Diversity In The Workplace Benefits: 5 Studies To Take To Your Boss
Recently, a recruiting manager at one of the world's largest companies told my team he was struggling to build a case for investing in more diversity-focused initiatives. His employees were questioning why their company would be spending money on diversity recruiting campaigns, including events, where women and people of color could hear why the company should be considered an inclusive place to work.
I was shocked. It's 2018. Homogeneous teams are not only bad for business and the economy as a whole, but diverse teams literally strengthen profits and innovation within workplaces.
Study after study has proven this.
Then it dawned on me that so many people are ill-equipped to make a case for the benefits of diversity in the workplace.
Don't worry. What follows is a quick guide for how to make the case. It includes research from Harvard, McKinsey, Gallup, and peer reviewed studies for you to lay out how your business could be reaching new levels of productivity, profitability, and long-term enhanced recruiting outcomes if diversity were to become a priority. Take this to your boss, skeptical colleagues, and even your uncle who argues that his male-dominated workplace doesn't need to change.
1. Diverse Teams Produce Financial Returns 33% Higher Than The Industry Mean
A 2017 McKinsey Study used a data set of 1,000 companies to determine that profitability and long-term valuation increased dramatically when teams were diverse.
Say this to your boss and team members:
- This McKinsey study proves that returns rise when you have people working at your company who represent the vast array of customers you're trying to reach.
2. Gender Diversity Could Grow The US Economy By 5%.
Source: Building Inclusive Economies
The IMF showed that closing the gender gap in labor force participation in the United States could boost GDP by an estimated 5 percent.
Say this to your boss or team members:
- When women have higher paying jobs, they create multiplier effects for their communities because they reinvest more than men do (look at the studies) into the health, nutrition, and education of their children.
- It's called "womenomics" and instituting it literally saved Japan from a recession when its workforce was aging out.
3. Harvard: When There Are More Women On A Team, Collective Intelligence RisesGiphy
This Harvard Business Review study says it all:
"There's little correlation between a group's collective intelligence and the IQs of its individual members. But if a group includes more women, its collective intelligence rises."
Say this to your boss or team members:
- Many studies show women score higher on social sensitivity tests. That means they share feedback and learn from customer cues, creating stronger products and financial returns.
4. Gender Diverse Teams Are Radically More Innovative Over A Two-Year PeriodGiphy
"In a study published in Innovation: Management, Policy & Practice, the authors analyzed levels of gender diversity in research and development teams from 4,277 companies in Spain. Using statistical models, they found that companies with more women were more likely to introduce radical new innovations into the market over a two-year period."
Say this to your boss or team members:
- There's a reason why women, immigrants and people of color have propelled American innovation and started our most successful companies. They see windows of opportunity and products to modify that traditionally white all-male groups don't see.
5. Diverse Team Members Bring In More Diverse Team MembersGiphy
Stacy Brown-Philpot, the CEO of TaskRabbit, spoke about the problem of not recruiting early for diversity at Google. When she joined Google they had about 1,000 employees. "It took me two and a half years to look around and realize there weren't a lot of people like me. So [my colleague] David Drummond and I…put together a group. It was really late. I think that's part of the challenge [at Google]." Brown-Philpot's story is backed up by a study that shows the cumulative effects of having the same people interact with each other over time.
Say this to your boss or team members:
- Investing in diversity recruiting now will pay dividends. Diverse team members will help draw in more candidates from personal networks and we can speak truthfully that we cared about diversity - and all of its benefits - from day one.
How To Actually Diversify Your Workplace
As made clear by the Google example, if you've waited years to make diversity in your workplace a priority, then you have a challenge ahead of you. It gets harder to diversify teams if you wait too long. But don't fret, you can still turn it around.
Here are a few quick tips:
- Ensure you have an environment diverse candidates want to join. Survey your workplace anonymously to ask what needs to be done to make it more inclusive. As Vernā Myers, VP of Inclusion Strategy at Netflix says, "Diversity is being invited to the party. Inclusion is being asked to dance."
- Throw an event, and partner with a diversity-focused organization like PowerToFly to run the invite list, programming, and follow-up so people feel engaged and heard.
- Set goals that are realistic and look at how you're getting there. Often the simple things matter most: are you responding to diversity candidates and are you making sure they are interviewed by panels that aren't all white and male?
For more tips, check out this piece I wrote for The New York Times that highlights simple ways to ultimately employ more women and diverse candidates
Diversity Reboot 2021: The One Hundred Day Kickoff<p><strong>When</strong>: February 1-5, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register:</strong> Free!</p><p><strong>Where to register: </strong><a href="https://summit.powertofly.com/" target="_blank">Here</a></p><p>We had to include our own Diversity Reboot on our list of the best diversity and inclusion events to attend in 2021 because we know firsthand how the quality of 100+ expert speakers, the enthusiasm of 10,000 participants, and the cutting-edge tech that enables meaningful virtual networking and job fairs combine to create a truly epic five-day experience. This year, the theme 100 Day Kickoff harnesses the energy of the new government's first 100 days in office to help jump-start personal and professional plans to build more diverse and inclusive workplaces. </p><p>Following the February summit, we'll have a monthly series of smaller virtual summits on topics spanning everything from returnships to LGBTQ+ advocacy, so be sure to stay tuned for updates!<br></p>
The Future of Diversity, Equity and Inclusion 2021<p><strong>When</strong>: February 3-4, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register:</strong> Free</p><p><strong>Where to register:</strong> <a href="https://www.hr.com/en/webcasts_events/virtual_events/upcoming_virtual_events/the-future-of-diversity-equity-and-inclusion-2021_kcxf8glq.html#detail" target="_blank">Here</a></p><p>This virtual conference put on by HR.com focuses on how social movements like #MeToo and Black Lives Matter have pushed DEI at work beyond legal compliance and into a major factor of any company or brand's culture, employee engagement, and performance. Topics include how to uncover and resolve pay gaps across your team and hire top-level diverse talent.</p>
Workplace Revolution: From Talk to Collective Action<p><strong>When</strong>: March 8-12, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register: </strong>$820</p><p><strong>Where to register:</strong> <a href="https://cvent.me/ZQ4BbE" target="_blank">Here</a></p><p>The Forum on Workplace Inclusion's 33rd annual conference includes 12 session tracks, from DEI Strategy to Social Responsibility, along with 59 workshops and daily networking sessions. This year's theme focuses on one question: "What will it take to start a workplace revolution that moves us from talk to action?"</p>
Diversity: How Employers Can Match Words With Deeds<p><strong>When</strong><strong>: </strong>May 19, 2021</p><p><strong>Where:</strong> Virtual</p><p><strong>Price to register</strong><strong>: </strong>Early bird registration is $49 and general admission is $149</p><p><strong>Where to register:</strong> <a href="https://hopin.com/events/may-virtual-conference-diversity-how-employers-can-match-words-with-deeds" target="_blank" rel="noopener noreferrer">Here</a></p><p>From Day One is hosting monthly conferences in 2021 focused on different ways for companies to foster strong relationships with their customers, communities, and employees. May's half-day virtual event is focused specifically on how companies can make diversity promises that don't fall flat and features workshops, panels, and a fireside chat.</p>
Hire with Diversity, Equity, and Inclusion<p><strong>When:</strong> August 18, 2021</p><p><strong>Where: </strong>Virtual</p><p><strong>Price to register: </strong>$195</p><p><strong>Where to register:</strong> <a href="https://www.hci.org/conferences/2021-virtual-conference-hire-diversity-equity-and-inclusion-august-18-2021" target="_blank">Here</a></p><p>This conference put on by the Human Capital Institute is one of 12 virtual conferences that HCI has planned for 2021. This one focuses on fair and inclusive talent acquisition, including how to attract diverse talent, implement inclusive hiring practices, and addressing bias in employee selection. Other conferences will focus on optimizing talent strategy, engaging employees, and developing your workforce.</p>
Virtual Grace Hopper Celebration 2021<p><strong>When:</strong> September 26-29, 2021</p><p><strong>Where:</strong> Virtual, broadcast from Chicago, Illinois</p><p><strong>Price to register:</strong> Was $799 for regular access to the virtual conference in 2020; 2021 pricing hasn't yet been announced</p><p><strong>Where to register:</strong> <a href="https://ghc.anitab.org/attend/registration/" target="_blank">Here</a>, though 2021 registration wasn't live at the time of writing</p><p>Grace Hopper might be the best-known conference for women in tech. Through keynote presentations, networking sessions, job fairs, and community-building activities, vGHC reached over 30,000 women for their 2020 conference and are expecting even more in 2021! While not a conference focused exclusively on diversity and inclusion, many speakers plan to focus their talks on creating environments for women to thrive in the male-dominated tech field.</p>
Inclusion 2021<p><strong>When:</strong> October 25-27, 2021</p><p><strong>Where:</strong> Virtual and in person in Austin, Texas as of now</p><p><strong>Price to register:</strong> Hasn't yet been announced</p><p><strong>Where to register: </strong><a href="https://conferences.shrm.org/inclusion" target="_blank">Here</a>, though 2021 registration wasn't live at the time of writing</p><p>The Society for Human Resource Management's biggest conference of the year saw 1,200 DEI leaders participate last year; SHRM hopes to see even more come to learn, be inspired, and to walk away with a playbook of implementable strategies to create truly inclusive workplace cultures.</p>
AfroTech 2021<p><strong></strong><strong>When:</strong> November 8-13, 2021</p><p><strong>Where:</strong> Virtual</p><p><strong>Price to register:</strong> Early bird pricing is $149 for individuals and $249 for corporate attendees; regular pricing hasn't yet been announced</p><p><strong>Where to register:</strong> <a href="https://experience.afrotech.com/" target="_blank">Here</a></p><p>AfroTech is a conference hosted by Blavity, a tech media platform for Black millennials. It focuses on emerging tech trends, connecting Black talent with top tech recruiters, and providing networking and educational opportunities, with an overall goal of building a strong Black tech community. Over 10,000 people participated in 2020. While the conference isn't focused specifically on DEI, its main audience of Black tech talent is an important one to understand and to engage at work and beyond, and several speakers plan to focus on issues of race and inclusion at work. </p>
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