Workplace Diversity & Inclusion Stats You Must Know
Mar 27, 2023 · 8 mins read ·Company Culture, HR Strategies & Systems
Important discussions about discrimination have been brought to the forefront in recent years, and the workplace is no exception.
Every employer should strive to create a diverse and welcoming workplace. Nevertheless, building a more equitable workplace and leveling the playing field shouldn’t merely be considered as part of a checklist that one has to tick off.
Several studies have shown that diverse workplaces produce better outcomes and have the happiest workers.
Consequently, 96% of business leaders concur that programs focusing on diversity and inclusion in the workforce can promote business growth and provide a sustained competitive edge.
Understanding a wide range of statistics connected to diversity and inclusion might help you and your team better comprehend the complicated nature of the topics.
With these stats we present; hopefully, you and your team can work toward developing a diverse and inclusive workforce that will ultimately deliver better income and increase employee performance.
Understanding diversity and inclusion
It’s helpful to start by defining diversity and inclusion.
Politics, race, culture, sexual orientation, religion, class, and gender identity distinctions exemplify diversity. In the workplace, diversity implies your crew consists of individuals who bring new viewpoints and backgrounds.
Inclusion means everyone in the diverse mix feels involved, valued, respected, treated fairly, and rooted in their culture. A key component of building an inclusive workplace is empowering all staff members and highlighting their unique abilities.
The importance of D&I cannot be overstated. Diversity without inclusion can lead to a hostile workplace environment, and inclusion without diversity can result in a company that lacks innovation.
Businesses are beginning to emphasize diversity, but many ignore the inclusion component of the puzzle. Your employees may feel supported and valued with a focused commitment to inclusion and diversity.
Why are diversity and inclusion important for your business?
Employees are more likely to work harder and more intelligently, resulting in higher-quality work, when they feel more engaged.
Organizations that implement D&I processes consequently experience significant improvements in business outcomes, innovation, and decision-making.
Other pros of a strong D&I in your workplace include the following:
1. Increased talent pool
You will always hire the same kind of people if your recruiting process is structured in the same way.
However, your talent pool will be more diversified, and your chances of making the most significant hire will rise if you broaden your recruiting searches to include more individuals of different backgrounds, ethnicities, ages, etc.
2. Increased trust and engagement among employees
Employee engagement is higher when they feel included. Employees who are highly engaged go above and beyond for the company.
Profitability, team spirit, and retention are all positively impacted by this increased engagement.
Also, those who work in inclusive environments typically have better physical and mental health and require fewer sick days.
3. Fresh ideas and innovation
Your organization is more likely to develop innovative ideas with a more varied group.
Diverse teams can more effectively pinpoint the goods and services that satisfy the requirements of changing client profiles.
Also, a large number of diverse employees have endured serious hardship. These difficulties compelled a diversified workforce to polish their skills and perfect their problem-solving abilities.
Must-know D&I stats
Let’s get to know some facts demonstrating the positive effects on your company’s bottom line of enhancing diversity and inclusion efforts.
1. Inclusive businesses are 1.7 times more likely to lead in innovation
Research suggests that greater diversity leads to greater innovation. Businesses
that scored higher on inclusivity were 1.8 times more likely to be change-ready and 1.7 times more likely to show their market in innovation.
2. Prospects view diversity and inclusion as critical aspects of the company culture
A diverse workplace is one of the critical considerations prospective employees make when looking for a job, according to a Glassdoor survey.
While the majority of white workers found workplace diversity to be significant, minority job searchers found it to be of the utmost importance: 72% of women, 89% of African Americans, 80% of Asians, and 70% of Latinos ranked workforce diversity as vital.
Creating a diverse and inclusive workplace is crucial to attracting brilliant employees and setting your firm up for success.
3. A diverse and inclusive workforce equals stronger and more profitable business
Diversity and inclusion have positive business-related effects and are helpful for employees’ mental health.
For example, the Harvard Business Review discovered that businesses with greater diversity report 19% higher income.
This idea was supported by a McKinsey analysis, which found that for every 10% increase in the racial and cultural diversity of a company’s senior-executive team, earnings rose by 0.8%.
4. 78% of workers agree that diversity and inclusion offer a competitive advantage
The diversity issue has taken on excessive importance in today’s contemporary global economic climate. Even workers are aware of how critical this issue is.
More than 75% of respondents think this can result in a competitive advantage; however, only 39% believe it gives them a significant advantage over their rivals.
5. 15% of CEOs of Fortune 500 businesses are female
According to statistics, there is still significant discrimination in women’s employment for CEO roles.
These findings prove that the most recent diversity and inclusion statistics are essential and should be treated carefully.
6. According to Google, by 2025, 30% of leadership roles will be filled by employees from underrepresented groups
Even if their resumes are faultless, minorities in the US are less frequently invited for interviews.
This figure is timely because it highlights the need for swift action to ensure everyone has an equal chance of success.
Black people hold only 3% of the 900,000 highest-paid positions in the US. Also, according to Adidas, by 2025, Latina or Black workers will hold 30% of new jobs.
Diversity in the workplace is not a fashion to adopt or a target that a business must achieve.
Embracing diversity in the workplace goes beyond just being socially responsible. We have an innate understanding that it is a path that every business must follow because it leads to higher prospects and productivity.
Diversity in the workplace has several advantages. It boosts staff retention, company culture, workplace productivity, and biases. Along with other things, it benefits the reputation of your business.
In need of more HR insights? Or are you looking for a solution that will streamline your operations so you can focus your efforts towards diversity and inclusivity policy-making and implementation?
Hezum’s here for you. Visit our website to learn more about our solutions, or schedule a free demo today.