Attract a Diverse Sales Team with the Right Benefits
Diversity and inclusion are extremely important for both big and small organizations alike.
There are many advantages of having a sales team that consists of members with diverse backgrounds, such as gender, age, and ethnicity:
- Ethnically diverse companies are 35% more likely to yield higher revenue, and gender-diverse companies are 15% more likely to do so.
- A sales team with a member who shares a customer’s ethnicity is 152% more likely to understand that client than another team.
- A diverse environment fosters creativity, innovation, and out-of-the-box problem-solving, which is the key to success in today’s fast-paced global business environment.
- A financial service company increased sales by 24.4%, representing a $14.2 million USD increase in revenue per year, after building a more diverse sales team.
- Promoting diversity and inclusion in your organization can boost your business’s reputation and position it favorably in today’s market where consumers prefer to buy from brands that align with their values.
- 57% of employees, and 67% of job candidates, consider diversity an important workplace characteristic that affects recruitment and retention.
HOW TO STRUCTURE BENEFIT PACKAGES TO ACCOMMODATE DIVERSITY
More employees than ever consider benefits packages a priority when they make employment decisions. 56.4% of job hunters rate benefits as very or moderately important, while employees that are satisfied with their benefits are most loyal.
Therefore, it’s crucial to structure your benefits packages to address the needs of a diverse workforce:
- Provide onsite daycare, childcare subsidies, and flexible schedules, which are particularly attractive to female employees with young families.
- Formalize flexibility and work-life balance policies to ensure employees that take advantage of these options aren’t penalized.
- Offer healthcare package options that address the needs and priorities of minority employees.
- Support minority employees with retirement planning by offering resources to address their unique circumstances.
- Implement wellness initiatives that account for cultural, gender, and ethnic differences.
- Accommodate cultural and religious holidays as well as diversity-friendly apparel choices.
- Provide resources and information on ethnic restaurants, specialty markets, and other cultural activities in the area, especially for employees who need to relocate for the position.
- Tailor benefit offerings based on employees’ demographics, such as age and education levels. For example, an older employee would prioritize retirement planning, while a young mother would be attracted to a flexible schedule.
- Offer student debt repayment and educational assistance to attract a younger generation of employees.
- Implement paternity leave to show your organization’s support for promoting equality and inclusion in the workplace.
- Avoid ageism, sexism, and racism when structuring benefit packages by gathering feedback from a diverse group of leaders and employees.
- Examine your organization’s pay practices, commission structure, and performance review criteria to ensure they’re not putting minority groups at a disadvantage.
- Offer mentoring and coaching opportunities for minority team members to help them navigate the workplace and their career development.
EFFECTIVELY IMPLEMENT BENEFIT PACKAGES TO SUPPORT A DIVERSE SALES TEAM
Organizations need to walk their talk when promoting diversity and inclusion in the workplace. Just paying lip service or taking a few superficial and cosmetic measures will not only fail to create lasting changes but could also backfire if employees feel you’re not living up to the promises.
Implementing benefits packages that accommodate the needs of minority groups allows you to attract employees from various backgrounds by showing diversity and inclusion are indeed your company’s priorities.
Providing employee benefits to support a diverse workforce requires support and buy-in from the entire organization.
Elicit input from executives, leadership, and managers of various gender, age, ethnicity, sexual orientation, etc. when structuring benefits packages. Get top-level buy-in and support when implementing the policies and empower employees from minority groups to shape the company culture.
Last but not least, provide education and engage all employees in the conversation in promoting diversity and inclusion in the workplace to ensure the initiatives are getting organization-wide support.