“Diversity and inclusion, which are the real grounds for creativity, must remain at the center of what we do.” ~Marco Bizzarri
The national landscape has changed a great deal over the last two years. Businesses across the nation are working on getting workplace diversity and inclusion right. Diverse teams offer broader perspectives, drive more innovation and creativity, and promote better decision-making. Here are other benefits:
Making your company profitable:
Recent research studies show that gender and ethnic diversity clearly correlate with profitability. Companies in the top quartile for ethnic diversity on their executive teams are 33% more likely to outperform companies in the bottom quartile.
Better creativity and innovation:
Increasing leadership teams’ diversity leads to more and better innovation and improved financial performance. Companies that reported above-average diversity on their management teams also reported innovation revenue that was 19% higher than that of companies with below-average leadership diversity. Believe it or not, finance teams with creativity and innovation actually decrease turn-over and increase client engagement and interest!
If your business is small—you likely have an advantage:
Small businesses with above-average diversity earned 45% of their revenue through innovation, and ethnically diverse companies are 35% more likely to overperform. Also, diverse teams make decisions two times faster with half the number of meetings, and their decisions deliver 60% better results, according to a SHRM diversity report.
Start including diversity now:
You can start making changes to your financial teams now by developing an inclusive hiring strategy. You can do this by widening the recruitment pool, developing clear and inclusive job descriptions, ensuring hiring panels represent diversity, implementing a structured interview process, and creating a blind hiring process.