Business overview
Diversify is an intelligent and empowering polemic which argues the case for the social, moral and economic benefits of diversity whilst also exploring how limited we are by social division thus inspiring us to make a change.
A McKinsey study showed that companies with more diverse workforces see greater financial returns. The study found that “companies in the top quartile for racial and ethnic diversity and those in the top quartile for gender diversity are respectively 35 per cent and 15 per cent more likely to have financial returns above their national industry medians.” Additionally, a 2015 study from Bersin by Deloitte showed that diverse companies had “2.3 times higher cash flow per employee over a three-year period than non-diverse companies did”.
A comprehensive report by the Chartered Institute of Personnel and Development (CIPD) sets out the key business benefits for developing diversity orientated organisations. These include:
- Greater access to different perspectives and sources of information
- Greater understanding of customers
- Better and more authentic communication with customers
- Increased legitimacy
A similar report by the Work Foundation found that:
- Improved company performance
- Improved employer image
- Improved brand awareness
- Improved ability to respond to change and tackle challenges through creativity and innovation
- Innovative approaches to products
- Reflective diversity makes customers feel at home and a deeper emotional connection with brand