The Business Case for Diversity and Inclusion

Strive for a representative demographic, but studies show that a group’s voice is only heard above 30% representation.

By now, talk about the need for diversity, equity, inclusion and related programs in the workplace is nothing new. At this stage, the necessity of such programs is largely self-evident as well. What may not be apparent to many offices this late in the game, however, is the well documented positive impacts that a robust diversity and inclusion program can have on your bottom line. 

Aside from the moral imperatives so apparent in the current atmosphere, the quantifiable benefits of a well implemented Diversity, Equity, and Inclusion strategy are directly attributable to those efforts. According to Forbes’ “Best Workplaces for Diversity”, ethnically diverse companies perform 33% better than the norm, and have 24% higher revenue growth. These improvements take time and have been described by business leaders as “non-linear”, citing the difficulty in creating change, “You’ll try a lot of things that just won’t work.” said Voya CEO Rodney Martin, Jr. 

The journey to authentic diversity is undoubtedly a long and winding road, but one that earnest leadership can manage. It’s important to get started quickly, and to use transparency as a way to keep your organization accountable; telling the story of Accenture’s process, North American CEO Julie Sweet describes beginning the process before Accenture’s numbers “..weren’t great” but that making a public promise was effective at galvanizing the entire organization around the strategy. The transformation was essential to becoming an “innovation-led” company, something that can only happen when an organization is truly diverse from top to bottom.

Business is uniquely positioned to dismantle racism in America due to its broad influence in daily life. The business realm also deals in real problems, real numbers and real consequences.

As the saying goes, “What can’t be measured can’t be managed.” Be sure to collect rigorous demographics and set benchmarks – the story is important and sharing your company’s journey and growth can help attract that much sought-after diverse talent.