What if I told you your organization could be more profitable, innovative, and competitive while having a culture of more engaged and satisfied employees—and you only had to change one area of your company culture? You probably wouldn’t believe me. Why would you? There is no such thing as a cure-all. However, the fact remains if your company improves its diversity and inclusion, you will see a marked improvement in your business success.
Studies by Deloitte, Harvard Business Review, Glassdoor, Mckinsey, Fast Company all show organizations with more diversity are more profitable, innovative, engaging, and capture more market share than their less diverse counterparts. Still skeptical. Then check out these statistics.
More Profit
Increased diversity and inclusion can lead to higher revenues. According to McKinsey, 43% of companies with diverse boards had higher profits. Inclusion is also important. A Gartner study noted, highly inclusive companies saw 1.4 times more revenue and were 120% more likely to hit financial goals.
More Innovation
Companies with more diversity and inclusion also demonstrate more innovation and revenue from innovation than less diverse and inclusive companies. According to the Harvard Business Review, companies with higher-than-average diversity had innovation revenues that were 19% higher. A Josh Bersin study also showed that inclusive companies were 1.7 times more likely to be innovative.
More Engaged Employees
Companies with more diversity and inclusion are also better at attracting and keeping the best employees. According to Glassdoor, 67% of job candidates these days search for companies that have a diverse workplace. Of course, keeping the employees is the key and that’s where being more inclusive plays a part. Deloitte showed that millennials are 85% more likely to feel engaged when working at an inclusive company. As many studies have shown, engaged employees tend to stay longer and be more productive than less engaged employees.
More Market Share
Companies with more diversity and inclusion also tend to capture more market share than less diverse or inclusive organizations. A Harvard Business Review showed companies with more gender diversity were 45% more likely to have captured a larger portion of their market. Moreover, diverse and inclusive companies were 70% more likely to have entered into a new market.
Hire a D, E, & I Consultant
If you would like your organization to increase revenue, innovation, and market share and attract and keep the best employees, there are top Diversity, Equity, and Inclusion (D, E & I) keynote speaker experts who can consult with your company.
Marcus Collins is a D, E, & I thought leader and a Marketing Professor at the Ross School of Business, University of Michigan. Marcus teaches the significance of developing an empathetic muscle to recognize how we are more alike than different can improve your company culture and your bottom line.
Risha Grant is a popular D, E, & I keynote speaker, consultant, and author of the book That’s B.S. How Bias Synapse Disrupts Inclusive Cultures. Risha works with companies to help uncover unconscious bias and to build a more diverse and inclusive company culture. Risha can show how to realize your biases, how to attract and keep diverse talent, communicate with diverse audiences, and capture new markets.
Wema Hoover is a D, E, & I keynote speaker and consultant who has worked with many Fortune 500 companies, including her time as Chief Diversity Officer at Google. Wema consults with organizations and helps them use their data to promote diversity and inclusion. She also shows ways to change behaviors so employees can have a channel to be listened to and ways for diverse voices to be heard.
Omar Johnson is a Culture, Diversity, Marketing and Branding Keynote Speaker and the Former CMO at Beats by Dre. Johnson shares how partnering with the communities they serve, businesses can make more conscious decisions in their marketing and branding efforts
This article was originally published by BigSpeak Oct 20, 2021.
