Diversity has been a hot topic in the business world for some time. With a diverse workforce, both employees and companies stand to gain. Often, innovation thrives when teams come from a range of backgrounds, bringing together a variety of perspectives that may otherwise not be well represented.
This is especially true when you examine the concept of diversity through a broad lens. Not only does it reflect a mix of genders, races, cultural backgrounds and ages, but also lifestyles, personalities and learning styles. With this holistic perspective, a business can experience greater gains and stand out from its competitors with ease.
However, this can only occur when diversity is a fundamental part of your brand reputation. If you are wondering why diversity matters to your customer and employer brand, here’s what you need to know.
You gain access to a more diverse talent pool when you are seen as an employer that embraces diversity. Employees aren’t the only ones who have expectations regarding diversity; customers do as well. Diversity is critical to your brand reputation, from both a workforce and customer perspective.
Diversity and Employer Brand Reputation
Your employer branding is a representation of how you are viewed by your current employees, as well as prospective candidates who are seeking new opportunities. Often, professionals prefer organizations that embrace diversity, feeling it is an important part of a company’s culture.
When you highlight a diverse staff or various initiatives that focus on inclusivity, you are more likely to be seen as an employer of choice. This can bolster your retention and recruitment efforts, increasing the odds you are considered a company that professionals want to find opportunities with and stay with for the long-term.
Candidates frequently favor companies where they believe they will feel not just comfortable, but completely welcome. By showcasing a high level of inclusivity and a diverse workforce, job seekers are more likely to see something that resonates with them, making it more likely they will apply.
Diversity and Customer Brand Reputation
If your company isn’t viewed as being inclusive, some customers (including both in the B2B and B2C marketplaces) may shy away from giving you their business.
This is especially true with Millennial and Gen Z customers. These two generations are incredibly socially conscious. As a result, they may prefer inclusive companies when considering purchases in both their personal and professional lives. If you aren’t seen as supporting diversity, you may miss out on opportunities to increase sales, foster strong customer relationships, and ultimately enhance your profitability.
Diversity also broadens your customer base. By having a diverse workforce, you are more likely to learn about the concerns and preferences of various population segments. This allows you to adjust your products or services to make them more enticing to these groups, potentially leading to an increase in your number of customers.
By showcasing your diverse workforce and inclusivity initiatives, your company benefits, ensuring your reputation remains positive.
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