Workplace diversity and inclusion – some positive facts and figures
In our last blog we looked at how little has been done in the last two decades to address the lack of diversity in the workforce. The fact that there are more CEOs named “John” than there are female leaders of any name in America, that people of color are less likely to get a second interview and 41% of respondents of Fortune 1000 companies say they are “too busy” to prioritize diversity and inclusion.
To convince those reading why diversity and inclusion should be prioritized, here are some facts that may change your mind:
1: Diverse teams outperform non-diverse ones
In an MIT study of collective intelligence, discussed by Margaret Heffernan in an extract from her TED book, researchers analyzed groups to see what features pointed to better creative problem solving. It turns out that having a high aggregate IQ wasn’t that important, however there were 3 key qualities of the top performing groups.
- They all gave each other equal time to talk, so no dominators or passengers.
- There was greater social sensitivity, demonstrating a better ability to detect shifts in moods and demeanor of each other.
- The best performing teams had more female representation.
The 3rd point about more women is hardly surprising when the first two points indicate greater empathy and social sensitivity. It definitely shows that having different types of people on the same team can help others look at problems more carefully while also being more innovative, creative and inclusive about their solutions.
2: Bilingual employees earn 10% more revenue
Hiring bilingual employees, no matter what other language they speak, is one great way to increase diversity. John White MBA, a bilingual himself, definitely makes a convincing argument in this article. If you have employees that are dealing with clients and customers, having a variety of alternative languages in your arsenal could mean huge benefits to your business.
There is a huge amount of people of diverse ethnicity that possess english as a second language, so by making fluency in a second language a desirable criteria in your next recruitment push you will be making a positive step towards diversifying your workforce.
3: Gender diverse teams earn 46% more revenue
A 2014 Gallup study of 800 business units discovered that gender-diverse units are highly engaged and demonstrated an improved financial performance. A huge 46% improvement of comparable revenue was apparent compared to single-gender units. This demonstrates how diversity can have a positive impact on a company’s bottom line and why it should be much higher up on the priority list.
A great way to place workplace diversity front and center for the good of your company, is to engage someone else to deliver diversity and inclusion training. Contact Peers and Players if you’d like to discuss further.
- Workplace diversity has been identified as a key to innovation.
A study published in December 2017 has indicated that there are more benefits to having a diverse workforce than just improving the look of your company’s marketing by just making it look more diverse. In this article from Fast Company, Richard Warr, a professor of finance at North Carolina State University and coauthor of the research says, “There is a business case for diversity, It’s not just about trying to be nice. It’s good for business. It not only helps in terms of perception. It actually produces better outcomes.”
The study found that companies that met all the 9 positive diversity requirements announced an average of two extra products in any given year, which about doubles the average for other major companies. It also found that companies with pro-diversity policies were more resilient during the 2008 financial crisis.
It makes sense when you consider that having more diversity in your workforce increases the number of from different backgrounds, who may approach problems in different ways, giving more depth to problem solving and innovative thinking. Having a more diverse workforce will also make your company a more attractive place to work for as it is more aware and inclusive.
- An international upswing in workplace diversity has been linked to better financial performance.
McKinsey & Company’s latest research links diversity directly to financial performance. In their initial report in 2014, they found that companies in the top quartile of gender diversity were 15% more likely to experience above average profitability than companies in the fourth quartile. In their expanded 2017 report, the number rose to 21%, which shows a definite upswing in international trends and continues to point towards the benefits of having a robust diversity policy in place.
This is heartening to see, especially as we are living in the age of the “Me Too” and “Black Lives Matter” movements.
“We have the chance to build this new energy economy in ways that reflect our deepest values of inclusion, diversity, and equal opportunity for everyone.” Van Jones, 2009
Lisa Peers, CEO and Head Trainer has been helping people communicate better at work since 1998. The Peers and Players offer diversity and Inclusion programs to companies globally. With offices in the USA, and Australia, they have more than 300 communication experts around the world who are local, culturally aware and able to guide your staff, to achieve more open and clear communication styles. Contact us now to discuss your challenges: info@peersandplayers.com
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