However, despite its potential, the use of contingent workers also poses challenges related to labor rights, job security, and access to benefits. This is where services like Global Employer of Record and MSP by TCWGlobal come into play. By taking on all employer obligations, TCWGlobal enables companies to harness the power of contingent labor without the associated complications, making the process seamless.
Key Strategies to Enable Diversity, Equity, and Inclusion
To unlock the potential of contingent workers in driving diversity, equity, and inclusion, organizations must:
- Embrace a culture that values diversity, fostering an inclusive environment where all individuals, including contingent workers, feel valued and respected.
- Leverage data and analytics to assess the diversity of their contingent workforce and identify areas for improvement.
- Incorporate diversity and inclusion in their contingent workforce strategies, aligning them with their broader DEI goals.
- Partner with organizations like TCWGlobal that are committed to supporting the contingent workforce and are equipped to handle the associated challenges.
The Financial Importance of Diversity and Inclusion in the Workforce
A diverse and inclusive workforce is more than a business imperative; it's a catalyst for innovation, adaptability, and sustainable growth. The McKinsey Global Institute report underscores this, noting that companies with more diverse workforces perform better financially and are better equipped to navigate complex challenges.
Diversity and inclusion (D&I) have always been integral to a thriving workplace, but today, their importance is highlighted more than ever. With workplaces becoming increasingly multicultural and diverse, it's essential for organizations to recognize and leverage the strength that lies within this diversity. Various studies and statistics underline the powerful correlation between diversity, inclusivity, and improved company performance.
Impact of Workplace Diversity on Company Performance
Corporations embracing diversity and inclusivity tend to outshine their competitors. A McKinsey study found that such corporations are 35% more likely to outperform their rivals.
Moreover, diversity fuels innovation and market expansion. According to Harvard Business Review, diverse companies are 70% more likely to capture new markets.
A diverse team brings a mix of unique perspectives, experiences, and skills to the table, fostering creativity and problem-solving ability. Consequently, People Management noted that diverse teams are 87% better at making decisions.
The benefits of diversity are not just restricted to innovation and decision-making, but they directly contribute to a company's financial health. Boston Consulting Group (BCG) discovered that diverse management teams lead to a whopping 19% higher revenue.