Given recent surveys, along with the release of abysmal stats from the tech industry, it’s easy to assume that diversity has little to no impact on business success. The data tells a whole different story.
1. Diversity helps you innovate.
A professor and senior vice dean at Columbia Business School said that people work harder, are more creative, and are more diligent when they work with or around a diverse group of people. A more diverse workplace can create challenges of opinion and perspective, but these very challenges are what lead to innovation.
2. Female leadership increases your company's value.
According to a multi-year academic study of Standard and Poor’s top 1,500 firms, companies with women in leadership positions are $44 million more valuable on average. In addition, the higher the ratio of women in senior management positions, the better the company's stock market performance.
3. A diverse team has a greater impact on your industry.
As for ethnic diversity, research suggests that the work product of an ethnically diverse workforce is of higher impact than those of a more homogenous nature. The study also found that companies had 19 percent higher average net profit than those that were less diverse.
Conclusion: There's serious value behind diversity.
The research directly ties workplace diversity to greater business success. Knowing that, it's disappointing to find innovative organizations handicapping their success by continuing to hire a white male-dominated workforce.
The good news is that companies are catching on to the benefits of a diverse workforce. Take Intel's diversity initative, for example. When an organization like Intel invests $300 million to diversify its team, they're doing it for one key reason: diversity adds value to their company and it can do the same for yours.
Diversity isn’t just good for society, it encourages innovation, increases your impact, and adds value to your company. The bottom line: diversity is good for business.
How is your company working to make diversity a priority? Tell us in the comments or email us at email@example.com.