How Diversity Can Improve Your Company Culture
Successful packaging companies share many common traits - with diversity and a strong company culture being two of them. While at first, these may seem like separate elements, it turns out that one complements the other. So, is there a secret sauce these brands know about that the rest of us don’t? Let's take a look.
Diversity Increases Productivity
If there's one goal every business on earth can agree on, it’s finding new ways to increase productivity. While some brands argue that perks or bonuses are the answer, others have taken a much simpler approach. One that involves changing the composition of the workforce - not the compensation.
A diverse talent pool naturally elevates an organization’s output.
Hiring packaging executives with different backgrounds, cultures, and life experiences injects new ideas and processes into your brand. Which helps to improve efficiency, foster competition, and boost morale.
Take gender diversity for example. A recent study by the Peterson Institute for International Economics showed a correlation between female leadership and business growth. The report stated that the “magnitude” of women in leadership roles was significant and that “diversity in general” leads to higher performance.
Surveying over 21K firms in 91 different countries, the study results are hard to ignore.
Creativity Flourishes In Diverse Workplaces
Besides getting more accomplished, another natural byproduct of diversity is enhanced creativity. By integrating teams of disparate individuals, you create a powerhouse of intelligent thought. Capable of tackling most any business challenge or roadblock.
Which, if think about it, only makes sense.
Employees with the same backgrounds and experiences typically approach problems in a similar manner. Put them on teams together, and this homogeneous atmosphere will arrive at familiar conclusions. Pushing the same ideas and fixes they always have.
When you include diversity in your corporate culture, the collective mindset shifts.
Creative thinkers from all walks of life bring their unique perspectives to the table. Solutions that only those who have lived their specific experiences can offer. Distinctive approaches born from different cultures, business environments, and backgrounds that your organization may never come up with on their own.
Incorporating heterogeneous teams means bigger ideas, faster execution, and a more comprehensive approach to achieving growth initiatives.
Inclusion Equals More Revenue
Beyond noticeable gains in production and creativity, inclusion raises yet another important business metric - your bottom line.
Released earlier this year, a report from McKinsey (a management consulting firm) proved that diversity pays dividends. Literally. The data showed that executive teams with the highest ethnic and cultural diversity were 33% more likely to see increased profits. When applied to the board of directors, that number rose to 43%.
Diverse workforces drive revenue growth via competitive advantages. Bringing in employees from around the world provides insight into how other cultures operate. Intangible factors like customs, traditions, and ways of doing business.
Such insights can also produce better marketing materials. Including more accurate translations of your messaging, understanding of sensitive cultural issues, and knowledge of laws or regulations that may impact business.
You also gain access to connections in overseas markets that you may never have made otherwise. All of which translates into better opportunities and sharper skills for competing on the global stage.
Diversity Improves Your Brand Reputation
Another benefit of diversity in packaging is how favorably it reflects upon your brand. In the same way that employees appreciate an inclusive company culture, customers and clients do as well.
Other organizations you partner with (brand owners, suppliers, distributors, etc.) likely institute diversity programs of their own. When calling upon them to do business, having like-minded employees of similar ages, ethnicities, backgrounds, and genders makes them more receptive to your offer. Because reflecting the qualities of others builds trust and creates affection for your brand.
It’s also worth noting that millennials are one of the fastest growing segments of the workforce as well as driving forces in consumer markets. They’re highly in-tune with issues of the day and deeply passionate about social causes. Thus aligning themselves - and their dollars - with companies that share their beliefs.
Making diversity and company culture top priorities shows your brand is innovative, global-minded, and focused on the future.
And in case you hadn’t heard, today’s school-age population is more diverse than ever. Meaning that the spotlight on inclusion and company culture is only going to get brighter. For companies to remain successful, creating diversity plans now must be a top priority.
Diverse Company Cultures Attract Top Talent
It’s no secret that maintaining a strong brand reputation makes the hiring process easier. Rather than having to search high and low for talent, top performers come looking for you. Because when you create an environment that fosters respect, compassion, and consideration, employees turn into brand ambassadors.
As time goes on, momentum builds and sustains the process. Word of mouth helps your organization bring on more great packaging executives. Which in turn increases diversity and makes even more superstars want to join the team.
Sounds simple enough, but finding your first few anchor employees can be challenging. Especially when it comes to sourcing and negotiations. A smart option is to partner with an experienced executive recruiting firm to guide you through the process.
Professionals who understand what it takes to bring diverse packaging talent into your ranks. While, at the same time, avoiding the common pitfalls of trying to go it alone.
Studies show that companies with diverse workforces and inclusive company cultures outperform their competitors. Not only in terms of revenue, but with production, creativity, and brand awareness as well.
Being known as a progressive employer increases your talent pool and improves employee retention. Workers who feel comfortable and happy in their environment consistently give their best. Not because they have to - because they want to.
Yes, diversity is an ongoing challenge that requires planning and management to be successful. However, it’s also one of the best ways to grow a business with the resources necessary to remain competitive.
In the words of productivity guru Steven Covey, “Strength lies in differences, not similarities.”
We couldn't agree more.
What steps has your organization taken to improve diversity in the workplace?
Leave a comment below and let us know!
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Chase & Associates
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