The Value of Diversity
As we celebrate Pride Month 2022, it is good to reflect on the vital role of diversity in today’s world.?
Diversity is not just a personal right; it is a fundamental driver of success in business and government. While this month centers on the LBGTQ+ community, diversity comes in many flavors. It extends to diversity around age, ethnicity, education, location, and socioeconomic background, as well as to heterogenous values, opinions, and styles of thinking.?
The business case for diversity is compelling. Studies from research institutions, including Princeton University, Massachusetts Institute of Technology, McKinsey, and the World Economic Forum, have shown that companies embracing diversity—in all its forms—are better able to manage global operations, find scarce talent, motivate teams, build a resilient culture, and boost productivity. Adding to that, inclusive organizations make sounder decisions, relate better to customers, and enjoy greater profitability. For example, according to the World Economic Forum, 59% of ethnic and racial minorities and 49% of people overall prefer to engage with brands that include different groups in society.?
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Despite the array of benefits from diversity—and the billions of dollars firms have already spent to promote it—progress at management levels has been disappointing. Only about 15% of Fortune 500 CEOs are women and just 1% are black. Similarly, the percentage of LBGTQ+ men in corporate management is just 2.9% and LBGTQ+ women, a mere 0.6%. The pandemic illuminated the extent of the problem: Women and minorities found it exceedingly difficult to balance their work and home life and minorities and lower-income citizens suffered the highest rates of infection.
Again and again, our research at ThoughtLab has shown that the world’s most successful corporate and government organizations harness the power of diversity. For these organizations, diversity is no longer a compliance issue for the CHRO; it is CEO imperative requiring the full attention of the C-Suite. In today’s world, diversity is a prerequisite for competing in a global marketplace.?