September 8, 2021

5 Reasons Corporations Need to Embrace a Diverse Executive Workforce

By: ssadmin

With all of the gains corporations are making by hiring a diverse executive workforce, why has it taken so long? People are at the heart and soul of most everything and a diverse executive suite pays dividends not only for employees but also for the profit margins of corporations. Let’s explore the benefits.

Benefits of embracing a diverse executive workforce

The COVID-19 global pandemic has dissolved geographical boundaries in more ways than one, showing the corporate world the benefits of hiring and onboarding diverse executive candidates to build an even stronger workforce.

Diversity is all about accepting and respecting an individual for his/her originality, creativity, and capability, without prejudice based on factors such as race, ethnicity, gender, sexual orientation, socio-economic status, age, physical ability, religious belief, political belief, etc.

Successful executives need to take things a few steps farther, weaving an understanding and appreciation of individual differences and how to create cohesive teams that promote a variety of unique perspectives across the corporate landscape. A diverse executive workforce can also yield improved financial returns. A recent report says that companies with gender, ethnic, and racial diversity are at least 15% more likely to experience above-average financial returns.

Lately, corporate leaders have started to acknowledge the benefits of a diverse and multicultural workforce, harnessing the best executive talent while simultaneously establishing truly global companies.

Today, all job candidates are concerned with diversity and inclusion. A Yello report states that 54% of employees would consider finding a new job if their employer didn’t demonstrate a commitment to diversity. Another study goes on to say that diversity boosts innovation and engagement. 

Here are some of the advantages of practicing diversity and inclusion within your company:

  1. Productivity – A broad range of skill sets, experiences, and perspectives within a diverse workplace increases productivity while offering a variety of ideas and processes
  2. Creativity – When people from various cultures, ethnic groups, and backgrounds work together, the result is increased creativity. In general, people with a variety of perspectives come up with unique solutions to workplace issues
  3. Cultural awareness – People from a wide range of cultures empower companies to better deal with the nuances of a global marketplace. It can also help with teamwork, while providing added clarity among associates and partners across the table, across the country, and across borders
  4. Marketing opportunities – When you’re seen as a representative from a diverse workplace, people relate to you differently. A positive reputation increases marketing opportunities and generates a diverse client base
  5. Increased Profitability The four advantages mentioned above combine to create the perfect storm for increased profits. In fact, a Forbes article states, companies with more culturally and ethnically diverse executive teams were 33% more likely to see better-than-average profits.”

SucceedSmart’s new executive search platform is ready to support corporations meeting and exceeding new diversity goals. Candidates may self-select, through a double opt-in, to identify themselves as diversity candidates and also to share this diversity status with corporations. Corporations also opt-in to include a selection of diverse candidates for each requisition, though each candidate’s profile remains free of personally identifiable information, leaving a decision to match with candidates based solely on accomplishments, removing any bias.