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The Importance of Diversity in the Workplace

Nov 07, 2021

A diverse workplace is a significant asset to any business. It gives you access to a wide range of talent.


Also, it acknowledges the potential each employee brings and their strengths. But, achieving workplace diversity in practice is much more complicated than you think.


The secret to a thriving workplace is valuing the differences of each other. It helps bring everyone together and encourages a fair work culture.


Continue reading to learn more about the importance of diversity in the workplace.


Variety of Different Perspectives


A diverse workplace will have employees with different characteristics and backgrounds. Their abilities, experiences, and skills will also be different. It means you have a well-rounded team.


It's a great learning platform for employees to exchange different perspectives and ideas. It helps them widen their learning and experience. Employees will come together and combine their creative and innovative ideas.


This is key to achieving success in any business. Your teams' efforts are essential in planning and executing your business strategies.


When all your employees are on the same page, you risk having a stale environment. A more comprehensive range of opinions is needed to make decisions faster. It's especially true for tasks that need creative problem solving and collaboration.


Your team should comprise professionals with different cultural backgrounds and experience levels. In turn, there will be more sources of knowledge and inspiration to draw from.


Increased Creativity


As different backgrounds and cultures work together, it increases creativity. People with different perspectives can come up with solutions to problems. When employees see the same thing but in different ways, they are more likely to get new and fresh ideas.


You will notice an improvement in the creativity of your workforce with time. Diversity can only enhance creativity if you have a culture of sharing knowledge. When teams share different opinions, it is hard to see the other person's perspective.


Good leadership is vital for greater creativity and innovation. Having a team leader helps mitigate any conflicts that may arise.


Leadership is an essential resource for organizations. It helps employees set aside their differences and cooperate. If all members of your team have a similar background, it's hard to get creative results.


But diverse teams can come up with creative results. They share ideas to learn new ways of doing things. When you're looking for solutions, it's essential to get creative.


Employees from different cultures will look for information by diversifying their thinking. It helps them generate more creative ideas to solve problems.


Increased Employee Retention


Owning a business means that you're open to various characteristics and perspectives. Employees who feel valued and accepted are less likely to leave. When they are happy, they will not look for new opportunities.


diverse workforce makes employees feel motivated. They are more likely to stay in your business.

You'll have a reduced employee turnover rate. They will also respect you and your business. We all know that the recruitment process can be time-consuming and expensive. It's best to hold on to your valuable employees.


You'll have a better potential of staying ahead of your competitors. You will not waste time recruiting employees. Instead, you will invest the funds in a different area of your business.


It shows that workplace diversity is essential for employee retention. Employees need to have a sense of belonging to your organization.


When you have a diverse workforce, your business will be more appealing to a wider customer base. Employees will also feel valued for their unique contribution and individuality.


But it would help if you came up with the best diversity policy to benefit your business. Without a strategic approach, diversity will only be destructive to employee retention.


Increased Profits


The main aim of developing a business plan is to increase revenue. Having a diverse workforce will bring you closer to your goal of increased profits. If your company consists of diverse top teams, you will be among the top financial performers.


It also becomes easy to make decisions faster. It gives you an advantage over your competitors. As a result, you'll be able to achieve better results and get more profit.


Not only that, but it also helps increase your marketing opportunities. A diverse workforce encourages customers and employees to relate with your company more. Using advertising that shows ethnically diverse individuals increases marketplace awareness.


Achieving workplace diversity means bringing out the best of your employees. It pushes them to reach their full potential. By doing so, you encourage a more varied talent pool for the benefit of your workplace.


Increased Productivity


Productivity and diversity go hand-in-hand. Research shows that diversifying your employees can increase productivity by 35%. A diverse team will understand the needs of your customers and come up with ideas to meet them.


It also increases the morale of the team and their desire to work more efficiently. This helps to increase productivity in your company. Diversity is valuable both at lower and upper management levels.


Keep in mind that diversity is a knowledge-based asset. It's a strategy used to come up with the best ideas and solutions. It encourages individuals to think about different perspectives and develop better approaches.

For lower-level management, it means better problem-solving skills. They can come up with original ideas that they can share with the senior leadership.


In turn, the senior management can develop innovative and creative formulating strategies. When you work as a team, information exchange and interactions become more effortless.


Better Reputation


Owning a company means that your employees should perceive you as a good employer. Potential employees want to work with employers who are tolerant of their backgrounds. You have to treat your employees fairly if you want them to stick around for a long time.


A diverse workplace helps create a good reputation for your company and brand. People will view your company as socially responsible and more human. It also makes it easy for different people to interact.


Diversity opens doors to new business partners, customers, and markets. Your reputation affects your sales and recruitment.


Investors, customers, and potential employees view companies dedicated to building diversity positively. If you can prove that you are a diverse employer, they will want to work with you.


You also need to recognize the importance of social media. It will help bring more public awareness of diversity in your workplace. Potential employees and key stakeholders will see this when searching for your company.


Better Decision Making


When employees come together, they share different perspectives to create diverse solutions. Decisions are made faster, which is ideal in today's competitive business marketplace. As a team, you're able to solve problems faster than cognitively similar individuals.


Employees from different backgrounds can provide a wide range of solutions. They have different views and experiences, which leads to faster problem-solving.


It shows that workplace diversity has a direct link to better decision-making. Diversity is crucial for the success of any business.


Businesses with more diverse teams outperform their competitors financially. It's because they are good at

decision-making.


Diverse teams are more innovative because they focus on facts. They take their time to process the facts more carefully. Such employees scrutinize the actions of each other.


They also consider the perspectives of others who think differently than they do. Executing any decisions requires inclusion and not just diversity.


Inclusion is key to executing good decisions into actions. To make better decisions, you need to build age, gender, and ethnically diverse teams.


Higher Employee Engagement


Employee engagement is heightened through inclusion and diversity. The link between employee engagement and workplace diversity is straightforward. When employees feel valued and included, they become more engaged.

The best way to learn about other ethnicity and culture is from your colleagues.


You don't have to research different backgrounds online. Instead, talk to your team. Ask and learn from them during after-work drinks or lunch breaks.


The main aim of having diverse employees is to learn from each other's culture and lifestyle. By sharing personal experiences, you will build a trusting relationship with each other.


It helps to increase employee engagement. It also boosts their motivation which is best for your company. Your team will have a wide range of knowledge and skills.


A culturally diverse workforce reduces racism. When employees from different cultural backgrounds interact, they learn new insights. It teaches them to be more understanding and tolerant of each other.


You Now Know the Importance of Diversity in the Workplace


It is the responsibility of the employer to ensure there is diversity in the workplace. Managing diversity is part of human resource management practices. It helps to address issues of inequality within your business environment.


Hire an expert to provide your employees with business advice. They will learn how to overcome different challenges in your business.


Here at Risepreneurs, we tell our stories to help those who are building businesses. Our focus is on the various challenges Africans and Blacks encounter. We will give you advice on career and community development.


Contact us today to know more about our services.


By site-4_kaFg 23 Jan, 2023
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
18 Sep, 2022
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
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