• Does Diversity Pay? 3. Although Catalyst has produced research and tools about making the case, more recently, Catalyst and others have encouraged companies to “get beyond the business case for diversity.” The business case grew out of a need to explain Progress toward parity remains slow. The report follows Why diversity matters (2015) and Delivering through diversity (2018). ... Research from McKinsey shows that the most ethnically diverse companies are 35% more likely to outperform the least ethnically diverse companies. In recent years, McKinsey has done extensive work on the relationship between ... performance—also suggest that making gender diversity a significant goal is well worth the investment. Our latest report, ... top levels of business have already yielded positive results. According to McKinsey, in 2025, 57% of households earning more than 20,000 dollars a year will live in the developing world. higher levels of gender diversity and withHR policies and practices that focus on gender diversity are linked to lower levels of employee turnover.4 The service line supports clients in designing and delivering tailored strategies to capture the benefits of diversity as a business performance enabler, through increasing representation of diverse … Terms just as “ the business case for women ” or the “ business case for diversity ” arose first in the late 1980s as a coping strategy for attacks on social justice action. ... targets for diversity and to find ways of creating a better work-life balance. A recent report outlines the challenges chief diversity officers experience, and the best practices for overcoming them. Not only does the business case for inclusion and diversity programs remain robust, according to McKinsey, but, “the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time.” Leaders outpace laggards The 2020 report is the third installment in McKinsey’s series of research that has been aimed at examining the business case for diversity in executive positions. Business Case for Diversity & Inclusion Prepared by Hyman Albritton, Genesis Consulting & Susan Schubert, Diversity Matters The numbers matter! In 2019, companies in the top quartile for ethnic and cultural diversity outperformed those in the fourth quartile by 36 percent in profitability, slightly up from 33 percent in 2017 and 35 percent in 2014. Basically, their message was, do not promote diversity because it is a legal mandate, but because it is good for business (Kelly and Dobbin, 1998). The 2020 report is the third installment in McKinsey’s series of research that has been aimed at examining the business case for diversity in executive positions. 18. Widely cited, the report has influenced I&D policy-setting and transformation efforts by corporations, the public sector, and third-sector ... business case and HR policies.more Stay connected E-mail alerts Twitter Facebook LinkedIn The business case for implementing DEI (diversity, equity and inclusion) Businesses that establish diversity, equity and inclusion principles outperform their peers. Business Case for Diversity and Inclusion. Diversity and inclusion at work: facing up to the business case Introduction organisations should be deterred from pursuing diversity (Department for Business, Innovation and Skills 2013). It was adapted and built off of Building a Business Case for Gender Diversity1 of the Centre for Ethical Leadership at the University of Melbourne (2014) and the CEW CEO Toolkit.2 Summary McKINSEY - Delivering through Diversity If you want to understand the business case for diversity, look no further than this study from McKinsey. February Highlights: The business case for workplace diversity--and how to accelerate change Last month, McKinsey published articles on diversity, inclusion, gender, digital strategy, automation, reskilling, customer success, decision making, artificial intelligence, … Widely cited, the report has influenced inclusion and diversity policy-setting and transformation efforts by corporations, the public sector, and ... McKinsey Quarterly, October 2013. April 20, 2021. Gallup has convincingly linked engagement with positive business metrics including productivity, profitability, quality, employee commitment and retention. Since the publication of the Workforce 2000 study, cost savings and winning the competition for talent are frequently cited as strong arguments for the pursuit of diversity initiatives. Learn how prioritizing diversity and inclusion can give your business a boost. Diversity is good for business — not just from the ethical standpoint, but from the perspective of a company’s bottom line, according to McKinsey & Company. Develop your own D&I business case Business case for diversity. Diversity can improve the bottom line. McKinsey Quarterly. The study also found that executive These statistics show the business impact of creating a diverse company. BOSTON, MA — “ Getting Serious About Diversity: Enough Already with the Business Case ” has won the 2020 HBR McKinsey Award, which honors the best Harvard Business Review article of the year. We live in a deeply connected and global world. The McKinsey study also finds there are costs associated with opting out. The Women Matter research McKinsey published in 2007 identified a positive relationship between corporate performance and gender diversity. business case for inclusion and diversity. Flexible working: the business case 2 • For senior and managerial staff, flexible working arrangements are pivotal for being able to continue to work and develop as professionals,15 particularly if they become parents. More recently, they The Business Case For Diversity And Inclusion. The Business Case for Gender Diversity Compiled by Genevieve Smith The summary and table includes points from a collection of research. Diversity of Thought – The Business Case 3. The new suggestions take a decidedly qualitative turn. Adapted from: The Business Case for Diversity by Diversity Inc., 2002 People of color as a segment of the population are comparatively younger than the white population. Whereas whites outnumber non-whites 5 to 1 in the 70 plus age group, the ratio is only 2 to 1 … business case for diversity and inclusion. Executive summary 1Delivering through Diversity Executive summary Since Why Diversity Matterswas published in 2015, we have seen growing awareness of the business case for inclusion and diversity (I&D). Widely cited, the report has influenced I&D policy-setting and transformation efforts by corporations, the public sector, and third-sector BOSTON--(BUSINESS WIRE)--“Getting Serious About Diversity: Enough Already with the Business Case” has won the 2020 HBR McKinsey Award, which honors the best Harvard Business … ... McKinsey and Clear Company show diversity has a strong correlation with organizational performance. new mckinsey report reinforces business case for diversity By Dawn Edwards January 25, 2018 February 2, 2018 News New research by McKinsey concludes that gender and ethnic diversity clearly correlate with profitability, but women and minorities remain underrepresented in spite of this. In New Women, New Men, New Economy we laid out the case for gender and cultural diversity and showed how greater diversity … Many successful companies regard inclusion and diversity as a … Diversity also makes good business sense. This report discussed concrete steps companies should take in order to increase diversity among their talent. There are six actions companies need to take to make progress on gender diversity. to better business performance. These numbers underline the work that remains to be done, even as the case for greater diversity becomes more compelling. That’s according to the third report in a McKinsey series investigating the business case for diversity, “Diversity Wins.” We have since expanded the focus of this research to examine diversity more broadly, from gender to race and ethnicity to sexual orientation. Modelled after cases used in real McKinsey interviews. In McKinsey & Company's 2015 report, ... Building a Business Case for Diversity and Inclusion. In 2015, the company released pivotal data that demonstrated clear linkages between greater profitability and racial/ethnic and gender diversity within organizations. The 2020 report is the third installment in McKinsey’s series of research that has been aimed at examining the business case for diversity in executive positions. Let’s start with the claim that putting more women on corporate boards leads to economic gains. ... a McKinsey study found that a company in the top quarter for gender diversity among executives is 21% more likely to perform above the national industry median for profitability than one in the bottom quartile. And few companies are making a strong business case for gender diversity: while 76 percent of companies have articulated a business case, only 13 percent have taken the critical next step of calculating the positive impact on their business. From then on, researchers started to test a number of hypotheses on the business benefits of diversity and of diversity management, known as the business case of diversity. • Does Diversity Pay? The key headline is the strong correlation between diversity and company financial performance. Companies that increase the diversity of their workforce on multiple dimensions, and create an environment that welcomes new perspectives, boost their capacity for innovation … To put anything in play at most companies, you need to present a The case for diversity improving the bottom line is well-documented. Ultimately, diversity is about ensuring companies’ competitiveness, performance, and long-term sustainability. According to McKinsey & Co., the business case for inclusion and diversity is stronger than ever. The Business Case for More Diversity Wall Street Journal research analysts rank industries and companies for diversity and inclusion—and … This research aims to uncover the evidence behind the business case argument, while highlighting that there is a need to challenge this traditional McKinsey Report: Don’t Ignore Business Case For Diversity For Pandemic Recovery. According to a new research by management consulting firm McKinsey & Company, companies with gender diversity and ethnic and cultural diversity in their leadership managed to financially outperform their peers. A study by McKinsey & Company found that companies in the top quartile for gender diversity on their executive teams were 21% more likely to experience above-average profitability (McKinsey & Company, 2018). Another leading research institute has reconfirmed the business case for diversity in boardrooms. Another McKinsey study also revealed that in 2020, Asian companies made up 43% of the world’s largest 5,000 companies. ... We recently conducted an analysis of companies in the S&P 500 to identify top performers in board diversity, ... Make the case. One inclusion and diversity strategy that McKinsey & Company developed is defining the inclusion and diversity priorities that are based on the drivers of the business growth strategy. “Getting Serious About Diversity: Enough Already with the Business Case” has won the 2020 Harvard Business Review (HBR) McKinsey Award, which honors the best HBR article of the year. Send Cancel Close. A Business Case For Women. McKinsey conducted the research for this report before the global pandemic of Covid-19 … BOSTON--(BUSINESS WIRE)--Apr 13, 2021--“ Getting Serious About Diversity: Enough Already with the Business Case ” has won the 2020 HBR McKinsey Award, which honors the best Harvard Business Review article of the year.
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