by Simon McCune
Diversity in the workplace has always been an important element to a company’s overall success, even if many corporations, both large and small, and their hiring managers are realizing its value far later than they should be. As our nation’s social justice movement continues its rightful push for inclusion and equality for all people, it’s important that business leaders and HR directors do what they can to ensure that the employees in their organization reflect the diversity of their customer base.
Long story short, diversity and inclusion in the workplace matters, and increasing the diversity of your organization can improve your bottom line. Keep reading to learn why diversity and inclusion within your institution is so essential, and what you can do to improve it.
Increased Diversity Can Help Drive Business Growth
Studies and surveys have long proved that increased diversity in an organization can lead to increased productivity and improved decision making. According to the consulting firm McKinsey, companies in the top quartile of executive-board racial and ethnic diversity are 35% more likely to financially outperform industry standards, while those in the top quartile of gender diversity are 15% more likely to do the same. Meanwhile, a whitepaper by the data firm Cloverpop indicates that inclusive corporate organizations make better business decisions than non-inclusive groups 87% of the time.
The truth is, promoting diversity and inclusion in the workplace isn’t just about doing the right thing or living up to your company’s core values, it’s also a good business decision. The numbers say that elevated racial, ethnic, and gender diversity can help your organization make better decisions and solve complex problems more efficiently. And, as we all know, numbers don’t lie.