Business giants like Nike and Cisco are making significant investments in diversity efforts. In California, public companies are now required to include both men and women on their boards, reports NPR. And there's a reason why attention on diversity and inclusion in the workplace continues to grow: A diverse, inclusive workforce isn't just the right thing to do; it's also good for business.
Here's a look at some of the most important business benefits of developing and maintaining a diverse, inclusive workforce.
A recent study showed that diverse teams are frequently more productive and successful than homogeneous teams. For instance, companies that reported above-average diversity on their management teams also reported innovation revenue that was 19 percent higher than companies with below-average leadership diversity.
Attract top-performing candidates
Two-thirds (67 percent) of job seekers responding to a Glassdoor survey said that workforce diversity is important to them when evaluating employers and job offers. In particular, top female job candidates are interested in employers that offer diverse workforces: 61 percent of women surveyed by PwC consider the diversity of an organization's leadership team when deciding where to take a job. In a tightly competitive job market, the ability to recruit top candidates is a competitive advantage.
When a group of people with similar backgrounds, beliefs and experiences work together, they often tend to think alike and come up with the same sorts of ideas. But teams of people with disparate backgrounds and experiences usually think differently and approach problems in different ways. Research shows that diverse teams develop more innovative ideas, and innovation drives business growth.
A more diverse employee base can also lead to increased sales, especially if your business serves a diverse community. Recent research at the University of Texas at Dallas found that in a retail environment, having racially diverse employees can positively impact performance, and if the community is also diverse, that can increase the positive effects even more.
Rosilyn Houston, BBVA chief talent and culture executive in the U.S.
As a global company, BBVA embraces diversity and inclusion for its business benefits as well as because we believe it's simply the right approach. Recognized as a Top 50 Diversity Company by DiversityInc. and awarded a perfect score of 100 on the 2019 Corporate Equality Index (CEI), we value the diversity of our employees, customers, vendors and communities. From supplier diversity to workplace diversity and inclusion, to support for our diverse communities, we make diversity and inclusion a competitive advantage. At BBVA Compass, we believe creating opportunities through inclusion means a brighter future for all.
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