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5 Core Values of Diversity In The Workplace

  • By Kamlesh Ranjan
  • December 28, 2023
  • 6 mins read
Diversity In The Workplace
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    Having a diverse workplace has been a long dream for any organization, but there is a challenge: the majority of organizations don’t even understand the core value of diversity in the workplace. It’s like the brands know what other organizations are doing to improve their work culture. However, they are reluctant to try on their own. Some who do understand the principle of having a diverse and inclusive work culture are hiring people just for the sake of it, as it has become a new norm to attract top talent. A McKinsey & Company study published in 2020 states that companies with diverse executive teams have 21% higher profitability. With these stats, it is pretty much adamant that at least there are some organizations that are unware of the core value of diversity in the workplace. So, let’s dive a little deeper and try to understand what all the fuss is about.

    Also Read: What is the Importance of Cultural Diversity in the Workplace?

    What are the benefits of having a diverse work culture?

    First this first, there isn’t just one benefit of having a diverse work culture. It is a wholesome application that works collectively in the favor of the organization. According to a study published by Harvard Business Review, diverse teams are 87% better at making decisions under pressure. Another study by DiversityInc in 2019 suggests that for every 1% increase in diversity, there is a 9% increase in revenue. Isn’t that all the organization aims for; an increase in revenue? You see, a diverse team is capable of churning out new and innovative ideas; their background in different experiences and places makes those ideas unique and grounded. This is where an organization takes leverage by implementing these ideas and stepping towards a new direction. Here is a summary of what are the benefits of an organization having a diverse employee work culture.

    1. Improve creativity and innovation due to the exposure to different approaches in working methodologies.
    2. A significant boost in decision-making by considering diverse viewpoints and perspectives of employees having various backgrounds. 
    3. An overall increase in employee engagement and productivity.
    4. Employees feel much more comfortable working together and are open to new ideas and change. 
    5. A competitive advantage of employees in attracting and retaining top employees with skills.
    6. A vibrant and more positive work culture for everyone. 
    7. Prejudice and hiring biases are minimized as people get to acknowledge each other differences and start accepting changes.

    In today’s article, we’ll try to understand some of the core values of diversity in the workplace and how it is changing the industry.

    Also Read: DEI (Diversity, Equity, and Inclusion): Its Importance in the Workplace

    What are the core values of diversity in the workplace?

    benefits of diversity

    1. Respect in the organization:

    You see, the first and foremost thing that any employee needs in a working space is respect. It is the factor that defines having a diverse employee base. If the team member or the employee is not feeling comfortable and is unwelcome to the team, they’ll not perform as expected. Thus, it is a highly important core value of diversity. Each employee should be respected, and organizations should welcome new team members with open arms. A report published by SHRM in 2019 states that employees who feel valued for their unique contribution are 5 times more likely to stay with their company. This results in having a better candidate experience and a good retention rate. We also need to remember the fact that no employee likes to work in a place where they are not respected for the job they do. Hence, it becomes a highly critical factor for employees when they are working with any company. 

    Also Read: How to train interviewers on Unconscious Bias and promote Diversity & Inclusion

    2. Equity for everyone:

    Well, this is perhaps the most debatable topic for everyone, ensuring fair and equal opportunities for everyone in every place. This includes a fair opportunity to work on a project without any prejudice to their cast, creed, gender, or ethnicity. According to a study published by Out Leadership in 2022, only 1% of Fortune 500 CEOs are openly LGBTQ+. Although, their are be several reasons behind this statistic. However, still, it does shed light on one factor: the representation of LGTBQ+ employees in top companies is extremely low. This also points out the fact that somewhere in the system, prejudice to a certain protected class exists, and that’s why they are not able to get equal opportunities as others. 

    Also Read: How BarRaiser can help improve diversity, equity, and inclusion in technical hiring

    3. Inclusion of people:

    A welcome workplace is a thriving workplace. It is an important core value of diversity in the workplace that makes a company and work culture more vibrant and happening. A report published by Boston Consulting Group states that companies with inclusive cultures are 6 times more likely to be innovative than companies that do not. It is pretty much evident that having an inclusive workplace is of utmost importance for the organization to keep innovation in check. However, it is not an easy job for hiring managers to create an environment where everyone feels respected, heard, and empowered to share their unique ideas. Even the most organized managers struggle to keep a positive balance to maintain such a work culture. However, that makes it an interesting subject as each inclusion of employees is an evolving process, and it keeps improving day by day.

    4. Openness among teammates:

    A friendly work culture is going to bring innovative ideas to the table. Hiring managers should foster a culture of curiosity and receptiveness to different ideas and viewpoints. You see, openness in work culture is one of the core values of diversity in the workplace; it signifies that the organization cares about the employee. In addition, it also empowers employees with innovative ideas and paves the way for a more inclusive culture. Hiring managers should ensure openness among team members; this promotes the exchange of ideas and feedback to help not just the team grow but also ensure employees’ personal growth. It is perhaps the most essential component of having a diverse workplace.

    Also Read: Importance of Diversity and Inclusion in the Interview Process

    5. Collaboration within team:

    The most important benefit of having a diverse work culture is the advantage of team collaboration. A cross-department collaboration is something that helps the team grow to a greater extent. It also helps the team to overcome various challenges and simplifies their job. However, the major benefit of having a diverse team is the vibrant work culture and the various ideas to achieve organizational goals. Hiring managers should leverage the collective strengths and talents of diverse individuals and work together to solve several issues. You see, people from different backgrounds, cities, and countries bring different experiences and knowledge. Managers can utilize this bandwidth to develop unique strategies and achieve organizational goals.

    How do we implement core values of diversity?

    I’ll be honest with you: there is no shortcut that can implement diversity in the workplace in a jiffy. Hiring managers have to be patient here and gradually develop strategies to invite diverse work cultures within the organization. However, the major role in this will be played by the organizational upper hierarchy, as each person in power will be responsible for promising such a vibrant work culture. Hiring managers and recruiters can only bring in people from diverse backgrounds, matching the idea of leadership. However, the people working within the organization and team will be the ones taking it forward. Hence, after careful research, we have devised some points that should be kept in mind while implementing core values of diversity in the workplace.

    1. A clear diversity and inclusion policy is necessary for any organization in order to build a diverse work culture.
    2. The recruitment process should be diversified, and the recruiter should broaden their search for potential candidates.
    3. Employees should be given unconscious bias interviewer training. This will help them overcome their own prejudice against people from a protected class. 
    4. A good culture is not just about employing people from different backgrounds, but it is also about celebrating diversity through different events and initiatives.
    5. An employee resource ground should be created for underrepresented communities.

    Also Read: What is Diversity in the Workplace?

    At the end:

    Perhaps now we can agree on a similar concepts and benefit of having a diverse work culture. You see, somewhere down the line, we are all aware of the fact that having a diverse employee base will create an excellent work culture and will promote new ideas and innovation. However, only a handful of organizations are willing to try out and change the way their company functions and hire new candidates. I hope, now, you understand better what the core values of diversity in the workplace are and what the benefit is of having such a work environment at your organization. 

    Also Read: How AI-Driven Interview Co-Pilot is Next Big Thing For Job Interviews

    You would be surprised to know that diversity and inclusion are so important that close to 30% of employees feel their company is not doing enough to create an inclusive workplace. It’s not a surprising number; it is the sheer reality of today’s organization. The majority of these organizations are losing potential quality talent because of not having a more relaxed policy on diversity, and as a result, they have not tapped into the market where they should have. So, the bottom line is that having a diverse work culture and employees from different ethnicities, backgrounds, cast, genders, and creeds is important for an organization to function properly and achieve greater summit. It’s high team corporate organizations start taking this seriously.

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