The data of diversity
Diversity in business is something that is never going to fall by the wayside. People bring different skill sets, thoughts, knowledge, and processes to the table, which can be invaluable; this creates the opportunity for insightful debates, ideas, and in the end better business decisions. There have been various studies in the past decade that show a correlation between diversity and innovation, creativity, problem solving, and overall business growth.
According to Deloitte’s The Diversity and Inclusion Revolution, embodying a culture of inclusion and diversity reaps benefits that speak for themselves. These environments are:
- 2x as likely to meet (or even exceed) financial targets
- 3x as likely to be high performing
- 6x as likely to be innovate and agile
- 8x as like to achieve better business outcomes
There is even a case for inclusive leaders. Teams led by inclusive individuals are more likely to outperform (increased by 17%), make better quality decisions (increased by 20%), and have improved team collaboration (up 29%).
A McKinsey analysis has shown that gender diverse companies are 15% more likely to outperform and ethnically diverse companies are 35% more likely to outperform. Another 2019 analysis showed that gender diverse executive teams were 25% more likely to have above average profitability. Companies that have a leadership team comprised of at least 30% women are also more likely to outperform companies with few or no women executives.
The data speaks for itself, and these numbers are constantly on the rise. Many organizations have diversity initiatives or even a diversity board. Whether your company is new to the diversity program or has established practices, sometimes you need help finding the right candidate. Talent Partners has worked on diversity placements across all industries and verticals – contact any of our Practice Leads to learn how we can help and check out our diversity process here.
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