🏼 Hey, it's Kate here, strategy director and co-leader of Cultimate!
As we celebrate Pride Month, it’s important to remember that diversity, equity and inclusion are not just buzzwords, but critical components of any successful business. I prepared a list of researches by McKinsey, Glassdoor and BCG that show how it works. So it's 5.5 reasons why Diversity & Inclusion makes your company successful:
1️⃣ A study by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians.
2️⃣ Diversity and inclusion also have a significant impact on employee retention and engagement. A survey by Glassdoor found that 67% of job seekers said a diverse workforce is important when considering job offers
3️⃣ 57% of employees want their company to do more to increase diversity (also Glassdoor). When employees feel valued and included, they are more likely to stay with the company and be more productive.
4️⃣ A diverse workforce can bring new ideas and perspectives that lead to innovation and growth. A study by Boston Consulting Group found that companies with diverse management teams had 19% higher revenue due to innovation.
5️⃣ According to a study by McKinsey & Company, companies in the top quartile for gender diversity are 15% more likely to have financial returns above their respective national industry medians.
ℹ️ And in addition. Boston Consulting Group’s How Diverse Leadership Teams Boost Innovation: This report found that companies with diverse leadership teams are more innovative and generate higher revenue from new products and services. The report also notes that diverse leadership teams are better at managing risk and making strategic decisions.
To sum up, companies that embrace diversity and inclusion have better financial performance, higher employee engagement and retention, and are more innovative.
🙏🏻 I urge us all to prioritize DE&I efforts not just during Pride Month, but year-round. By doing so, we can create a more equitable and successful future for all.