August 31, 2020
We all understand how monumentally important it is to develop diversity and inclusion (D&I) within our workplaces. Not only is it an ethical and moral mission, but it also leads to greater innovation, new ways of thinking and overall growth for businesses. McKinsey’s study on diversity has stated that firms with higher diversity quotients are 35 percent more likely
to post financial returns than their national industry medians. Companies who had diverse management teams in particular also report 19 percent higher revenues
, as a result of increased innovation from diverse teams. We all understand this much: diversity works, and it’s imperative that it becomes a normal part of the workplace.
But while a number of organizations and leaders are talking the talk, not all of them are walking the walk. There are a number of reasons for this, but when it comes to establishing D&I within a workplace, the responsibility ultimately falls on the CEO. If there is a disconnect between what is said about diversity and what is being done, executives must take charge in implementing best practices and making D&I a part of their bottom line.
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