Diversity a major consideration for employees

Diversity has been discussed as a major advantage to running an efficient business. The perceptions of employees may play a key role in this, as the majority agree it’s important to them.

Seventy-six per cent of Aussie employees noted that diversity policy is important to them, according to a study by COS.

Despite this, just 47 per cent of respondents said their company has a diversity policy in place, and 35 per cent were unsure. This highlights a missed opportunity for businesses.

“There’s a significant amount of research that reflects that diverse companies are more likely to outperform non-diverse businesses, so it’s truly in everyone’s best interest to ensure this is a priority within the workplace,” commented COS co-chief executive Amie Lyone.

“Based on the evidence of the benefits, as well as the yearning for diversity from staff, it’s apparent that while leaders may want to improve this area of the business, they simply don’t know how or where to find the time.”

The importance of having an effective diversity policy in place was outlined by respondents. The top reason was: “Inclusion of everyone is important to me” (33 per cent), “I value diversity in every part of my life” (28 per cent), “it makes me/would make me proud to work for a company” (17 per cent), and “diversity makes companies more successful” (17 per cent).

Thankfully, most employers adhered to the desires of their workforce. Eighty-five per cent of respondents said their workplace is diverse. This was due to a few different factors: Race and ethnicity (72 per cent), age (69 per cent), and gender (67 per cent).

Ms Lyone continued: “Often, tasks like creating and implementing policies take a back seat to more time-sensitive items that need urgent attention, but it’s clear that employees are looking for more businesses to implement diversity policies, so it’s important to take action.”

Ms Lyone gave four key areas to consider when implementing effective diversity policy:

1. Conduct an internal audit: Before introducing a policy, it’s important to know where the business is currently positioned from a diversity perspective. Carry out a formal review of the company, everything from gender split, pay differences, and cultural mix.
2. Be clear on the goals: Once the audit has been conducted, it’s important to gather the leadership team and set measurable goals. For example, reducing the gender split by 10 per cent in 2024 or increasing the cultural mix by 15 per cent by 2025. Once the goals have been set, leaders can also make team members accountable by giving teams and departments individual goals. This can be included in the review process.
3. Improve the company’s hiring process: The hiring level is the number one stage where businesses miss the mark when it comes to diversity. Broadening the scope will help to open up the candidate pool with more choices. It’s also important that there is a diverse panel of interviewers to make better and more diverse hiring decisions. LinkedIn’s Global Recruiting Trends report found that diversity is a key trend that has impacted the way organisations hire their people. According to the report’s findings, 78 per cent of companies prioritise diversity to improve culture, and 62 per cent of companies prioritise it to boost financial performance.
4. Educate and engage the whole company: For all staff to feel included and supported, there needs to be an internal conversation. For example, at COS, the business respects the unique needs, individuality, points of view, and potential of all team members. One way to build awareness and foster inclusivity is to be aware of and acknowledge a variety of upcoming religious and cultural holidays. Use the company’s internal communication system to educate employees and be respectful of these days when scheduling meetings.