When the subject of diversity comes up in a board meeting, the discussion usually centers on two questions: How do we get results and what is the return on investment? We all agree that diversity is important, but what impact does it have on employee productivity, cultural engagement, and profitability? And how can we create a diversity program that delivers high-impact results?
Research suggests that investing in diversity can pay huge dividends in terms of performance and productivity. McKinsey & Company found that ethnically diverse companies are 35% more likely to outperform their less diverse peers, and gender-diverse companies are 15% more likely to do so. In another study, companies that moved from having no women in the C-suite to having a 30% female representation saw a 15% increase in profitability.
Not only do we see financial benefits from creating a more diverse work environment, but employees also report greater job satisfaction when all employees at all levels are treated respectfully. And science demonstrates that working with people who come from different backgrounds and perspectives promotes creativity and idea generation.
The problem is that while just about every business claims to value diversity, creating a diverse organization is sometimes easier said than done. Only 11% of organizations describe their culture as one where the diverse backgrounds of employees are used effectively to contribute value to the organization.
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Table of Contents:
Diversity: An Investment In Your Future
Why Aren't Companies More Diverse?
Pssst... Your Diversity Program Isn't Working
Turning the Ship: A Successful Model of Diversity
-The Rudder: Diversity Solutions
-The Captain: Diversity Champion
-The Momentum: Employee and Executive Support
Building Your High-Impact Diversity Solutions