The Benefits of Having a Diverse Workforce
STEM Recruitment Partners believe in making workforces more inclusive and diverse. An organisation can become more inclusive by understanding the benefits of a diverse organisation, actively pursuing workplace diversity and then creating an accepting culture. Having a diverse workforce means it is comprised of employees of varying abilities, education, languages, sexual orientation, cultural background, ethnicity, race, religion, age, and gender.
Why Workplace Diversity Is Crucial For Ireland And Its Economy?
Science, Technology, Engineering, and Mathematics based fields like life sciences and Engineering dominate the overall economy of Ireland. Foreign Direct Investment (FDI) is one of the backbones of the Irish economy that creates several thousand STEM-related jobs in the country. Many of the world’s largest medical device, pharmaceutical, and technology companies are based right here, in Ireland. Billions of euros are being invested in Ireland annually by said multinationals and with that comes competition to build high-performing teams.
Due to the high volume of STEM related roles being created right now, there is a big talent shortage in engineering, life sciences, supply chain, ICT and skilled manufacturing roles. There is high demand for employees from Technician and Engineer level up to Senior Management and Executive level and the current talent shortage is jeopardizing FDI and future progress. Adopting workplace diversity can act as a potential solution for the talent shortage. For instance, women working in STEM-related jobs currently account for only a minor share of the overall STEM jobs in the country. Hence, organisations in Ireland, specifically those related to STEM, can hire a diverse workforce to mitigate the talent shortage. A diverse workforce can also provide several other benefits, some discussed below.
- Higher Productivity
An inclusive and diverse workforce can positively impact the satisfaction levels of employees, which improves their performance and engagement.
- More Innovation
An environment of productivity and innovation can be fostered when individuals from different attributes, skillsets, and talents work together.
- Increased Creativity
A diverse workforce can help an organization expand its talent pool and access new information and ideas.
- Higher Financial Returns
Companies moving towards workplace diversity can statistically achieve a higher financial return over other companies owing to higher productivity. Multinationals by nature have a diverse workforce and are reliant on diverse thinking to grow further into new territories, therefore the biggest companies in the world (most successful) alreadty have diverse global workforces. So when it comes to hiring in each individual country, why not continue to embrace candidates from other cultures and backgrounds?? after all, it’s part of what makes a major MNC so successful.
- Superior Team Communication And Dynamics
A team of individuals of different backgrounds as stated is often more creative and if nurtured can be far more dynamic as different skill sets and ways to approach a problem are explored and often yield the best solutions. If all of your staff are much the same (clones) where will original thought, idea challenging, and new approaches come from??
- Attracting The Top Talent
Millennials are expected to account for a major share of the global workforce in the next few years. Thus, organisations have to adopt the values preferred by millennials, such as collaboration, diversity, and technology. Thus, organisations can attract and retain the best talent by adopting workplace diversity. Future employees will not be interested in working with organisations that exclude people for being differnt.
- Better Reputation
Organisations promoting workplace diversity are viewed as socially responsible, eventually creating a better reputation among their customers. Moreover, workplace diversity can help Irish organisations to remain in touch with their different clients.
- Boosting In Employee Retention Rates
Workplace diversity helps boost employee retention. The organisation becomes more accommodative of many individual perspectives and characteristics. Thus, employees feel valued and accepted in such organisations. Hence can be significant for Irish companies.
- Higher Employee Engagement
In STEM-based sectors, a diverse workplace greatly enhances employee engagement. Teams will engage more while working in an inclusive environment.
- Improved Decision Making
A direct correlation is there between decision-making and workplace diversity. Diverse teams have outperformed individual decision-makers. Ideas are challenged more and new ways to solve issues are explored.
- Faster Problem Solving
Organisations with a diverse workforce can solve different issues faster than other organisations. Employees from various backgrounds have multiple views and experiences, thus bringing different solutions, leading to faster problem-solving.
Here in Ireland, STEM Recruitment Partners will be glad to assist organisations intending to achieve workforce diversity.