Why optimising gender diversity is good for organizations and the outlook for 2023?
Gender Diversity is one of the most important requisites across industries. Companies across the globe are striving to include an equal representation of personnel hailing from various genders. Present-day hiring is no longer limited to the male-female binary and comprises other gender categories. Although once deemed unacceptable and hugely frowned upon in most social circles, gender diversity and equality are celebrated and embraced today, not just across business avenues but across society. Most contemporary organizations these days emphasize the importance of acknowledging and respecting gender diversity in their work culture. But the question still arises, why is Gender Diversity important in business organizations? Let’s see why?
Embracing Gender diversity in workplaces is a must for any brand to succeed in the long term. Creating a diverse workforce naturally increases engagement and participation across levels by bringing different viewpoints and perspectives essential to engineer growth in an ever-evolving business vista. Driving a culture built upon the pillars of equality and inclusivity helps stimulate innovation and growth in any organization. It has been witnessed that a workplace that rides on the back of a diverse and inclusive workforce enjoys better approaches and perspectives, thus naturally proving more competitive in a globalized economy.
Gender Diversity is also crucial for a successful workplace as it steers in various viewpoints to create an opportunity for equal representation. A diverse talent pool is one of the most sought-after assets for any business today. Not only does it enhance the overall quality of life for the employees, but it also improves customer targeting. Overall, creating a more inclusive and safer workspace helps boost employee and employer satisfaction.
Let us delve into some of the benefits:
- Pools in a Diverse Customer Base
Having a diverse gender environment germinates more opportunities for gaining a diverse customer base on board. This is mainly because people are better at comprehending the expectations and needs of the customers while being more attuned to their requirements, thus resulting in enhanced decision-making.
- Improves Collaboration and Productivity
A gender-diverse company is slated to be more proficient than those that aren’t. This is because wherever diversity breeds, innovation and growth flow. In such an environment, employees find it intriguing to learn the perspective of their peers, thereby encouraging collaboration.
- Creates a Safer and Sensitive Work Environment
Companies that advance a secure work environment must ensure that they preserve a desirable balance of various gender types. In such a scenario, employees naturally become more cognizant and open to other employees. A fair and harmonious balance between all genders warrants a productive and pleasant work environment. In a gender-diverse workforce, there are adequate professionals to back different sides of a notion. This helps carve safer and more democratic work environments where every voice gets a podium.
- Increases Financial Returns
A report released by McKinsey states that companies prioritizing gender diversity on their executive teams were 15% more likely to observe above-average profitability than companies that do not.
However, simply possessing higher gender diversity doesn’t ensure increased profits. It is often an amalgamation of aspects like employee engagement, retention, innovation, etc.
- Ensures Employee Contentment
Gender Diversity in the workforce ensures both internal as well as external contentment. When more gender-diverse groups join a company, those hailing from that gender feel more motivated and charged. At the same time, the employee joining the firm feels like they are in the right place. And as diversity surges, the representation of different groups also increases, thereby instilling a sense of contentment in the overarching workforce.
The road ahead
In the foreseeable future, businesses must continue fighting outmoded gender conventions by challenging various stereotypes. They must discover novel ways to ensure that every voice that is part of the organization gets heard. This means the HR wing of companies must ensure fair promotion practices based on a person’s merit, not gender. In a nutshell, maintaining a holistic and equitable outlook on gender diversity in the workforce can help a company not only widen its talent pool but also become a worthy example that other businesses seek to emulate in the long run.
(The author is Ms. Smiti Bhatt Deorah, COO & Co – Founder, Advantage Club and the views expressed in this article are her own)
