As the DEI movement gains momentum, companies are realizing the power of diversity in driving higher cash flow, attracting more talent, and empowering better decision-making. Rotem Eylor, founder and CEO of Republic Floor, believes in the importance of diversity and has seen success in promoting it within his own business. By staffing his company with people from underrepresented communities and diverse backgrounds, Eylor has found that diversity has been the key to their success.
The goal of diversity is to welcome groups that have traditionally been underrepresented in the workforce, allowing for access to new skill sets and perspectives. Increased innovation is one benefit of diversity, as it brings a broader perspective capable of seeing inefficiencies in products and processes. Additionally, diversity supports innovation by providing a variety of approaches to problem-solving, increasing the likelihood of identifying innovative solutions.
Diverse teams can lead to better decision-making by identifying all possible responses and addressing potential issues. Diversity helps neutralize groupthink and allows for new solutions to emerge by introducing different perspectives and preferences. To fully experience the benefits of diversity, businesses should consider not only identity factors like race and gender but also experiential diversity, including diverse educational backgrounds, life experiences, and job specialties.
Recent reports show that many companies are doing away with the requirement for applicants to have a bachelor’s degree to increase their diversity. By building teams with a high level of functional diversity, businesses can drive innovation and more effective problem-solving. Cross-training current employees in different areas can also increase functional diversity within the workforce and lead to better understanding of products and marketing strategies.
The growing need for business diversity is becoming increasingly important as underrepresented groups shift into the majority over the next two decades. By building a diverse framework now, businesses can better connect with and meet the needs of a diverse customer base in the future. Diversity brings operational efficiency, innovation, and improved decision-making, making it essential for businesses to prioritize diversity in their workforce to remain competitive in today’s rapidly changing marketplace.
