As of May 2016, the unemployment rate within the construction industry is 5.2%. On the surface, such a low number may seem like an accomplishment. Unfortunately, if you consider the labor-force participation rate in conjunction with the low unemployment rate, you will quickly realize that many people are simply not participating in the job market. As a result of the low participation rate, many construction sites aren’t realizing the benefits of a diverse workforce. Diverse businesses offer many benefits, including the following:
Workforce Diversity Enhances Innovation and Decision Making
A workforce is diverse if it has individuals that represent more than one gender, multiple generations, and different ethnicities, among other things. These employees bring to the construction site different perspectives, backgrounds, and experiences that research has proved to be beneficial. In a larger context, Forbes says that “basic economic theory suggests that consumers will correct for a company’s lack of diversity by simply not spending money there—making slow-to-change organizations extinct.” Without knowing, your business could be setting itself up for failure due to the lack of innovation that’s associated with firms that lack workforce diversity.
Secure Your Business Through Workforce Diversity
Individuals who come from a different background or culture bring different perspectives to work-related problems. In group settings, such as working on a construction site, employees on diverse teams can have ideas that trigger creative ways to solve problems. “Whereas homogeneous groups suffer from the limiting idea that there is “one right way” to approach a task, groups that value and encourage a person’s unique view are saved from a stagnancy of ideas and are able to understand that there may be numerous paths to success,” says Huff Post author Richard Greggory Johnson III.
How Shaw – Lundquist Associates Can Help Improve Construction Diversity
As a minority owned business, we understand the power of diversity. Not only are inclusive businesses socially responsible, but the executive leadership within these businesses are forward-thinkers, and they understand that diversity enhances their bottom line. With a goal and responsibility to maximize profits for your stakeholders, how can your company afford to ignore the benefits of workforce diversity? The simple answer is, you can’t.
To have a diverse workforce, you have to work at it. Start by determining whether or not you are taking proactive steps to include women, mature individuals, and people from different ethnicities. Biases can creep in even when you have good intentions. If you find that your workforce isn’t as diverse as you would like it to be, then we can help you. At Shaw-Lundquist, we pride ourselves on being inclusive. We are a family-owned, second-generation, minority-owned business that specializes in diversity workforce planning among other aspects of construction management. If you need help with your workforce, don’t hesitate to reach out to us.