Understanding the business case
There are overwhelming economic arguments for improving diversity. A McKinsey study in 2020 shows that gender diverse businesses outperform others in their sector by 25%. The figure rises to 36% when the same measure is applied to ethnically diverse businesses. Diverse groups bring a more rounded view to business issues, which leads to sharper decision making and better corporate governance. Clients and customers react more positively to companies with a diverse workforce. And when a business offers a dynamic place to work with opportunities for everyone, recruitment and retention of the best people becomes easier.
Better business practice, client relationships and retention of talent all add to improvements on the bottom line. It’s that simple.