Benefits of a diverse workforce
Diversity has become a top priority within the talent acquisition strategy for most companies. Based on the outcomes correlated with diversity, it’s easy to see why:
- Forbes Insights has identified workforce diversity and inclusion as a key driver of internal innovation and business growth.
- Professor Margaret Ann Neale of the Stanford Graduate School of Business and her colleagues have found that diversity creates better performance for product development and creating new markets.
- Professors Lu Hong of the Quinlan School of Business at Loyola University Chicago and Scott E. Page of the University of Michigan showed that groups of diverse problem solvers outperform groups of high-ability problem solvers.
- McKinsey & Company analysis has shown that companies with diverse executive boards enjoy significantly higher earnings and returns on equity.
- The Harvard Business Review has found that having multicultural social networks increases your creativity.
- Cedric Herring, the interim head of the sociology department at the University of Illinois at Chicago, released a study of more than 500 organizations which found that every 1% increase in gender and racial diversity is correlated with a 3% to 9% increase in sales revenue, respectively.
- Gartner conducted a global survey of 3,000 Chief Information Officers which led to their prediction that, by 2022, 72% of customer interactions will involve machine learning applications, chatbots or mobile messaging, up from 11% in 2017.