Why Is Workforce Diversity So Important?
Companies that emphasize diversity tend to do better overall. These companies not only attract potential employers but they also have a better reputation, improved financial performance and are better innovators.
A Glassdoor survey conducted in November 2014, revealed that more than 67% of people say a diverse workforce is an important factor when evaluating companies and job offers. Susan Cooney, the global diversity and inclusion program manager at Symantec, agrees. Cooney believes that the next generation of employees are focusing more on potential employers' "triple bottom line: people, planet, and revenue." Here are some reasons why corporate social responsibility (CSR) should be taken seriously.
1. CSR Leads to Increased Financial Performance Studies have shown the strong correlation between socially responsible business practices and financial growth. Consumers today are not just looking for high-quality goods and services. Consumers are also looking for socially conscious corporations that prioritize the well being of their employees and the world around them. 2. CSR Improves Brand Image and Reputation Clients, potential investors and job seekers often recognize and support companies that practice social responsibility. Social media makes it easier for companies to showcase their good reputation for diversity as well as their best business practices. A company's social media platform has the potential to draw supporters to their brand.
3. CSR Can Reduce Risks A major part of workplace diversity is establishing regulations and implementing policies that address and resolve potential discrimination and harassment issues. Companies that take the time to develop diversity programs, with the help of legal counsel,greatly reduce the risk of potential lawsuits.
4. CSR Has The Ability to Attract and Retain Employees It is no wonder that companies with a strong commitment to diversity often find it easier to recruit and retain talented and diverse employees. Business social responsibility studies show that employees are more likely to recommend an employer that is socially conscious, even in difficult labor.
5. CSR means Greater Innovation "The more you know, the more you grow." The same is true for any company. Workplace diversity is defined in a more broader sense than just race, age, and gender, but also including beliefs, skills, life experiences, working styles, thought processes. A company with a high level of diversity are more likely to obtain contributions from employees that generate new ideas that draw attention to emerging issues.