Four benefits diversity and inclusion can unlock for your business

Four benefits diversity and inclusion can unlock for your business

With International Women’s Day (IWD) approaching on March 8, AusIMM has detailed four benefits that diversity and inclusion can unlock for businesses.

1. Attraction, recruitment and retention of talent

With many parts of the mining industry facing skill shortages, attracting and retaining the right talent is crucial for successful business operations.

A study of 6,275 people found that when employees thought their company was putting in “about the right amount” of effort or even “going too far” on diversity, equity and inclusion issues, they scored much higher on the Workforce Happiness Index.

2. Increased innovation and improved group performance

Differences force team members to anticipate alternative and unexpected viewpoints. This then positions individuals to recognise new and different market opportunities, so they can better identify gaps.

“Diversity jolts us into cognitive action in ways that homogeneity simply does not,” Columbia Business School professor Katherine Phillip said.

3. Reputational enhancement

According to a PwC report, you can’t ignore your reputation on diversity and inclusion as it’s a key basis for how stakeholders judge your organisation.

To develop a positive reputation with external stakeholders, you need an effective diversity and inclusion strategy.

4. Improved financial performance

Many of us have a sense that a diverse workplace is desirable but until a few years ago, there wasn’t a lot of research to show a distinct relationship between diversity and strong financial results.

After examining tens of thousands of VC investments, professor of Business Administration at the Harvard Business School, Paul Gompers, found that diversity markedly improves financial performance.

If you’d like more actionable insights and tools for creating and transforming inclusive workplaces in the mining industry, explore AusIMM’s Diversity & Inclusion Masterclass Series.

Created by industry for industry, the digital masterclasses equip you to better understand your own biases and enable positive change in your business.

This article originally appeared on Australian Mining.

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