There are many reasons why improving diversity is critically important and good for business:
There is a correlation between diverse companies and better bottom line results:
- Companies in the top quartile for diversity are 21% percent more likely to have financial returns above their respective national industry medians.
- Greater gender diversity on the senior-executive team corresponded to the highest performance uplift: for every 10 percent increase in diversity, earnings before interest and taxes rose by 3.5 percent.
- Inclusive cultures have 22% lower turnover rates due to increased morale, opportunity and equality.
- A multicultural workplace allows for different viewpoints, ideas, and market insights, which enables better problem solving, ultimately leading to superior performance.
- A diverse workforce provides easier access to resources, multiple sources of information, and wider industry knowledge.
- A diverse workforce allows organisations to serve an increasingly diverse customer base.
- Gender diversity helps attract and retain talented women. Companies cannot afford to ignore 50% of the potential workforce and expect to be competitive in the global economy.
- It’s the right thing to do. Prioritising diversity shows commitment to social responsibility which brings considerable reputational benefits.