Rotem Eylor, the founder and CEO of Republic Floor, has seen firsthand the power of diversity in business. He has committed to promoting diversity by hiring individuals from underrepresented communities and outside of his industry. Eylor believes that diversity is the key ingredient to his company’s success and has seen firsthand how a diverse team is better equipped to meet the needs of today’s marketplace.
The goal of diversity in business is to welcome groups that have traditionally been underrepresented, bringing in new skill sets and mindsets to expand capabilities and perspectives in the workforce. Increased innovation is one benefit of diversity, as it allows for a broader perspective and a variety of approaches to problem-solving. A diverse team is less likely to be hampered by biases and blind spots, leading to more balanced decision-making.
Diversity also plays a key role in neutralizing groupthink and allowing for new solutions to emerge. By introducing different perspectives and preferences, diversity encourages deeper exploration of ideas. The evolving framework for diversity includes not only identity factors such as race and gender but also experiential diversity, including diverse educational backgrounds, life experiences, and job specialties.
Many companies are now eliminating the requirement for a bachelor’s degree to increase diversity and promote educational and socioeconomic inclusivity. Building teams with a high level of functional diversity can also drive innovation and more effective problem-solving. By cross-training employees and building temporary teams for cross-functional collaboration, businesses can experience the benefits of diversity on an ongoing basis.
The growing need for business diversity is becoming increasingly important as traditionally underrepresented groups will shift into the majority over the next two decades. Businesses must take action now to build a framework of diversity to better connect with a diverse customer base. Diversity brings operational efficiency, innovation, and better decision-making, allowing businesses to meet the needs of a marketplace marked by unprecedented diversity.
As the DEI movement gains momentum, the power of diversity in business is undeniable. Companies are seeing firsthand the benefits of diversity in driving higher cash flow, attracting talent, and empowering decision-making. It is clear that diversity is not just a buzzword but a fundamental aspect of success in today’s business world. Rotem Eylor and Republic Floor serve as a prime example of how promoting diversity can lead to success and sustainability in the ever-evolving marketplace.
