The global market is emerging at a rapid pace, and because of this, workplace demographics are shifting. Many colleges and universities, such as the historically-black-university Kentucky State University, have been recognized as leaders in the promotion of diverse campuses, as it creates a space for learning and respecting people from different backgrounds, which students might not experience in their hometowns.

Just as harboring a welcoming and diverse student body is becoming more and more necessary for universities, for businesses to be successful in the modern age, they need to employ a diverse workforce. Committing to diversity not only builds respect amongst your employees, but there are tangible objectives met within a different enterprise. Here are the top four reasons why a diverse workplace is highly beneficial to your business.

It Helps Build Mutual Respect

A diverse workplace encourages healthy connections amongst all employees. Employees from different backgrounds come with varying styles of work and experiences, which can help build a solid foundation for connection. Employees will recognize the strengths of their coworkers more so in a diverse work environment than a homogenous one. This helps create an ideal environment that promotes a respectful exchange of ideas and collaboration.

It Empowers Marginalized Groups

What makes the team diverse? Often the members of a different work environment are from marginalized groups, and as such, have experienced sexism, racism, or any form of discrimination on behalf of race, religion, disabilities, gender, or sexual orientation. Discrimination in the workplace is illegal, but it still persists. When talented workers are discriminated against, this impacts the community and can have severe negative implications on the economy. Fostering a welcoming environment for any person of color, gender, and sexuality is vital for any company to survive in our modern climate.

It Reduces Conflict

Conflict occurs in any workplace. Employees who work in a diverse work environment, however, can reduce the amount of conflict or provide a swift resolution. In various workplaces, the workers understand their differences, but they also see each other’s similarities. This is extremely helpful when working towards a common objective because, with shared respect, it can result in a quick resolution for any conflicts that arise.

Quick conflict resolution helps reduce liabilities in the workplace, especially if complaints would arise. Preservation of relationships and celebrating the differences between everyone’s workstyle and personal life creates a more productive work environment.

It Helps Strengthen Your Business Image

A diverse company creates an excellent reputation for itself. And when your company has the right image, this leads to higher profits and more promising opportunities. Flourishing businesses have devoted efforts to promoting diversity both in the organization and outside the company. Marriot Hotels, for example, has committed to fostering an inclusive environment in their offices and sites by incentivizing programs and initiatives to promote diversity and inclusion. They also partner with businesses and organizations operated by various minorities and for the promotion of a more diverse and welcoming world.

When a company is known for its inclusion and diverse group of workers, it attracts more talent and qualified workers. This also helps build more loyal customers, which at the end of the day, is the best thing a business can achieve.