When it comes to talent management, diversity and inclusion remain top priorities among many employers. According to new data from the leading B2B ratings and review firm Clutch, more than three-quarters of HR professionals (79 percent) believe their company is diverse. As many employers weather the COVID-19 pandemic, 57 percent of employees say their company has become more diverse in the past year.
Perception though is not always reality. Some experts tout these numbers may be overestimated and more of a reflection on an overall more diverse American workforce and an increase in companies employing international workers than it is on deliberate hiring actions.
Regardless of how diverse you might think your organization is, one fact remains true: diversity and inclusion builds stronger, more powerful teams.
Here are some top statistics that prove the value of a diverse and inclusive workforce:
1. Better performance
Racially and ethnically diverse companies are more likely (35 percent) to outperform their competitors.
2. An increase in cash flow
Inclusivity pays off. According to a study conducted over a three-year period, diverse companies enjoy 2.3 times higher cash flow per employee.
3. Healthier finances
Speaking of finances, companies that have a more inclusive workforce are 120 percent more likely to hit their financial goals.
4. Better decision-making
Individual decisions are not nearly as powerful as those made by a diverse team. One study found that diverse teams make better decisions the majority (87 percent) of the time. Diverse teams were also found to make decisions faster than individual workers and benefited from a 60 percent improvement on decision-making.
5. More innovation
Companies that foster inclusivity are 1.7 times more innovative than those companies in the same industries that do not.
Click here for a more comprehensive list of diversity in the workplace stats.
