UK SMEs say diversity is good for business

A study by Close Brothers Asset Finance has shown the UK’s SMEs strongly believe that having a diverse workforce is both beneficial to their bottom lines and makes it easier to attract candidates.

Over 70 per cent of respondents agreed that diversity is good for their financial performance, contrasted to only 18 per cent who did not agree, with the remaining 11 per cent being unsure.

The benefits of having a diverse workforce is also well understood, with 64 per cent of the opinion that it makes their business more attractive to candidates, but why this may be recognised by employers, many are having difficulties increasing diversity, with 33 per cent finding it difficult to fill existing vacancies, while a further 25 per cent do not get enough interest from BAME candidates.

Neil Davies, CEO of Close Brothers Asset Finance, said: “It’s encouraging that firms are taking active steps to increase diversity in their businesses, and we know from our own experiences that a diverse workforce is more dynamic.”

“While this is positive, our research confirms that there are a number of barriers to encouraging more diversity, including a lack of applications from BAME candidates.”

“It appears that the first steps towards more diversity can be the most difficult, bit over time it does become easier to attract talent from diverse backgrounds.”