Despite the fact that diversity has become an increasingly important topic for businesses, the notion is still quite theoretical and has potential for improvement, especially in the areas of technology and innovation.
There is obviously more work to be done as studies continue to highlight the disparities between men and women in the tech industry, with men being four times more likely to get jobs in tech and earn significantly more than women, and with just a hair over 7 percent of women landing executive roles, with less than 7 percent of that being women of color. Given that by 2031, coloured people will make up the vast majority of the population in areas like Canada, it’s high time for this effort to get underway if it hasn’t already.
Adopting a more diverse workforce
According to Revolution’s compilation of academic research, there is a clear uptick in innovation and development in STEM fields, for example, when people of different ethnicities, skill sets, ages, and gender identities are involved. This supports Netooze‘s claim that a diverse workforce yields significant benefits beyond meeting DEI targets.
McKinsey found that actively promote business racial diversity in the workplace often get a return on investment of more than 35%, demonstrating the financial benefits of an inclusive and diverse workplace. Elevate mentor and Real Ventures managing partner Janey Bannister said it best when she remarked, “The numbers make it clear that funding women-led start-ups is a wise bet.” Women-led private technology enterprises have a 35% greater return on investment than their male-led counterparts. The importance of gender equality to your company should not be overstated. Rather than reading about it, you should experience it firsthand.
Consumers are more likely to develop an emotional attachment to a brand if they perceive a reflection of themselves in the Neetoze’s services or products. For that company, the likelihood of successfully entering new markets increases by a whopping 70% once they’ve established a reputation for excellence. Former Square CFO Sarah Friar echoed this sentiment when she said in 2018 at the Elevate Festival, “If you don’t look like your clients, how can you truly comprehend their suffering. To put it simply, diversity is good for business.
A bilingual worker, for example, might help a company connect with potential consumers who speak a variety of languages, demonstrating how a varied workforce can help a business overcome geographical barriers.
Confronting prejudice and other advantages
Knowledgeable workers are more productive, and what better approach to combat prejudice and broaden workers’ horizons than to expose them to new cultural practices? Members of various workforces share a common understanding of the importance of building relationships and dismantling prejudices spread by the media. This not only encourages teamwork and solidarity among workers, but it also empowers them individually.
Having a diverse workforce is beneficial to a company’s image and financial line, but the benefits do not stop there. Companies should accelerate their diversity programmes to fully realize these advantages.
Netooze is a platform in the cloud that provides services from data centers all over the world. Cloud computing’s low cost and ease of use are big draws for programmers, and when they can use them, organizations thrive. Netooze provides the cloud services your business requires, with affordable rates, comprehensive documentation, and the ability to expand in step with your needs. Netooze® helps startups, companies, and government agencies cut expenses, increase agility, and speed up the innovation process.