Towards the end of 2020, Fortune Magazine announced that the publication would consider a new metric in their ranking of the 2021 Fortune 500 list: diversity and inclusion. The companies can criticize this decision or support it, but it is absolutely necessary in our modern world, because great companies should reflect the contemporary cross-section of society, and the standards put forward by the magazine do just that. No one can object to this message.
A company that does not respect gender, age, ethnicity, and other distinctive characteristics of various people does not reflect today’s cross-section of society, and therefore it won’t be able to create a product that today’s society needs. This is as obvious as it is difficult to implement.
This is especially difficult for the remote teams of young startups that do not have enough resources to have a dedicated HR department to monitor whether the startup is complying with the diversity rules when hiring. Moreover, these startups that often make a lot of effort to manage a remote team, often believe that the more homogeneous the team is, the easier it will be to manage.
However, gender, age, ethnic diversity is more likely to help a remote team work efficiently and cohesively, and here’s why.
Diversity As a Way to Inspire And Personalize
Never before have businesses revolved so much around people, never before have they been so personalized. If your team has employees from different social backgrounds, different genders, different ages, different cultural traditions, you will find it much easier to approach different types of customers. A team made up of diverse employees will come up with a much more personalized product, because they know the customers’ pains and challenges of different target groups.
Competition for consumers is tough. If a user does not understand something on your website, he or she will most likely go to another. What seems clear to the developer, may not be easily understood by his or her mother, or even sister. Of course, the best way is to hire specialized testers from different social groups and different countries, but too often, this is extremely expensive and unavailable to startups. So, it is much easier and faster to ask your own team to do that. This can only be done if your staff represents the target groups you want.
Diversity Gives Not Only Speed But Flexibility
Any startup understands that the sooner a decision is made, the sooner it will be clear whether it is a good fit or not. But it is also important to not just make a decision at a particular moment, but to have solutions for every scenario. Teach your employees to disagree with your decisions, let them criticize you. Insist that each decision be discussed by a different employee. Pay attention to those who are usually silent. Sometimes, they can offer some really valuable feedback.
Teams made up of different people are much better at following market signals. What seems unimportant and frivolous to you, may mean new potential for a change that can’t be ignored. The more diverse the team, the more diverse the signals they can hear.
With Diversity You Can Grow a Meaningful Business With Values
During times of turbulence, especially when working with remote teams, it is extremely important to keep track of your employees’ emotional and mental state. This is relevant not only during a crisis, but is generally important for any startup. If your team is diverse enough, your employees themselves will be able to notice unusual behavior in others. While it’s usually difficult for men to empathize and see problems, women will always notice anything unusual or unpleasant.
By showing your team that you recognize and respect the diversity of their interests and worldviews, you will achieve the high level of loyalty that is essential for an effective team.
Diversity is a modern necessity, but you can’t treat it as a problem that your startup has to overcome for some reason. Remember that diversity is the best instrument for achieving your goal of becoming a global modern company with meaningful values that customers respect. You will make the best investment by making sure that your team is diverse in terms of cultural experience, social background, gender, and age.