IGI Logo

The current state of the planet may be among its most tumultuous in recent memory. Every ingrained standard in life and the workplace has been rattled and tested over the last two years. A number of new orders arose and disintegrated. The secret to surviving in the modern world is to adapt to anything new that comes along. In order to survive the upheaval of the previous two years, organisations had to reinvent themselves.

The business world has made significant efforts to securely navigate through the turbulent waters of recent times, from adopting new work cultures and upskilling the workforce to extensively investing in R&D and offering new products & services. Nevertheless, not every organisation was successful, despite their best efforts. Unfortunately, a lot of organisations either completely failed or suffered serious harm. What, then, was the difference? The answer to this query is workplace diversity.

Significance of diversity in the workforce

Any organisation can greatly benefit from workplace diversity, especially during trying times. Many organisations give little attention to diversity, while others have very limited views of it. Diversity includes having workers from various cultural and racial origins as well as having adequate or equal representation of both genders (or other genders) in the workforce. Additionally, demographic diversity is a key component.

The workplace is safer and more encouraging for everyone to offer their best effort when there is a good balance of all the genders in the workforce. This enables an organisation to take corrective action by better understanding the problems faced by persons of various genders (and orientations). People of different genders frequently approach a subject from a variety of perspectives. In this manner, an organisation can work with as many different viewpoints as possible to complete a task or resolve a problem. This aids any organisation in avoiding future social, legal, or cultural issues.

Diversity goes beyond gender diversity

Imagine a situation where an organisation is forced to hunt for new markets to sell its goods or services due to a regional economic collapse. Organisations with members from various cultural or racial origins will find it simpler to explore new terrain in such circumstances. People from various backgrounds provide more expertise about emerging markets, increasing the likelihood that an organisation will locate and establish itself in one.

Groupthink behaviour is among the most hazardous things for any organisation. Groupthink and similar thinking have been documented in organisations with homogeneous workforces. Groupthink behaviour frequently exhibits a highly limited view of the world and results in negative outcomes. A diverse workforce has a lower propensity for this type of behaviour. Groupthink is avoided by the diverse perspectives that people of different sexes, races, age groups, and cultures contribute to each scenario.

For every organisation, having people from all age groups is also crucial. Teams with elder members add stability, maturity, and experience while those with younger members add dynamism and adaptability. People in their middle years serve as a bridge between the aforementioned two quite dissimilar generations. All of these components must be present for any business to run smoothly.

The globe is changing at an unprecedented rate, but people are also becoming more sensitive to things like religion, culture, and legacy. Businesses must take great care to avoid offending any faith or community when launching any new product or service, marketing initiative, or public relations campaign. A workforce with diverse cultures and values can internally alert management to any such error before it becomes widely known. In the event that such an error is made and a community is insulted, the appearance of someone from that community can help to diffuse the situation.

Nearly all business executives recognise the value of diversity in the workplace, and historically the most successful organisations have been those that include a good mix of employees from all genders, ages, and backgrounds. Recent economic and pandemic instability and pandemic have restored this ancient knowledge's legitimacy.

(Sunit Gajbhiye, Co-Founder and CBO, Financepeer)