When talking about business and day-to-day events in companies, it is common for conversations to turn to topics about how to increase sales, lower costs and have the best commercial and marketing strategies.
However, aspects such as the formation of diverse work teams and the great business value that can be achieved by having an organization with differentiated points of view are rarely addressed.
This diversity can help to better understand reality and make better focused and innovative decisions, in addition to increasing recognition with customers, boosting commitment, identity and improving the image of a company.
Diversity, inclusion and profitability
In recent years it has been observed how companies that have a clear and active diversity and inclusion policy are more profitable and keep pace with the times by allowing access to a broader group of talent.
Data from the business consulting firm McKinsey & Company indicates that companies with greater ethnic and cultural diversity have 36% higher performance, compared to those with less diversity. Additionally, those perceived as gender diverse are 93% more likely to achieve above-average financial results.
In that sense, there is a firm trend that shows that more and more companies are trying to increase the hiring of collaborators who belong to various profiles, although there is still a long way to go.
Furthermore, these minoritized groups such as women and the LGBTQ+ community, to give an example, are also investors; and a growing segment of them apply gender criteria to their investment strategies. For this reason, those entrepreneurs who can effectively demonstrate their ability to build and manage diverse teams will have a better chance of success in accessing these sources of capital over those who do not.
In Mexico it is believed that diversity and inclusion is a social issue, when in reality it must be recognized that it is also a business issue. I believe that those who run a company must understand that there are many benefits beyond the social aspect.
I suggest leaders implement a different agenda on these issues, and do not forget that it must be “top down” in all areas and for all collaborators.
Finally, I share five tips to take the first steps in becoming a company that promotes diversity:
- Find out what diversity and inclusion is. Take courses to your offices, talk to people. Small actions can make big changes.
- Take a close look at the composition of your work team.
- Review your hiring policies so that they are directed to all people.
- Make sure your company’s communication uses inclusive language.
- If you are an entrepreneur and if you have the opportunity to design your company from the beginning, make sure that diversity and inclusion is in the DNA of the business. This will help you achieve your goals more easily.
This article was originally published in the digital magazine Emprende and was written by Karla Gallardo, CEO of VIWALA.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.