If you were to question most businesses about the importance of diversity in hiring practices, most would tell you it’s very important. However, the truth of the matter and what they say might be completely different. The Royal Bank of Canada (RBC) can back up their statements of diversity when hiring, as they’re one of the most diverse companies in Canada.

According to the report, RBC actively hires new immigrants, people with disabilities, women, and minorities. Gord Nixon, CEO of RBC believes that having a diverse workforce isn’t for just looking good in the eyes of the media, but is good for business. 21,000 or so people have been hired through RBC since 2006. 52 percent of those hired were women, and 26 percent being ‘visible’ minorities.

Nixon states his reasoning behind diversity in hiring, “There’s no reason a man can’t do a better job of serving a female customer, or a Chinese Canadian can’t do a better job of serving an East Indian customer,” Nixon says. “But as an organization, we need to ensure that our makeup reflects the overall makeup” of the customer base. “It just makes good business sense.”

RBC certainly has proof to back up their claims of diverse hiring practices leading to good business. They are posting profit, and have a leading market share in various business sectors in Canada.

In March of this year, RBC was awarded for being an organization promoting the advancement of women in business; they were selected along with three other businesses. Catalyst was the organization who gave out the award, and they had this to say regarding RBC, “(RBC) has has truly become a model for diversity and inclusion both inside and outside its workplace, and has emerged as an industry leader by tying the unique perspectives of diverse groups directly to its global business strategy.”

RBC suggests to be creative when hiring talent. When hiring for people who deal with others’ money, it’s all about trust. Too many times potential hires are dismissed due to technical skills, which could easily be taught later on. Having a diverse workforce helps establish this trust with customers, who see all races, genders, and creeds represented within the company.

John Taft, RBC’s head of U.S. wealth management lists a specific example of diversity playing a key role in trust – the gay community. When taking care of money for this demographic, there are a set of rules and standards which are much different than for married couples. If you have people on staff who are a part of the community, then trust is more easily established which leads to more business.

When many people think of diversity in the workplace, they simply think of how a business’s image is effected. This is true, but there’s a different and more important value to associate with diversity. When going through a list of new hires, keeping this in mind could potentially pay dividends in the long run.

This entry was posted on Thursday, April 29th, 2010 at 9:09 am and is filed under Uncategorized. You can leave a response, or trackback from your own site.

About the Author: John is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.