happiness

Værdien af diversitet

The business value of diversity and integration

The business value of diversity and integration 1200 628 HR-ON

What is all the hype around diversity and inclusion? Is there an increase in focus on fewer opportunities for some, or equal opportunities for everyone?

What exactly is the meaning of diversity in the workplace?

Does it pay off from a business perspective to focus on diversity and integration?

These are some questions that might be on your mind when talking about diversity. Let’s break it down into smaller pieces.

 

Diversity

The employees have their own set of skills which are attained through studies and experience, as well as through their personal and professional background, all of which will affect their work perspective in certain ways.

On a personal level we are talking amongst others about ethnicity, country of origin, gender, age, sexual orientation, religious beliefs or disabilities. The second level is the professional diversity that includes amongst others academic background, career path, industry background, personality type and thinking style.

All of these traits and experiences are accumulated over time and give candidates unique perspectives and skills that come in handy when the company wishes to increase creativity and develop innovative solutions. That being said, employers are not defined by their background, but rather enriched by it.

 

Integration

Integration can be designed as an ongoing process in which all the qualified bidders are taken in consideration and where the focus lies on giving everyone a fair, unbiased chance and not concentrating on excluding some or stop hiring and promoting the typical profile.

Inclusion is shifting attention towards bringing people in as a substitute for keeping people out.

A workplace that focuses on a culture that is accepting of diverse profiles and that includes everyone is on their way of designing the job environment for the future workforce.

This is done by designing a workplace where employers can all have lunch together, make company activities so people interact with each other beyond work tasks and be aware of the employers work-life balance.

Look beyond culture fit when hiring for new positions. By looking for someone who will compliment your work culture you end up having a fresh mindset that will improve and bring new insights to your team. Teams created by like minded employers with a similar cultural heritage and educational background tend to become homogeneous thus making growth and development a slow process.

 

It all starts with the leadership

Include training in cultural awareness, diversity and inclusion. Set guidelines that will ensure the implementation of processes that support and embrace diversity in the workplace.

Measure the progress of the inclusion efforts with the help of analytics. There are relatively easy options to help eliminate bias from inclusion and diversity processes. Analytics help identify and minimise unconscious prejudice throughout the HR departments.

The first step in combating bias is to be aware of it. Once recruiters become aware of this, they will be more likely to screen for a broader candidate base.

Optimize the hiring process so it is based solely on merit and not cultural heritage, race or simply a name that sounds foreign, and continue with the career advancement processes in promotions and leadership development. Focus on these issues and give a fair chance to all candidates and therefore enhance employee involvement and give them a memorable employee experience.

 

Business value in diversity

There is revenue to be gained by D&I. The benefits are numerous, starting with increased creativity and innovation. A recent BCG study shows that companies with a diverse leadership have 19% higher revenue. This is the result of a diverse team that will inspire each other and come up with more diverse solutions to the company’s problems.

Creativity is broken loose, more innovative solutions come on the table, you get a competitive advantage and the employees are engaged and motivated to do their job knowing that their actions are acknowledged and they have a fair chance of advancement. As a result you get a positive reputation which enhances your talent pool.

–for those curious minds a talent pool is a database where hr managers keep all their top job candidates.–

The only offset is that it takes time and engagement to change the way things have been working out so far, and naturally the beginning might be rocky, so keep at it if you want to see results.

 

Future predictions

We are facing a accelerating globalisation and advancement in technology and access to education. Therefore the future of the talent pool is expected to grow in the future, in fact, according to The Organisation for Economic Co-operation and Development (OECD)

“the number of young people aged 25-34 with a tertiary qualification increased by nearly 45% between 2005 and 2013 in OECD and G20 countries and is expected to keep increasing in the coming decade”.

Though migration may make a difference in where the future workforce will come from, the OECD predicts that the individuals with a higher education in the working age population from the EU countries is likely to increase from 26% in 2015 to 34% .”

By 2030 more than 60% of science, technology, engineering and mathematics(STEM) educated young people will come from non OECD countries mainly India and China.

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Why reward is the key to your employee’s happiness and loyalty

Why reward is the key to your employee’s happiness and loyalty 1200 628 HR-ON

Money doesn’t buy happiness, they say. Even if this may sound strange to some people, this is also the case for employee happiness. We know that happiness has an essential role in shaping the company’s productivity, performance, and job market outcome. Likewise, employee loyalty is necessary as well, and it is easy to lose. Therefore, underestimating the power of both could be counterproductive for your company.

Why is reward so important?

First, we need to consider how much the fact of being employed (or self-employed) is important for everybody. In fact, employment has a huge impact on our entire lives. Even if we tend to divide work and private life, being employed (and thus, not unemployed) affects our social status, our interpersonal relationships, our life-goals and our daily structure. The type of employment does not matter, in this case.

 

BEING REWARDED IS THE KEY TO HAPPINESS AND LOYALTY IN THE WORKPLACE

Since employment is so essential in our lives, we cannot deny that it has an important impact on our happiness, as well. And the best way to be happy about the job and about the company itself is to be rewarded.

The reward that an employer can give to the employees can usually be assigned to four different areas: benefits, compensation, recognition, and appreciation. The first two are the most common and “easy”, because they are based on a material reward, such as a promotion, a commission or a raise.

But recognition and appreciation are much more relevant for the happiness and loyalty factors.

They are, in fact, low-cost but they can give an high-return in the long-term performance of both the employee and the company.

 

RECOGNITION AND APPRECIATION MATTER

Recognition consists in the acknowledgment of the accomplishments achieved by the person. So, for example, when the employee reaches the sales-target, and they get their commissions, it is essential to recognize their effort and dedication as well. This can be done in a million ways, depending on your company. If you have a newsletter, you can use it to underline the success of the employee, or you can reward them with a day off to spend with their families or to relax. The reward can be something specific to the person, according to their interests and hobbies.
Appreciation, instead, means simply the expression of gratitude.

Words matter so much, and a “thank you” is much more effective than anything else.

It is important to make the employee feel appreciated for believing in the company and for dedicating their talent. In this way, they will be loyal to the company and to its culture.

 

CULTURE, NOT MONEY

Several studies report that, with higher salaries employees tend to take more notice and put more importance to company culture and values. Priorities change together with the salary, and this must be considered.

When the corporate culture is clear to every employee, and when every business decision is acknowledged by taking the values in consideration, then it is easier to gain the trust of the employees and to have them loyal to the company.

Culture simply makes people feel like they are part of a family, of a real and bigger project.

It can be the motivation to coordinate their efforts and behavior towards a proper vision, which will be beneficial for your company. Having a strong, unifying corporate culture can make the difference for employees’ happiness and productivity.

At every stage, nurturing the company culture and values is always profitable. The happier the employees feel the more loyal to the company they are. Consider this huge advantage and make your employees happy, you won’t regret it!

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