Bottom line business benefits of implementing EEO
Hear what business leaders have to say on diversity and the business benefits of embracing different cultures:
Video clip: Diversity in New Zealand today (1Mb)
Video clip: Embracing different cultures in the workplace (1Mb)
Businesses report:
- Support for work-life balance by Franklin Kindergarten Association resulted in savings of $300,000 over a three-year period due to staff returning to work after parental leave.
- A staff health and wellness initiative at Southern Cross resulted in improved staff satisfaction and motivation. Absenteeism was reduced by 2.8% in six months, saving Southern Cross three times its investment in the initiative.
- A creative approach to recruiting and retaining skilled migrants enabled Beca Transportation to grow by 30% in one year at a time when similar organisations were losing staff to their competitors in New Zealand and overseas.
- Work-life balance initiatives improved retention of graduates at engineering consultancy Harrison Grierson, saving the firm $1000 per graduate per annum.
- A positive approach to diversity has resulted in substantial benefits for Mount Albert Pak 'n Save. Low staff turnover saves the supermarket approximately $100,000 per annum.
- Work-life balance initiatives have helped law firm Meredith Connell retain valued staff. Meredith Connell conservatively quantifies cost savings from low staff turnover at $360,000 per annum.
Improved recruitment
EEO/diversity practices can help ensure workplaces effectively tap into the diverse talent pool, hiring and engaging people with the skills and commitment they need to prosper in difficult economic conditions.
Greater business productivity
EEO/diversity practices acknowledge people as a critical strategic asset. A multi-skilled and versatile workplace is engaged, open to change and innovative.
Increased staff retention
EEO/diversity strategies encourage respect between employers and employees. This often results in increased loyalty and engagement. As well as improving productivity, EEO can provide a better return on skills investment and maximise organisational knowledge.
Reduced absenteeism
Research shows that versatile workplaces which offer flexible working options and support and reward employees on the basis of merit, experience lower absenteeism.
Attracting new customers
EEO and effective diversity management can be powerful tools to help business effectively recruit and manage people who can attract new customers. Diversity in the workforce reflects an increasingly diverse customer base.
Better customer service
EEO/diversity practices often improve staff satisfaction and morale, and ultimately sales and performance.
Enhanced company image
Workplaces that have adopted EEO and are committed to practices that encourage diversity are seen as good corporate citizens or "Employers of Choice". Doing the right thing with the right people for the right reasons often translates to higher productivity and improved return on investment.
Reduced risk of claims
Implementing good EEO/diversity practices helps create an open and inclusive culture where discrimination, harassment and bullying are not tolerated.
Better health and safety
Workplace discrimination, overwork and stress can all result in health and safety issues. EEO and work-life initiatives aim to create a healthy work environment which supports people at work and outside work.
