Diversity and inclusion in the workplace are hot topics right now.
Glassdoor reports that 69% of executives rate diversity and inclusion as an important issue, so it should be.
In recent times, people have become more curious about these terms and how they affect them. This sudden awakening is expressed by visible spikes in search charts like the one below from Google Trends.
But why the spotlight on diversity?
There’s definitely a case to be made for working with a diverse service provider, and in this article, we’re going to explore 3 of the many perks. A diverse service provider helps you:
- Cater to global markets
- Experience higher financial returns
- Make better decisions and come up with new ideas
Cater to global markets
Diverse companies are 70% more likely to capture new markets. (HBR)
International companies have a lot to gain by partnering with a service provider that is capable of empathizing with customers of different nationalities and cultures.
“To be a diverse service provider in the video game localization industry, where not only languages are translated but emotions, cultural representations, jokes and even ways of expressing one’s culture (and all within a video game) is something that can make you stand out from the pack.”
—Alexis Biro, Marketing Manager at Terra Localizations
According to a study by the American Psychological Association, video games are highly emotional and are usually played by people from various backgrounds.
So diversity is important for customer service and experience—to accurately translate not just words, but emotions in a way that the target customer completely relates to.
Higher financial returns
Numbers don’t lie, companies who make diversity and inclusion a priority record better financial reports.
- Clear Company reports that companies employing an equal number of men and women manage to produce up to 41% higher revenue.
- McKinsey found that Gender-diverse companies are 15% more likely to notice higher financial returns.
- Diverse management teams lead to 19% higher revenue. (BCG)
- Inclusive companies get 2.3 times more cash flow per employee. (Josh Bersin)
But what is it about diversity that brings such monetary gains?
Better decisions, fresh ideas
- Diverse teams are 87% better at making decisions. (People Management)
- Inclusive companies are 1.7 times more likely to be innovative. (Josh Bersin)
- In a diverse team, you hear ideas based on different viewpoints and life experiences which mesh together to form well-rounded decisions and novel ideas.
This has strong links to cognitive diversity, which is a form of diversity that means intentionally including people with different ideas, methods, and thought processes.
“To have a diverse team and workplace makes you, as a company, attractive when it comes to decision making and to have different approaches and thoughts on problems, therefore allowing you to provide quality-driven intelligent services to your clients”
—Alexis Biro, Marketing Manager, Terra Localizations
Working with a company that has a culture rooted in diversity and inclusion could be one of the best business decisions you make.
Companies that uphold these values are 35% more likely to outperform their competitors.
So if you want to up your game, a company like this could make for a strategic partnership.