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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 Rises 

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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 Period  

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"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 Members 

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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

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How These Companies Are Celebrating Asian American and Pacific Islander Heritage Month

According to a recent study, anti-Asian hate crimes have risen 150% since the pandemic started. But these acts of violence are not new — they are part of a much larger history of anti-Asian racism and violence in the U.S.

That makes celebrating Asian American and Pacific Islander Heritage Month (which was named a month-long celebration in May by Congress in 1992 "to coincide with two important milestones in Asian/Pacific American history: the arrival in the United States of the first Japanese immigrants on May 7, 1843 and contributions of Chinese workers to the building of the transcontinental railroad, completed May 10, 1869") this year all the more important.

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Webinars

Early Career Connections & Mid-Career Pivots: Learn more about Our Partners, Sponsors & Speakers

Learn more about the amazing speakers and sponsors from our September 2021 virtual summit Diversity Reboot: Early Career Connections & Mid-Career Pivots; 4 days of fireside chats, workshops, panels, networking sessions, and an interactive virtual career fair.

Our Early Career Connections & Mid-Career Pivots summit welcomed 8,000+ registrants to the PowerToFly community! From pro-tips on how to kickstart your career as a young professional to restarting your life after caregiving - we covered it all! If you tuned in, thank you! If you missed the summit, you can now relive the entire experience! If you're feeling the itch to pivot or learn some new skills, make sure to use your special PowerToFly code: POWERTOFLY750 to get $750 off your next course with Springboard.

We want to extend a HUGE thanks to our Gold sponsors Smartsheet and American Express and our Influencers Palo Alto Networks, amazing.community, Path Forward, and APCO Worldwide. Also, don't forget to visit our Merch Store and grab yourself some PowerToFly apparel, we donate 100% of the proceeds from our sales to TransTech Social, supporting transgender people in tech.

Last but not the least, registration for our October summit Lifting Latinx Voices at Work is now open! With topics ranging from bilingualism to growing Latinx representation in the C-suite, you won't want to miss this free opportunity to connect with your peers, network with top companies, and learn from leaders who've been in your shoes!

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The ABCs of ERGs: How to Create, Build and Grow Employee Resource Groups

Part of PowerToFly's Employer Conversations Series: DEI All Year Long

Being your authentic self at work can be a struggle. That's where Employee Resource Groups (ERGs) come in. An ERG builds connections between teams that go beyond simple work relationships. Whether the focus is on race, ethnicity, gender, sexual orientation, or being a parent, an ERG can be a powerful growth tool for both the individual and the company; and they go a long way in creating more diverse, equitable, and inclusive workplaces.

Join PowerToFly and its partner APCO Worldwide, as we break down the ABCs of ERGs. Whether you are looking to start your own ERG, grow your membership, receive stakeholder buy-in, or take your group to the next level, we hope you'll join and participate in this interactive discussion with your fellow leaders. There's no need to prepare anything in advance, but we hope you'll lend your voice to the conversation. Questions are welcome!

RSVP HERE FOR FREE

This interactive discussion, part of PowerToFly's Employer Conversation Series: DEI All Year Long, will take place on October 7th from 12pm to 1pm ET.

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Kensho Technologies

From PM to Chief of Staff: How Kensho’s Meaghan Cassidy Approaches Career Growth & Continuous Learning

Meaghan Cassidy had all the cool pandemic hobbies before they were cool pandemic hobbies.

She started baking sourdough years ago. She took up yoga and bouldering even before that. And when much of America was frantically googling "how to keep a plant alive," she was caring for her thriving vegetable garden and turning its cherry tomato harvest into a delicious and easy Caprese salad (served alongside fresh sourdough, of course).

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PowerToFly Playlists: Best Music for Productivity

Music isn't just a means of entertainment—it's also known to improve motivation and productivity at work.

Research has found that certain types of music can be beneficial to us while we work. Some genres seem to improve our ability to process information and focus on the task at hand. Some help block out distracting background noise. And others sync with our brain waves to keep the creativity flowing.

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