In today’s business world, it’s more important than ever to foster a diverse and inclusive workforce. Studies have shown that companies that embrace diversity and inclusion are more likely to innovate and bring new products to market. It is often said that “diversity is our strength.” And it’s true. Leaders and employees from varied backgrounds, experiences and cultures allow different perspectives and ideas. To thrive, it’s essential to create an environment where differences are celebrated and encouraged.
Companies require an inherently diverse workforce across all levels to foster innovation; this is much more important and effective than having one or two key “innovators” on staff pushing new ideas. When you have a team of people from all walks of life, they can bring their unique experiences and insights to the table, leading to better problem solving and more creative solutions.
- Inclusive companies are more likely to bring new products to market or expand their market share.
- Inclusive companies have more engaged employees satisfied with their work and lower levels of employee turnover.
- Diverse and inclusive companies attract top talent as they offer an environment that fosters a wide range of perspectives, leading to greater creativity and innovation.
How Does Diversity Fuel Innovation?
Countless studies show how diversity fuels innovation. As our world changes with the ever-changing COVID pandemic and economic crisis, leaders need to be agile to survive and lead their organisations during these quantum shifts. They must build collaborative teams that can leverage digital assets and innovate again and again, if necessary, to outperform their counterparts.
Diversity is one of the most important assets a company can have. This isn’t just conjecture – there are plenty of real-world examples to back it up. For instance, when Apple released the iPhone, it was considered a game-changer in the tech world. But what many people don’t know is that the team that designed and developed the iPhone was incredibly varied. The team included designers from different parts of the world, engineers with diverse backgrounds and expertise, and even an executive who had worked on previous unsuccessful projects. This mix of personalities and skills led to a truly innovative product.
Another great example is Google. When Sergey Brin and Larry Page started Google, they made a deliberate decision to hire employees from all over the world. Their drive for diversity has helped them create products and services that appeal to people all over the globe. And as a result, Google has become one of the most successful companies in history.
So if you’re looking to foster innovation in your company, it’s important to embrace diversity and inclusion. Hiring a team of employees from different backgrounds and cultures will help you create new and innovative products that appeal to a broader audience. And that’s something every business should strive for.
For organisations looking to learn more about how diversity and inclusion can help fuel innovation, LLM offers an Innovation and Diversity for Business Results Masterclass. This interactive session will provide you with the tools and strategies you need to create a more diverse and inclusive workplace that encourages creativity and innovation. For more information, please visit our digital page.
CEO and Founder GRASPTM Guru, Inventor, Master Trainer and published author for the proprietary GRASP™️ methodology. Combining design thinking, behavioural insights, and lean processing principles, Joel enables leaders to create a holistic and innovative problem-solving toolkit. He empowers individuals to solve any problem, enhance any situation, or invent something new using the GRASP methodology. His critically acclaimed book ‘Innovation within GRASPTM – the Ultimate Cheatbook in Innovative Solutioning’ supports his forward-thinking approach. Joel is an organisational change expert with career highlights that include Innovation Lead at Singapore’s Ministry of Home Affairs (MHA) for homeland security, and Senior Business Analyst for Service Design at Smart Nation and GovTech.
Executive Coach and Training Consultant. Tania has delivered assignment-related intercultural management training programs to senior-level executives and their families for over 17 years,
working with individuals from more than 120 global companies in Singapore, China and the Philippines. An ICF certified coach and a Licensee with Trompenaars Hampden-Turner, Tania
is using a coaching approach and incorporating Dilemma Reconciliation strategies into her programs. She obtained her Advanced Certificate in Training & Assessment (ACTA) from WSQ, and is also a certified administrator in MBTI suite instruments.
About Lim-Loges & Masters
Lim-Loges & Masters is an award-winning boutique agency offering expertise in Executive Search, Transition Management and Disruption Management across Asia Pacific. LLM works with multinational companies seeking to transform their organisations through their people. Focusing on Asia, the LLM team helps companies minimise risks and manage talent, through a deep understanding of Asia Pacific’s business climate. LLM has a presence in China, Hong Kong, India and its regional HQ, Singapore, with international affiliates in the UK.