The value of diversity in the workplace cannot be undermined in today’s highly competitive business landscape. According to research by Forbes, diverse teams deliver 60% better results and make better decisions in 87% of cases. In the same line, a Deloitte study reveals employees report an increase by as much as 83% in their ability to innovate if they feel their company is supportive of diversity and if they feel included. There is no doubt a diverse team has a broader skill set, which can offer more innovative ideas in order for the company to remain competitive.
Building a diverse workforce has therefore become a strategic move for many companies. Eastvantage, for instance, opened its doors to older, more experienced employees in 2020 in order to help broaden the knowledge of its existing young team of homegrown leaders. Now, 17.7% of its operations team members are within the 41-60 years old age range compared to 9.6% in 2019. It has also been able to maintain its overall male to female ratio at 53:47, with a 50:50 ratio within the operations support team. Aside from achieving diversity, it has also fostered a culture of inclusion. “Eastvantage has been able to overcome the challenges of the economic crisis of the past three years and has in fact grown tremendously. We credit this to building synergies within an engaged, highly-diverse team,” revealed Kamal Asarpota, Eastvantage CEO.
The changing talent preferences have made the war for talent more difficult though, and companies have experienced a decline in hiring success. Many organizations have therefore turned to outsourcing in order to fill their need for more diverse teams. This is because the right outsourcing partner:
- can provide access to global talent;
- has the local knowledge and expertise, aside from having legal employer status where it is located;
- has the operational experience to manage teams of mixed demographics, including cultural nuances.
In short, outsourcing allows a company to build a diverse team and reap the benefits from it. But whether you decide to outsource or build internally, having a diverse team will scale up innovation and increase productivity, leading to overall better business performance, and translating to higher revenues.
The Eastvantage #OCC (ownership, communication, collaboration) culture promotes diversity and inclusion, making for highly inspired teams who deliver inspired results. Click on the following links to find out more about our flexible outsourcing solutions.