The number of employees quitting their jobs has been on the rise in recent months. Low wages are among the main reasons behind this “Great Resignation.” However, low morale is also a common reason for employees to quit. Companies can do their part in turning this trend around by focusing on diversity.
Exploring the Great Resignation
How bad has this situation become? The Bureau of Labor Statistics states that the level of quits or voluntary separations in June 2021 rose to 3.9 million. The rate of quits for June 2021 increased to 2.7 percent. Most of these quits occurred in professional and business services. Durable goods manufacturing and state and local governments experienced high levels of quits as well. The overall number of these resignations occurred in the Southern U.S. However, employees in many areas of the U.S. have been resigning.
The reasons behind these resignations range from wage stagnation to workplace microaggressions. Marginalized workers are unhappy with having to deal with microaggressions in the workplace again. More and more employees are making their mental and emotional well-being a priority after being able to work from home during lockdowns. Having to return to a hostile work environment or one that is not inclusive is motivating these employees to resign and look for better opportunities.
Companies can take steps aimed at retaining talented employees or attracting new ones. Focusing on diversity is a highly effective way to achieve these goals. A diverse work environment provides important benefits for both employees and employers. These five benefits of having diverse employees can encourage companies to create a more inclusive work environment.
Improved Innovation
Companies rely on innovation for success. Having diverse employees results in more innovation overall. A diverse workplace often includes multiple perspectives. These perspectives can lead to creative ideas for products and services, which can fuel success for businesses.
Lower Turnover
Diversity in the workplace can result in reduced turnover. When employees feel satisfied with their job and accepted in the workplace, they are much less likely to leave their company. Reduced turnover helps employers retain good employees. This can help companies save on the cost of recruiting and training new employees.
Better Hiring Results
Recruiting talented employees takes time and effort. Focusing on diversity in the workplace can help businesses improve hiring results. This can make it easier for companies to attract the best employees. In fact, many job seekers look for workplace diversity when considering job offers.
Higher Profits
Having diverse employees can benefit companies’ bottom line. A diverse workplace often leads to improved decision making and quicker problem solving. These qualities often result in higher profits for businesses.
Higher Job Satisfaction
Creating a diverse workplace results in better job satisfaction. In addition to reducing turnover, this leads to more employee engagement. Diverse employees who feel included in the workplace are motivated to contribute more. These employees tend to become more engaged with co-workers and management.
Expert Assistance for a More Diverse Workplace
The Hopkins Group helps small and medium-sized businesses evaluate hiring practices. This can assist your company in recruiting diverse employees. Also, our HR experts can also help your business come up with a strategy for maintaining a diverse group of talented employees. If you need HR expertise to assist you in creating a more diverse workplace, contact The Hopkins Group.
