Diversity, equity and inclusion impact organizational performance and the ability to attract and retain diverse talent.
Here’s what the data tells us:
Companies with great diversity and inclusion outperform their peers.
Gender-diverse companies are 15% more likely to outperform their peers and ethnically-diverse companies are 35% more likely to do the same. (source: McKinsey & Company)
Companies with more women on the board statistically outperform their peers over a long period of time. (source: Catalyst)
Research shows that inclusive teams outperform their peers by 80% in team-based assessments. (source: Deloitte Australia)
Attracting and retaining a diverse workforce requires companies to create a workplace in which everyone can thrive and do their best work.
$64 billion is the annual estimated cost of losing and replacing more than two million American workers who leave their jobs each year due to unfairness and discrimination. (source: Center of American Progress)
Replacing a departing employee costs somewhere between $5,000 and $10,000 for an hourly worker, and between $75,000 and $211,000 for an executive making $100,000 a year (source: Center for American Progress)
Leveraging a diverse workforce to grow market share requires leadership with both inherent and acquired diversity.
Companies with leadership that exhibit three inherent diversities (traits you are born with, such as gender, ethnicity, and sexual orientation) and three acquired diversities (traits you gain from experience) out innovate and outperform others. Employees at these companies are 45% likelier to report that their firm’s market share grew over the previous year and 70% likelier to report that the firm captured a new market. (source: Harvard Business Review)
When at least one member of a team has traits in common with the end user, the entire team better understands that user. A team with a member who shares a client’s ethnicity is 152% likelier than another team to understand that client. (source: Harvard Business Review)