According to a poll among business leaders, only 18% of managers demonstrate the talent to manage others. In other words, 82% of managers aren’t doing a good job of leading their team. That lack of leadership can cost corporations throughout the country $550 billion annually.
By cultivating your inclusive leadership skills, you can reduce wasteful costs and lead your team to victory. Otherwise, you might miss out on important opportunities to grow as a company.
Keep reading to discover the five ways that becoming an inclusive leader will benefit your business.
By understanding the characteristics of a good leader, you can build your business to the top!
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1. Better Team Performance
Inclusive leadership focused on embracing and valuing your entire team. By giving every member of your team a sense that they belong, you can strengthen your team and improve performance as a whole.
Workplace diversity is increasing.
As a result, it’s becoming more important now than ever to understand the meaning of inclusiveness. For exactly, 45% of millennials in the country are minorities. The next generation, Generation Z, is now entering the workforce with every more diversity.
By understanding and valuing this diversity, you can motivate your team.
Companies with more inclusive leadership teams are often more profitable, too. One of the reasons inclusive leadership can make your team more profitable is that it inspires better decision-making. When you have a diverse team, you’re:
- Better as a whole at avoiding groupthink
- Considering a variety of perspectives
- Using different thinking styles for problem-solving purposes
- More likely to think creatively
Without inclusive people, however, you’re less likely to consider women, people of color, or LGBT employees and customers. As a diverse team, you’re more likely to make decisions that will profit your company in the long-term.
As a result, you’re more likely to generate ideas that can help improve your company’s overall performance.
Meanwhile, inclusive thinking can also help you improve risk management. A diverse board will know how to recognize potential risks. They’re also more likely to stop corruption and fraud before problems can escalate.
In fact, companies with women on their boards often experience fewer governance-related controversies. These include cases of corruption, fraud, bribery, and shareholder battles.
By creating a more diverse leadership that includes female directors, you’re less likely to experience problems that could impact your company’s growth.
Inclusivity is an important characteristic of a leader. Understanding the importance and meaning of inclusiveness can help you govern your leaders.
What rules does your company have in place regarding leadership positions? Do you have a well-defined process designed to help you keep individuals from gaining too much power? Good corporate governance can help you set your business up for success.
Otherwise, your leadership team will impact other members of the team. That, in turn, can impact progress and business development.
2. Prepare Future Leaders
Forty-seven percent of managers don’t receive any training when they take a new leadership role. It’s important to understand and identify the characteristics of leaders on your team. That way, you can select and train the best of the bunch to become future leaders.
Choosing the right leaders can encourage other members of your business to reach higher management levels as well. As an inclusive leader, you can mentor other members of your team. A formal mentoring program can encourage career progression and ensure your team is strong from the ground up.
Many millennials are looking for employers that value inclusivity. By becoming a more inclusive person and company, you can engage, empower, and attract future talent to your business.
You’re not only preparing future inclusive-leaders, but attracting new ones to your company, too! You can click here to become an inclusive leader capable of driving your team forward.
3. Build a Stronger Brand
Your brand sends a message to your investors, employees, and your customers. By focusing on an inclusive leadership style, you’re sending a positive message to everyone involved in your brand.
Many publications also shine the spotlight on companies that focus on diversity initiatives. As an inclusive company, you’re telling people that you’re positive, forward-thinking, and setting goals that reflect our diverse workforce.
Inclusive leadership can also give your company a stronger sense of purpose.
Customers look for brands that align with their own goals and values. By becoming an inclusive person, you’re creating a brand that inspires others to make a change. You’re also contributing to building a society that values that brand message.
Two-thirds of people value a diverse workforce when they’re evaluating companies and job offers. By focusing on diversity among your leadership team, you’re attracting diverse individuals. At the same time, you’re inspiring that sense of purpose among employees.
4. Outperform the Competition
Seventy-eight percent of people believe inclusion and diversity provide a competitive advantage. Remember, a diverse team is more likely to generate creative ideas. You can use those creative ideas to get a leg up on your competitors.
Diverse teams are also better equipped to handle complicated issues. Under your leadership, your team will know how to approach a problem from different points of view. As a result, they’ll speed up their problem-solving abilities and discover new approaches faster than your competitors can.
Companies with inclusive people are also more likely to hire, promote, and develop a team that generates more value per employee. An inclusive leader can manage their diverse team to outperform the competition by remaining innovative.
5. Understand Your Customers
In order to build your business, you need a better understanding of your customers. For example, what problems are they facing each day? What solutions can your product or service provide them?
Approaching your customers with an empathetic point of view can help you connect with your customers. As an inclusive leader, you’re more likely to empathize and understand consumers from different demographics.
When you better understand your customers, you’ll become better equipped to respond to their needs.
Step up Your Leadership: 5 Ways Inclusive Leadership Will Change Your Business
Ready to grow your leadership team and boost your business? By focusing on inclusive leadership efforts, you can experience these five benefits and more. Inclusive leadership can strengthen your team and help you generate more business for years to come!
Searching for more tips? Explore the Management section of the blog today!