Over the past few years, company culture has become a higher priority for many businesses. Clearly defining expectations, values, beliefs and more provides employees with a sense of purpose and helps guide how they should interact with one another, as well as customers.
Not only does having a strong workplace culture improve a company’s bottom line, it also helps with employee retention and satisfaction rates.
However, as we prepare to enter into a new era of the workplace that is more flexible than ever before, it is important to adjust company culture in accordance with these changes.
Now, culture must have the ability to be inclusive to all experiences and be accessed from anywhere at any time.
One of the most important components of a healthy work culture is the inclusion of diverse teams across all cultures, ethnicities, genders, sexuatliy, age, educational background and more.
The value of having a wide variety of perspectives has been found to drive market growth and innovation within companies. In fact, McKinsey data found that companies in the top quartile of gender and ethnic diversity were 25% to 36% more likely to financially outperform those in the bottom.
However, analysis has revealed that the workforce has a long way to go before achieving true equity. For example, there are only five Black Fortune 500 CEOs at the moment, which is down from the record high of six in 2012.
Diversity is not just extra fluff for seemingly progressive companies to feature on their recruiting tactics — it is absolutely necessary for the success of any business.