The basic formula for diversity is rapidly evolving. It is no longer simply a matter of creating a heterogeneous workforce, but using that workforce to create the innovative products, services, and business practices that can set a company apart and give it a competitive advantage in the marketplace. And as companies compete on a global scale, diversity and inclusion frequently have to shift, as different markets and different cultures have varied definitions of what diversity means.
Today, diversity and inclusion efforts are a given. Companies aren’t paying lip service to the notion of a diverse workforce. Instead, they have robust programs and policies in place to recruit and retain a cadre of diverse employees.
The business case for diversity and inclusion is intrinsically linked to a company’s innovation strategy. Multiple and varied voices have a wide range of experiences, and this can help generate new ideas about products and practices. Multiple voices lead to new ideas, new services, and new products, and encourage out-of-the-box thinking.
Today, companies no longer view diversity and inclusion efforts as separate from their other business practices, and recognize that a diverse workforce can differentiate them from their competitors by attracting top talent and capturing new clients.
Looking forward, companies must grapple with an aging workforce, a declining pipeline of qualified talent, and the challenges of managing a multigenerational workforce. But as long as organizations can keep their “eye on the prize,” that is, to keep diversity and inclusion efforts at the top of their priority list, it will position them to weather these challenges and come out ahead of the competition.
Download the Forbes Insight report: Global Diversity and Inclusion: Fostering Innovation Through a Diverse Workforce
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