Study: Business Growth Depends on Globally Diverse Workforce

 A new study sponsored by SuccessFactors, leading provider of cloud-based HCM software, shows that business growth depends on attracting and retaining a workforce that has globally diverse values and demographics. The study, “Values-based diversity: The challenges and strengths of many,” derived from a survey of 228 HR executives around the globe. The survey was conducted by the Economist Intelligence Unit (EIU) to learn about the challenges of an increasingly diverse workforce, millennials and strategies they utilize for making the most of rapid industry changes.

Key findings include:

• 82 percent of executives agreed that a strategic approach to managing diversity helps access a rich talent pool

• Survey respondents viewed integrating millennial employees into the workforce as a significant diversity challenge, as 80 percent believe strategic changes are needed to accommodate younger workers

• 47 percent of respondents support offering learning and career-development opportunities, such as mentoring, to engage diverse talent

• HR executives are investing in a variety of strategies to offer an engaging work experience, including exposing high-potential employees to diverse business situations (45 percent) and providing flexible working arrangements (43 percent).

“Given the increasing diversity in today’s workforce, both demographically and in terms of values, HR executives must create an environment that allows employees to express themselves individually while maximizing their work skills,” said Gilda Stahl, senior editor, the Economist Intelligence Unit. “The EIU survey demonstrates that executives in every region recognize the scope of this challenge and understand that support at the most senior levels will be required to adjust and productively move forward.”