Diversity is Good for Business

Diane Faro

May 8, 2018

The digital revolution has changed the way people do business. Ninety-five percent of Americans own a cell phone and 77 percent connect to the internet at least once daily, with a quarter of adults reporting being online “almost constantly!” As the digital ecosystem continues to offer customers new methods of payments, the industry remains uniquely positioned to provide innovative products and services to customers around the globe.

Keeping up with that changing landscape means hiring and retaining a diverse workforce. That’s why JetPay has put an increased focus on embracing work teams with varied backgrounds and creating a more collaborative internal work environment. Doing so provides a number of benefits to the organization, its customers and its partners.

Stronger Intellectual Capital: Studies repeatedly show that diverse work groups are more innovative than their homogeneous counterparts. Interacting with people who are different requires teams to better prepare and bring more ideas to the table – producing more favorable results.

Authentic Customer Service: Whether you run a small business or a publicly traded company, your customer base is likely made up of diverse people with equally diverse perspectives. According to the U.S. Census, by 2020 more than half of American-born babies will be non-white. How better can we have authentic interactions with customers than by employing a workforce that understands our customers’ needs and cultures, not to mention speaks their language?

Financial Success: According to research from McKinsey and Company, companies in the top quarter of racial and ethnic diversity are 35 percent more likely to achieve above average financial success in their industry.

If you are ready to review your company’s diversity hiring goals, there are some steps you can take. First, realize most of us have an unconscious bias and a tendency to hire in our own image. This leads to a false impression that talent isn’t available. In order to counterbalance this tendency,  consider the following steps:

  • Cast a wider net
  • Engage in a team interview process
  • Create mentorships
  • Establishing a culture of collaboration models an understanding that today’s work teams require diversity, cooperation and expertise to solve complex business issues.

 

Sign up for more from the blog.

Get weekly updates and summaries.