Even the most advanced and developed companies can still stand to improve the level of diversity in their workforce.

Not only do companies with more gender, racial and ethnic diversity on their team perform better financially, but they also set a much-needed example for equality in society today.

According to research from Josh Bersin, companies that are labeled as inclusive are 1.7 times more likely to be innovation leaders in their market. Research additionally showed that these companies were 3.6 times more equipped to deal with personnel performance problems and 2.9 times more likely to identify and build leaders.

In today’s business environment, companies that build a truly inclusive culture are those that will outperform their peers, simply because people perform best when they feel valued, empowered and respected by their peers.

The Wall Street Journal offers some strategies to increase your own workplace diversity:

Develop a hiring strategy to make your workforce resemble the community you operate in. Does your workforce match the demographic that your company serves or wants to serve? If not, take time to evaluate your hiring strategy and create a new one if it doesn’t match your current goals.

Ask existing employees for referrals. Chances are your employees will have peers in the same industry and may have connections with qualified candidates who are looking for work.

Talk to community organizations to help find candidates. Take a look at nearby cultural institutions, churches and colleges in addition to enlisting help from nonprofits like the Urban League.

Develop and implement an equal opportunity policy that follows Federal EEOC guidelines. Create a committee that will help implement the policy and who will brainstorm ideas to attract more diversity to your company.

Provide diversity training in your workplace. Be sure all employees understand the benefits of a diverse workplace. They’ll be implementing those personal policies, so they should be fully committed to supporting the practice.

Be sure to give new employees a reason to stay with the company by offering support and an avenue to quickly learn company culture. If any minority employees do end up leaving your company, be sure HR does an exit interview to find out how you can improve. Learn from your mistakes and take the necessary steps to be more inclusive.

Written by Sarah Suydam, Staff Writer for Serendipity Media.