Diversity and inclusion (D&I) can have a big influence beyond your company’s legal obligations and compliance requirements. By factoring in D&I to the way you structure and plan your business for the future, you’ll find that recruiting from across the broad spectrum of society can boost your workplace productivity, employee well-being, and, ultimately, your company’s success.
Diversity boosts company profits
Companies with a more gender-diverse workforce earn over 20% higher profits than those with an unequal distribution of men and women.
In 2015, businesses in the Fortune 1000 with female leaders earned as much as three times more profit than their male-led equivalents.
In 2018, more ethnically diverse businesses earned over 33% more profit than their less-diverse competitors. If your company is more inclusive and diverse, you are more likely to have higher earnings as a result—proof that diversity and inclusion are more than buzzwords. They are of direct benefit to your business.
More productive employees
When you foster a positive, diverse working environment for people with various backgrounds, cultures, and ages you’ll find that you are encouraging them to bring their authentic selves to work and be in a more productive state of mind. However, along with the diverse environment, you also need an inclusive culture that welcomes everyone. Combine the two, and you’ll see a boost in productivity. Almost 80% of businesses in a recent Forbes Insights study reported an increase in positivity due to a good D&I workplace culture.
Greater innovation and better idea generation
A broader range of experiences will give you a healthier, more innovative workforce that can provide unique perspectives and insights. In 2017, businesses with high diversity scores reported that almost 50% of their revenue came from innovation, while companies with low diversity scores had only 30%. By hiring a diverse workforce and fostering an inclusive environment, you’re providing the perfect platform for teams to come together with broader resources to create better, more creative solutions to problems.
A happier, more positive environment with better retention
Almost 70% of employees consider workplace diversity a critical factor when considering new employment opportunities, while 1 in 5 feel that their offices could have a better D&I policy. If your company is in the 50% that leaves employees dissatisfied, it is highly likely they will move on in search of a more varied and inclusive workplace.
Implementing and following a solid D&I strategy improves your retention and creates a happier, more positive working environment for your team.
Better quality of work from a stronger team
Employees feel more confident and better able to perform in an inclusive environment, creating a stronger and more collaborative workforce.
A 2018 Deloitte study revealed that more inclusive offices saw a 30% rise in collaboration and a 17% rise in the team’s overall perception of success. The teams were more likely to work together, make better decisions, and feel better about their work standard at the end of a project.
Throughout all areas of a company’s success, it’s clear that a comprehensive diversity and inclusivity structure is essential. From happy employees to company profits, the statistics say it all. It’s more than just ‘the right thing to do’ or a ‘legal procedure.’ It’s essential for the future and success of every company worldwide.
Building and always improving our products means staying open to fresh perspectives and taking in broader views of the world. If you think your fresh perspective can help us see the world in a different, diverse and inclusive way, take a look at our careers page and get in touch.
