Inclusion, we like to say, is a business imperative. Not something that is the right thing to do (although it is), or a nice thing to do (although that’s true too). We’re in business to be successful as are the clients we serve. We see the real, bottom-line benefits of diversity and inclusion. But, we also understand that it can be difficult to demonstrate a concrete link between diversity/inclusion and the bottom line.
Recently we saw an article that provided some useful insights on the real, measurable benefits that diversity and inclusion can bring to businesses. ClearCompany’s article, “10 Diversity Hiring Statistics That Will Make You Think” begins: “Companies need diversity. It helps them think with a wider breadth of perspectives, makes them look better to the public eye, and gives them access to the potential revenue gains from employing people who can contribute different things to the companies they work for.”
The piece goes on to offer ten statistics on the benefits of diversity. We encourage readers to take a look at the full article; however, we’ve chosen to highlight some of the statistics we thought were the most powerful here.
41 Percent Think They’re Too Busy
The article points to a SHRM report that revealed that 41% of managers indicated that they were “too busy” to implement diversity initiatives. That’s unfortunate and suggests that, for many, diversity and inclusion are more afterthoughts than business imperatives.
“Racially Diverse Teams Outperform Non-diverse Ones by 35%”
We’ve said this before and we observe it frequently as we work with clients. Diversity brings new perspectives and ideas to teams which can help them come up with breakthrough thinking. Actively seeking to add diversity to teams and workgroups can help boost innovation.
“Teams Where Men and Women are Equal Earn 41% More Revenue”
According to this piece, gender-diverse companies are 15% more likely to earn above-average revenue than companies without such diversity. That includes gender diversity. “When companies employ more women, they’re able to take advantage of a greater wealth of perspectives. This, in turn, causes companies to have more angles from which to tackle big business issues. The results are faster solutions, more creative thinking and higher overall revenue.”
For those who have embraced the value of diversity and inclusion, the data will reaffirm your convictions. For those that are still on the fence, the data will hopefully encourage greater thought, discussion and action on your organization’s strategy on diversity and inclusion.
Inclusion is a business imperative. Be inclusive!