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 (1.1Mb)
Video clip: Embracing different cultures in the workplace (1.1Mb)
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 practices can help beat the skills shortage and ensure workplaces effectively tap into the diverse talent pool.
Greater business productivity
EEO practices acknowledge people as a critical strategic asset. A multi-skilled and versatile workplace is tolerant, open to change and innovative.
Increased staff retention
EEO strategies encourage two-way respect between employers and employees. This often results in increased loyalty and reduced staff turnover. As well as saving on recruitment costs, EEO ensures a better return on skills investment and maximises 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 can be a powerful tool to ensure organisations effectively recruit and manage people who can attract new customers. Diversity in the workforce reflects an increasingly diverse customer base.
Better customer service
EEO practices to successfully manage a diverse workforce often improve staff satisfaction and morale, and ultimately sales and performance.
Enhanced company image
Workplaces that have adopted EEO and 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 a good EEO 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 outside work 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.
