Hiring a diverse workforce has become a priority for so many companies worldwide. While it’s still optional for many employers in Canada, some governments worldwide are starting to regulate it.
Some businesses want to attract a diverse group of people to reflect the community, but that’s not the only advantage. Diversity in the workplace has many more benefits than just ticking a box.
What is EDI or Equity, Diversity, and Inclusion in the Workplace?
Diversity and inclusion hiring provide opportunities for underrepresented groups that wouldn’t otherwise be considered because of biases related to a candidate’s age, race, gender, religion, sexual orientation, or any characteristics unrelated to their job performance.
There is a common misconception that EDI hiring aims to increase workplace diversity for the sake of diversity. The objective of diversity hiring is to identify and reduce potential unconscious biases in screening, shortlisting, and hiring qualified candidates. The long-term goal for EDI hiring is to create a culture of inclusivity and diversity in the workplace to reflect society.
Benefits of Diversity in the Workplace
Diversity recruitment isn’t only the right thing to do, but it’s also the smart thing to do. When a business recruits and retains a diverse pool of people, it benefits the company and its employees.
Here are some of the benefits that employment diversity could improve your business in the short and long run.
1. Improving Sales
Diverse companies are more profitable and more likely to achieve long-term growth as an entity when compared to less-diverse counterparts.
Forbes research has identified that workforce diversity and inclusion create better performance for product development and new markets, while companies with diverse top management reap the benefits of higher earnings and returns on equity.
According to McKinsey’s research, for every 1% increase in diversity, the company should predict a 3% to 9% increase in sales revenue.
2. Decreasing Turnover
Companies that recruit and retain a diverse workforce have a competitive advantage.
Many employees prefer companies with diverse workforces because this shows that the company is open, accepting, and free of discrimination. This leads to happier employees who feel loyal to their company and are more likely to stay there for years.
Decreased turnover rates can also save time and money, improve recruiting efforts and help you get the brightest available talent through your doors.
3. Increasing Creativity
Growing up, living, and working in a different country often gives immigrants to Canada a unique perspective that can enrich your company’s decision-making processes. When you have a wide variety of minds working together to solve a problem or help your company achieve some goals, you get unique and out-of-the-box solutions.
Professors Hong and Page from the University of Michigan showed that groups of diverse problem solvers could outperform groups of high-ability problem solvers.
4. Cultivating a Resilient Workforce
In today’s ever-changing market, the ability to adapt to sudden and unforeseen events can make or break your business.
Luckily for you, diverse groups of immigrants come with a proven ability to stand in the face of any change. They’ve left their countries, families, and lives as they know them, hustled, and settled in Canada.
If you want to increase your company’s resilience, these are the kinds of employees you should be hiring.
5. Better Access to Local and International Markets
The Canadian market is so diverse right now, with one in five Canadians identifying as an immigrant.
Hiring diverse immigrant groups is only natural because it reflects the community. Companies with a diverse staff are better positioned to meet the needs of diverse customer bases. They can also help a company tailor its messages and approach and better connect with different groups in the market.
It doesn’t just work locally; immigrants can be an invaluable asset if your company wants to expand internationally. They can often offer up insights and contacts in their home country and save their employers time and money.
6. Enhancing Corporate Reputation
Inclusive companies that hire a diverse workforce are more likely to be viewed positively in their industry.
Being recognized as an inclusive organization can help your company receive good press and develop a strong employer brand, which will help you improve your reputation.
Career Edge partners such as RBC, Scotia Bank, TD Bank, Manulife, TTC, and the City of Toronto have been receiving Canada’s Best Diversity Employers award for years. This program recognizes employers across Canada with exceptional workplace diversity and inclusiveness programs.
Want to hire a more diverse workforce? Get in touch with Career Edge today!