These numbers are even more impressive when you consider that the 2021 Census reported 27.6% of the Australian population were born overseas, and 22.8% speak a language other than English at home.

So how does Castle Group benefit from having a diverse workforce?

Deep market insights

Managing Director, Ritchie Perera said, “Our workforce reflects Western Sydney’s ambitious, vibrant, culturally diverse communities.

“Castle Group benefits from our employees’ deep, intimate knowledge of the communities they live and work in, their lifestyles and aspirations. This insight means we can better tailor our projects to meet homebuyers’ needs,” he said.

Financial performance

Research shows that companies with higher gender diversity are 15% more likely to financially outperform those with lower levels of diversity. Culturally diverse companies are 35% more likely to financially outperform those with low diversity.

“Castle Group is performing strongly, and our project pipeline has grown to $1.6 billion – this success is largely due to our people,” Mr Perera said.

Innovation and creativity

People from different backgrounds offer unique perspectives and ideas to help address challenges and find new ways of doing things.

Mr Perera said, “Property development is a complex business, often you’re balancing site constraints, a lot of different stakeholders and a mountain of red tape to get development approval.

“Our people are great at pitching in, looking at projects from different perspectives and designing solutions that are creative and meet community demands.”

Attract and retain talent

A diverse workforce is a big drawcard for top talent. Reporting from Deloitte show that employees are more loyal to employers with diverse workforces – with 69% of Millennial and Gen Z workers reporting that they intend to stay in their jobs for more than five years if they work for companies with diverse workforces.

“Castle Group has grown significantly over the past two years, more than doubling our workforce. We’ve been able to attract and keep some of the best people in the industry because they want to work in a place that doesn’t just talk about valuing diversity,” Mr Perera said.

Sources:

• https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impac
• https://www.forbes.com/sites/roncarucci/2024/01/24/one-more-time-why-diversity-leads-to-better-team-performance/
• https://www.dca.org.au/inclusion-work-index-2021-2022
• https://www.abs.gov.au/articles/cultural-diversity-australia