Equality strategies 'benefit business'

Businesses that have diversity and equality strategies in place benefit from increased productivity and reduced staff turnover, participants at an Ibec seminar in Dublin heard yesterday.

"Our research shows that formal equality and diversity strategies have direct benefits for both employers and employees and that companies reap financial rewards when a diverse workforce is managed well," said Prof Patrick Flood of the University of Limerick, who has studied the relationship between business performance and staff management in 132 large Irish firms.

The seminar marked the start of an Ibec initiative to encourage a planned approach to diversity in companies. The employers body is establishing a diversity network and will offer regional seminars to highlight good practice in the field.

The business impact of diversity management was becoming a priority, delegates were told.

"Ireland's workforce is becoming more diverse, most obviously through the increased numbers of non-Irish nationals now working here," said Ibec social policy executive Finola McDonnell.

"However, diversity management is about tapping the talent and potential of all employees, including women, older workers and those with disabilities.

"Ibec is encouraging its members to take a proactive approach to diversity management that will ultimately benefit their bottom line, as well as ensuring equality of opportunity for employees."

A major study on the impact of diversity management, carried out by researchers at the University of Limerick and the University of Kansas and commissioned by the Equality Authority and the National Centre for Partnership and Performance, will be launched later this summer.

It examines the links between human resource management systems and business performance, productivity and innovation.