Addressing diversity and gender parity is top of mind for business leaders and organizations across Canada and around the world, and it makes sound business sense. Statistics show that organizations with a diverse workforce perform better, are on the cutting-edge of new technologies and ideas, maintain an engaging organizational culture and in return see a positive impact on their bottom line.
Workplaces are becoming increasingly more age diverse as colleagues range from productivity-conscious baby boomers to social media-savvy millennials. Numerous companies seem to be struggling with talent management issues as a result of this generational divide, that’s increasingly visible in the workplace.
In 2013, Ceridian Canada’s annual Pulse of Talent survey revealed the existence of a four-generational workplace. This means that there are four generations working side-by-side today: traditionalists (born between 1922 and 1945), baby boomers (1946 and 1964), Generation X’ers (1965 and 1976) and millennials, also known as Generation Y (1977 and 1997). Read more
The idea is not a new one. Different perspectives result in new solutions. In business terms, a diverse workforce is better equipped to gain a competitive edge. Recent research confirms the correlation between diversity and financial performance. Diversity in the workforce helps to attract and retain new talent; heightens productivity through a wide-range of available talents; enriches problem solving and creativity; enhances communication and helps to build synergy in teams; all while increasing market share and creating a satisfied, diverse customer base. All of which equate to increased returns.
Women are, undoubtedly, good for business. A Forbes article recently argued there are fewer places where you would get bigger return on your investment than through supporting women entrepreneurs.
According to a report from McKinsey & Co., women can provide the key to boosting corporate performance. The report found companies with gender-balanced executive committees have a 56 percent higher operating profit than those with male-only executive committees.