The benefits of diversity in the workplace

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The benefits of diversity in the workplace

29 Aug 2019

Experts agree that workplace diversity translates into significant benefits for businesses. Decision making, return on investment, entry into new markets, and innovation all improve when minorities are represented in a company’s workforce.

A study on workplace inclusion and diversity, “Take Action, Gain Traction: Inclusion and Diversity in the UK Workplace,” prepared by the consulting firm Bain & Company reveals “a strong correlation between diversity and better corporate performance.” Nonetheless, despite the advantages, “Inclusion and diversity remain elusive to many companies.” The reluctance of companies to embrace diversity doesn’t make sense, especially when weighing expert opinions, which are unanimous when quantifying the benefits. According to a global report prepared by the consulting company McKinsey&Company, companies with greater racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry averages.

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