Eight ways in which diversity is better for business
Most of us understand, at this point, that there’s a moral imperative to opening access to the tech economy to an entire city, rather than just a privileged few. But as long as diversity and inclusion are being treated as a moral imperative, and not a strategic business decision, we will continue to crawl forward by the inch, rather than striding forward by the yard. So here are just eight ways that we at Resilient Coders have discovered, during just some cursory research, in which hiring for diversity impacts a company’s financial success.
- Diverse teams rely more on evidence when building consensus than do homogenous teams. Harvard Business Review
- Companies with the greatest ethnic diversity are 35% more likely to have stronger financial returns than the national industry mean. McKinsey & Company
- Companies with the greatest gender diversity are 15% more likely to have stronger financial returns than the national industry mean. McKinsey & Company
- Companies with a plurality of perspectives at the leadership level will make better informed decisions. McKinsey & Company
- 10% of women and 25% of people of color who voluntarily left a job had felt bullied out. This is a $16B problem across tech. Kapor Center of Social Impact
- Employees at diverse orgs are more likely to “voice unorthodox views and suggest creative solutions.” Harvard Business Review
- Diverse companies attract top talent, because top talent wants to work for diverse companies. McKinsey & Company
- Diverse companies demonstrate greater employee satisfaction. McKinsey & Company
For a company to ignore the deluge of research that demonstrates the tangible impact of diversity on productivity is a poor business decision, just as you would consider it negligent to ignore any other industry trend. Chances are, yours is one of the companies that does see the trend, but is just unsure what to do about it.
Let’s figure that out. Download our Diversity Playbook. Read the stats. Build a framework. Solve the problem.