How Embracing Diversity and Inclusion Boosts Business Success in New Zealand

Kia ora, New Zealand employers! Today, we explore the myriad benefits that embracing diversity and inclusion can bring to your business. From increased creativity to improved financial performance, companies in Aotearoa are reaping the rewards of creating a more diverse and inclusive workplace.

In this blog post, we'll delve into various vantage points, including interesting facts and statistics that illustrate the positive impact of diversity and inclusion. Let's dive in!

The Impressive Diversity in New Zealand

• Fact: In the 2018 Census, more than 200 ethnicities were identified in New Zealand. The largest groups include New Zealand European (64.1%), Māori (16.5%), Chinese (4.9%), and Indian (4.7%).

New Zealand is a diverse country, which presents a valuable opportunity for businesses to create a more inclusive and representative workforce. By fostering a diverse environment, you can harness a broad range of perspectives and ideas, promoting innovation and better problem-solving capabilities.

The Business Case for Diversity and Inclusion

1. Increased Creativity and Innovation

Research has shown that diverse teams are more likely to come up with innovative ideas and solutions. A 2017 BCG study found that companies with diverse management teams reported 19% higher innovation revenues compared to those with below-average diversity scores.

2. Improved Financial Performance

Companies that prioritize diversity and inclusion tend to outperform their less diverse counterparts. A 2018 McKinsey study revealed that businesses in the top quartile for ethnic diversity were 33% more likely to have above-average profitability.

3. Greater Employee Engagement and Retention

A diverse and inclusive workplace fosters higher levels of employee engagement and satisfaction. Employees who feel valued and included are more likely to remain loyal to the company, reducing turnover costs and creating a more productive work environment.

Inspiring Examples of Kiwi Companies Embracing Diversity

• Xero, a New Zealand-based software company, has been recognized for its commitment to diversity and inclusion. In 2020, they reported a 40% increase in the number of women in leadership roles and are dedicated to continuing their efforts in promoting diversity.
• Air New Zealand is another local success story. They are committed to gender diversity and have increased the number of women in senior leadership positions. In addition, Air New Zealand has developed programs to support Māori and Pasifika staff, fostering a more inclusive work environment.

Steps to Promote Diversity and Inclusion in Your Business

1. Assess Your Workplace

Conduct a diversity audit to evaluate your company's current state of diversity and inclusion. This will provide valuable insights and help identify areas for improvement.

2. Implement Inclusive Policies

Establish policies that promote diversity and inclusion, such as flexible work arrangements, support for employees from diverse backgrounds, and ongoing diversity training for staff and leadership.

3. Promote from Within

Ensure that promotions and leadership opportunities are open to all employees, regardless of their background or ethnicity. This will help create a more inclusive work environment and showcase your commitment to diversity.

4. Engage with the Local Community

Partner with local organizations that focus on promoting diversity and inclusion. This will not only help your company gain access to a broader talent pool but also strengthen your ties with the community.

Conclusion

Embracing diversity and inclusion in the workplace is a powerful strategy for New Zealand employers. By leveraging the unique perspectives, skills, and experiences of a diverse workforce, companies can drive innovation, improve financial performance, and create a more engaged and loyal team.