Microsoft Report Finds Employees Place Mental Wellness Over Work
In their 2022 Work Index Report, Microsoft uncovered a significant shift in how employees balance...
May 12th, 2021
It is commonly accepted that businesses who strive to increase workplace diversity and inclusion (D&I) are doing something that is morally praiseworthy or even obligatory. What often goes unrecognized, however, is that workplace D&I is also good for business. For example, McKinsey & Company stated in their most recent analysis of the value of diversity in the workplace that “companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile. Similar results were found for cultural and ethnic diversity with the “top-quartile companies outperform[ing] those in the fourth one by 36% in profitability.”
So, what is it about diversity that leads to profitability? While there may be no single feature that makes D&I good for business, there is considerable agreement among scholars that it has something to do with the effect of diversity on the ability of groups to problem solve. For example, in a study led by Professor Stefan Krause from Lübeck University on the effect of group diversity on “swarm intelligence,” it was found that adding diversity to a group can be more beneficial than adding expertise. The upshot of this is that, in addition to being supported by the field experiments examined by McKinsey & Company, the business value of workplace D&I is bolstered by underlying theories about the connection between diversity and profitability, which emphasize the effect that diversity has on the ability of groups to problem solve.
Some plans for cultivating a diverse and inclusive workplace are better than others. Below are four suggestions for ensuring that your company’s workplace inclusion plan is successful.
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