher average net income growth.
At the University of Michigan, Dr. Scott Page conducted a study that inadvertently proved the power of diversity. The economics professor designed a stimulation to prove that “very able” individuals would consistently outperform “able and more diverse” groups of individuals. The results were not what Dr. Page was expecting. The simulation showed that diverse groups could in fact outperform “very able” groups.
Can fresh perspectives lead to better results?
The findings from these three separate studies seem to show that having a diverse workforce can only be a positive thing for businesses. Bringing people together from different walks of life into your organization will offer fresh perspectives and help to improve your collective decision making and overall performance.
Being an equal opportunities employer is not just the morally and ethically right thing to do, it’s the smart thing to do. Promoting diversity in your workplace could become one of the greatest strengthens of your business. Giving people, from a diverse range of backgrounds, a seat at the table will enhance the performance of everyone. You are creating a tolerant and inclusive environment that accepts and welcomes people for their differences.
How can Karma foster diversity in the workplace?
We believe Karma has a crucial role in fostering a healthy and positive working environment. Our intuitive workplace tool is designed to encourage positive reinforcement in the workplace, rewarding team members for specific achievements whilst also encouraging diversity. Sitting within Slack or Microsoft Teams, Karma builds an ecosystem of positivity in your workplace, ensuring that everyone is seen and heard.
Install Karma to Slack or Microsoft Teams today!
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