Diversity Pays Off (Risk Management Magazine)

Diversity Pays Off

  Monday, October 26th, 2020 Source: Risk Management Magazine

The racial reckoning of recent months has raised the bar for business leaders. It is no longer enough for them to simply understand that a diverse group of employees, managers, executives and board members creates better results.

They need to have the commitment and motivation to act as well as the fortitude and patience to improve the work environments they oversee.

Whether it is diversity in age, ethnicity, religion, identity or gender, companies that support a diverse and inclusive culture will find greater success than those that do not.

And the data proves it. Articles from McKinsey and Boston Consulting Group (BCG) highlight how revenue, profit and performance are impacted by diversity and inclusion (D&I), and these numbers are significant.

According to BCG, companies with diverse management teams experienced a 19% increase in revenue, compared to others with less diversity. McKinsey also reports racially and ethnically diverse companies are 35% more likely to perform better. When D&I intersect with one another, good things happen.

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