4 Ways Diversity Can Boost Your Practice’s Profits
Diversity in the workplace has become increasingly important over the past few decades, and for good reason. Research indicates that the more diverse a team is, the more productive the individuals who make up that team are collectively. This, in turn, boosts profitability. In fact, a recent article published in Barron’s spotlights the many measurable ways diversity can have an impact on a business’ success. Let’s examine four of those benefits below and how focusing on diversity (from gender and ethnicity to age and social status) can dramatically boost your practice’s bottom line.
Attract better talent.
Veterinary practices in which diversity is celebrated tend to appeal to a broader pool of job applicants, and the more candidates you attract, the greater your chances of finding and landing top industry talent. This is especially beneficial in areas where the competition for quality skilled veterinary professionals is fierce. Incorporating diversity into your culture can help you get a leg up and make your practice more attractive than other employers that may also be vying for your candidates’ attention. And when you’re staffed with a stellar team, you’ll be better able to attract and retain more clients, which means a more stable bottom line.
Generate more innovation.
When every member of a team thinks the same way or has the same background and experiences, there’s not much opportunity for change or innovation. Conversely, a team that’s comprised of individuals from various walks of life will view the world around them differently. This enables them to bring to the table different perspectives and unique thoughts and opinions. Having a diverse staff naturally fosters ideation and brainstorming, which can help you discover creative ways to distinguish your practice from others in your area and ultimately become more successful.
Improve client satisfaction.
Any practice owner knows that one of the biggest keys to profitability in the veterinary industry is client satisfaction. The happier your clients are, the more likely they’ll be to not only stick with your practice, but also recommend your services to others. One powerful way to boost client satisfaction is to create a team with which your clients can relate. Having a diverse staff that represents a variety of different demographics and lifestyles will help you better resonate with a broader audience, which will have a positive impact on your bottom line.
Attract new clients and investors.
Most people do their research before choosing a business to partner with, whether it’s as a customer or as an investor. In either case, most are mindful and deliberate about who they decide to support. And as the world around us becomes more diverse, so will the demand for businesses to follow suit. By prioritizing diversity within your own team, your practice will become more attractive to stakeholders. And as a result, you’ll position your business for greater long-term stability and growth.
At the end of the day, if everyone in your practice looks as if they were cut from an identical mold, your business will grow stagnant and profits will flat-line. To the contrary, when you champion diversity and build a team that is made up of dynamic and unique individuals, you’ll keep your clients more engaged and attract the attention and support of prospects, investors and other talented job seekers. When you put all of this together, it naturally leads to higher revenue, greater sustainability and ongoing growth.