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The Business Case for Diversity in the Workplace Is Now Overwhelming

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The Business Case for Diversity in the Workplace Is Now Overwhelming

World Economic Forum,

5 min read
5 take-aways
Audio & text

What's inside?

Want increased innovation and profitability? Take a peek into your company’s C-suite and look for diversity.

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Editorial Rating

8

Qualities

  • Applicable
  • Visionary
  • Inspiring

Recommendation

Real change usually comes about because it’s more convenient or financially feasible; diverse workplaces are no exception. In this World Economic Forum article, Vijay Eswaran, the executive chairman of the Hong Kong-based QI Group, cites research, surveys and history to lay out his case for workplace diversity. There’s much more justification for pursuing a diverse workplace than believing that it’s the right thing to do or that it’s good for PR. Increased innovation, better profits and the ability to attract talent might prove more persuasive.

Summary

Research conducted by the Boston Consulting Group found that diversity and innovation go hand in hand with higher revenues. Companies with diverse management teams boasted 19% higher revenues, a figure that suggests that embracing diversity is more than just a nice thing to do, a good PR move or a worthy moral crusade. Diversity is crucial to your bottom line, particularly in industries that rely on innovation. Gender diversity is also critical. A report from McKinsey & Company suggests that corporations with women on the executive team were “21% more likely to experience above-average profitability,” and “had a 27% likelihood of ...

About the Author

Vijay Eswaran is the executive chairman of the QI Group and the author of In the Sphere of Silence.

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    V. Z. 6 months ago
    Very Interesting
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    N. Y. 10 months ago
    Very informative
  • Avatar
    X. Y. 2 years ago
    "Forward-thinking companies should be looking for ways to employ and empower more women at work – not just as a moral obligation, but also as a sound business strategy". Can't agree more! :)