Diversity can mean many things – race, gender, age, background and more. Regardless of the classification, diversity leads to success in business.
Hiring people from diverse backgrounds brings a well-rounded set of skills to an organization. This is healthy and certainly effective in that it helps to encourage and promote company growth.
Company growth means more internal referrals, quicker hires and better synergy amongst team members.
Employing a diverse workforce helps positively shape the company’s internal culture and identity.
Diversity leads to varied opinions, ideas, perspectives and above all creativity. Each employee carries varied skills, certifications and languages.
This leads to new business opportunities. Having the ability to accommodate diverse sets of clients and projects makes a huge impact on the bottom line.
It opens doors and people need to me more cognizant of it. From mom and pop shops to Fortune 500 companies, diversity is now driving all business. Diversity gives companies the ability to adapt to the growth and changes within their industry.
Greater diversity and its impact on the bottom line
Now let’s take a quick look at the numbers.
Sociologist Cedric Herring found that companies reporting the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity.
Gender diversity accounted for a difference of $599.1 million in average sales revenue: organizations with the lowest rates of gender diversity had average sales revenues of $45.2 million, compared with averages of $644.3 million for businesses with the most gender diversity.
For every percentage increase in the rate of racial or gender diversity up to the rate represented in the relevant population, there was an increase in sales revenues of approximately 9 and 3 percent, respectively.
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