How To Support Your Business

Major financial transactions such as an IPO or a merger and acquisition process are key events in a company’s life. These operations are linked to milestones in the life of a company and are affected by the business environment.

A Range of Attributes

Diversity encompasses a range of attributes such as gender, religion, ethnicity, sexual orientation, culture, age and disability. It also includes the level of education, socioeconomic background and political views. All these characteristics will shape how an individual thinks and reacts. By utilising the uniqueness and the variety of viewpoints coming from a diverse pool of individuals, companies could unlock a wealth of added value for their business.

Unconscious bias has been well documented; there is comfort in recruiting people who are similar to us, but it is also the main reason why a workforce remains homogenous. Concentrating on finding someone who demonstrates all the skills included in the job description may lead you to consistently hire the same type of individual.

Looking At People Through A Different Lens

Does having the skills mean they can automatically deliver the results? What about looking at people through a different lens to find that diversity of thought?

People with different backgrounds and experiences may not possess all the skills listed in your job description but will, in most cases, be able to achieve the results expected. Looking at them with the performance profile in mind rather than the role specification will help you realise that they have already achieved similar results in other positions

Most issues faced by businesses are multi-faceted and have multiple implications. Having that diversity of thought has a lot of positive effects on a company.

Expanded Perspective

Most issues faced by businesses are multi-faceted and have multiple implications. Having that diversity of thought has a lot of positive effects on a company. Benefiting from an expanded perspective is likely to help you tackle problems in a more creative way leading to innovation and a possible edge for your business.

Looking at the market differently could mean gaining a better understanding of your customer base or identifying the opportunity to enter a new niche. Creating a culture open to ideas will foster employee engagement and retention as your workforce will feel more included. Showing your company’s dedication towards social responsibility and inclusivity will contribute to the development of your employer brand and attract talent.

A Varied Group

A varied group of individuals will help challenge the group conformity. Homogenous teams gravitate towards the same ideas and can be out of touch with their market and miss out on diverse point of views. They can potentially hinder diverse employees’ chances of progression as those individuals do not “fit the mould” and lead to resignations and a higher turnover of staff.

 

November 13, 2021