Startups

Why Diversity Counts in Your Startup Staff

  • 4 min Read
  • February 17, 2021

Author

Escalon

Table of Contents

Diversity at work is when an organization has an open mindset to hire employees irrespective of their background, gender, race, age, religion, ethnicity and sexual orientation.

In this fast-paced work environment, diversity creates enormous opportunities for a startup. If it’s able to capitalize on the potential, experiences and innovation brought by a diverse group of people, it’ll inevitably improve the company’s performance, and keep them ahead of the game. Being the new engine of growth, startups play a pivotal role in our society by opening avenues for millions to work, and changing the way we do business. This makes diversity and inclusion a priority for a startup.

While society has time and again reflected on diversity and inclusion, the year 2020 witnessed people across the globe engage in conversations on equity, racial justice, diversity and inclusion. A report by Gartner explains how 2020 accelerated conversations on diversity, equity and inclusion. With the racial injustice crisis in the US, and women and minorities still marginalized, companies and business leaders stepped up to promote diversity and inclusion in the corporate culture.

For any leader to run a successful business, it’s crucial to build trust and create an environment where people have the freedom of expression, embrace opinions and voices across the organization, oppose the system of oppression, and leverage the knowledge, expertise and experiences of the employees.

So, let’s find out the benefits of building a diverse and inclusive team.

Increased Productivity

When it comes to building a diverse team, the HR team has a significant role to play. On the very first day, a person who is joining a diverse team has to feel included, and this point should be considered when creating onboarding processes and during team integration in the organization. The higher level of inclusion and belonging that exists in a diverse team will lead to good communication and understanding within the members. Thus, increasing the productivity level.

More Creativity

A diverse group of people will bring along different perspectives, skills, experiences and ideas. If you are working on a complicated project, or an interesting campaign, different insights and creative minds will bring impactful solutions, and innovative ideas to the table. So, when we have diverse people in a team, they bring along more ideas, more creativity, and more unique experiences that will fuel the success of your startup. Also, when in crisis, taking opinions and ideas from all the members of the team will support faster problem-solving.

Higher Employee Engagement

Today’s employee is not just concerned about the monetary gains and career growth, but they want to feel valued, be a part of a fair, diverse and inclusive environment, and know that the work they do matters. When an employee feels valued, accepted, appreciated and empowered, they are more motivated to perform, be productive, and happy to come to work. You need to take your team out to get to know each other well, and also lend the opportunity to share their cultural background and experiences. This leads to higher levels of employee engagement and better performance.

Cultural Appreciation

An organization can turn cultural differences into assets if they value and respect the differences associated with a diverse team. You get the chance to learn about different cultures, languages, practices or religions, and traditions. Here, members learn from their differences rather than marginalize, by spending time with each other.

Pulls Top Talent

An organization that embraces diversity will appeal to individuals from all walks of life. People will be more open to apply as the organization will be seen as a progressive one. This will attract applications from top talent across groups and backgrounds. Diversity also helps in employee retention, as people would want to continue working in an environment that values, appreciates and accepts people from all backgrounds.

Building a diverse and inclusive team is beyond the laws of equality at work. It’s about fostering an open environment that adds value to the organization, and brings a sense of belonging to each person at work.

 

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

The Importance of Financial Literacy for Business Owners 

Running a business isn’t just about having a great product or service – it also requires a firm grasp of...

Accounting & Finance

Tax Implications of Remote Work: What SMBs Need to Know 

The rise of remote work has opened exciting possibilities for small and medium businesses – access to a wider talent...

Leadership & Growth

Succession Planning: Preparing for Leadership Transitions 

Change is inevitable in business, and one of the most significant changes a company can face is a leadership transition....

Accounting & Finance

Sales Tax Compliance in the Digital Age: Challenges and Solutions 

The rise of e-commerce and digital business models has revolutionized how companies reach customers, but it has also added new...

Leadership & Growth

Implementing Lean Management Principles in SMBs

“Lean management” might conjure images of big manufacturing plants fine-tuning assembly lines, but the principles of lean are highly relevant...

People Management & HR

Developing a Competitive Compensation Strategy for SMBs

For small and medium-sized businesses, a competitive compensation strategy is key to attracting and retaining the talent needed to grow...

Accounting & Finance

The Role of Financial Reporting in Small Business Growth

Financial reporting often appears to be a routine exercise, but for small businesses, it can be the difference between reactive...

Accounting & Finance

The Impact of Accurate Financial Operations on Business Success

Financial operations encompass the systems and processes that govern every monetary aspect of a business—from managing payables and receivables to...

People Management & HR

The Benefits of Outsourcing Payroll for Small Businesses 

For many small business owners, running payroll is a time-intensive chore that requires meticulous calculation, familiarity with tax codes, and...