Diversity: Impacting Talent, Innovation, and Revenue

Techtonic is a firm believer that cultivating a diverse and inclusive workplace can create an environment of positivity and opportunity that resonates throughout an organization. Whether searching for top tier talent, new ways to innovate, or novel paths for revenue growth, it helps to employ a well-rounded workforce.

True diversity carries many benefits in terms of new perspectives and out-of-the-box thinking. In the digital era, where the business is global, novel ideas, products, and services help separate your company from the competition. Therefore, going forward, any company that doesn’t see diversity and inclusion as a core mechanic of business will lag behind. For this article, we’ll further expound on the topic of diversity and the role it plays in talent acquisition, innovation, and business growth opportunity. 

TALENT
To attract top talent, companies must implement and uphold robust diversity and inclusion strategies. Forbes says “diversity and inclusion policies are being designed specifically as recruiting and retention tools, helping to broaden the pool of talent a company can recruit from, while also helping to build an employment brand that is seen as fully inclusive.” 

When it comes to carrying out these policies, your company’s upper management must take a leading role. In a survey of over 300 senior executives, Forbes discovered that “nearly seven out of ten have some kind of internal board or committee to oversee diversity and inclusion strategy. These are typically made up of managers and executives from across the organization.”

INNOVATION
Where innovation is concerned, Forbes’ survey found that a majority of companies with $10 billion or more in annual revenue said diversity helps drive innovation. “Multiple and varied voices have a wide range of experiences, and this can help generate new ideas about products and practices. Survey respondents overwhelmingly agreed that a diverse and inclusive workforce brings the different perspectives that a company needs to power its innovation strategy.”

Additionally, diverse teams ensure that your innovations meet your customers' needs and expectations. Case in point, Fitbit and other wearables aren’t as accurate when worn by people of diverse backgrounds. Focusing on diversity is perhaps the best way to limit these embarrassing errors. Furthermore, these issues can be avoided altogether if diversity is a primary focus during critical development phases such as design and user testing. 

REVENUE
Speaking logically, if diversity helps your company attract top tier talent and improves innovation, it’s no surprise that revenue growth follows. The companies that are executing this best are reaping benefits from having a foundation of diversity and inclusion.. Forbes’ survey found that priorities vary “according to the size of the company. Companies with at least $5 billion in revenues are putting significantly more focus on retention and recruitment in regards to diversity/inclusion programs than their smaller counterparts.” 

THE TECHTONIC DIFFERENCE
If your company desires a more diverse workforce, but you’re unsure where to begin, consider Techtonic. Our Department of Labor-certified training program, the Techtonic Apprenticeship, removes all barriers to entry and provides equal opportunity to high-quality education. We have established a novel talent generation pipeline that helps untapped talent gain in-demand software skills. Because of our expertise in this area, clients regularly use our grads to fulfill their workforce diversity goals.