1. Diversity in the workplace: a growing demand.
Diversity and inclusion in the U.S. population (the nation’s workforce) is becoming increasingly common, leading to an increase of minority workers (63%) and a decrease of the white working age population (83%). These statistics stem from:
a) Baby boomer generation reaching retirement age.
b) Younger Americans represent a multitude of diverse minority groups and they are looking for workplaces that are heavy on proper inclusion.
2. More job seekers consider workplace diverseness important and more current employees want increased diversity in the workplace.
67% of job seekers are looking for workplace diverseness and 50% of current employees want to implement more diversity at their jobs.
72% of women, 89% of African Americans, 80% of Asians, and 70% of Latinos deem workplace diversity as a priority to their job searches.
3. Why do we need diversity? Many minority groups still face discrimination in companies.
45% of American workers experienced discrimination and/or harassment in the last year. That needs to be fixed.
Only 55% of American workers agree that their companies have Diversity & Inclusion (D&I) policies in place. This means the other half disagree that the D&I policies are helpful and instilled in the workplace.
4. Regarding gender, women often feel excluded in workplace decision making.
The majority of women feel excluded in the workplace due to not being included in decision making, not feeling comfortable enough to express their feelings, and feeling that they can not succeed in a male-dominated field.
Only 40% of women feel confident in their ability to make a decision compared to 70% of men. This leads to poor employee retention and job dissatisfaction.
Only ⅔ of women feel they can voice their opinions without any repercussions compared to 80% of their male coworkers.
This means that only 60% of women feel like they could succeed in their current workplace environment.
5. A lack of diversity in leadership positions.
78% of employees feel that there is not enough diverseness in leadership positions at their current jobs.
Without diverse leadership, women are 20% less likely to win endorsement for their ideas compared to straight, white men. People of color are 24% less likely and those in the LGBTQ+ community are 21% unlikely.
Lack of D&I in leadership leads to less innovation, prohibits minority groups to expand on their ideas, and failure to meet the client’s expectations.
6. Better representation for women leads to greater returns.
The higher the representation of women in C-suite level positions results in a 34% increase regarding greater returns to shareholders.
Companies with more women in leadership positions outperform those without.
7. Companies with higher gender and employee engagement outperform companies that do not have that.
The companies that have a better gender mix and employee engagement outperform those who don’t by 46% to 58%.
8. Companies with higher diversity levels bring in better innovation revenues.
Those companies that have higher than average heterogeneity bring in higher innovation revenues by 19%.
Industry, Nation of Origin, and Gender had the biggest impact in regards to leadership in innovation.
9. Companies with better racial and gender diversity are more likely to surpass their peers.
Companies with better racial/ethnic heterogeneity are likely to surpass their peers by 35% and those with better gender diversity are 15% more likely to do the same.
10. Companies with “Two-dimensional” diversity will play a larger role in old and new markets.
2-D diversity includes: inherent and acquired. Inherent Diversity includes attributes someone is born with and Acquired Diversity involves characteristics developed through life experiences (Source: https://blog.bonus.ly/diversity-inclusion-statistics).
2-D diverse companies are 45% more likely to capture a larger portion of the market and 70% more likely to enter a new market.
Summary: Diversity and inclusion practices statistically improve workplace performance.
Want to learn more about how you can improve and implement better diversity and inclusion in your company? Check out TiEcon, our premier entrepreneurship conference held on May 8th and 9th at the Santa Clara Convention Center! Register at https://blog.tiecon.org.
The Diversity & Inclusion Track is on May 8th at 10:30 am to 12:00 pm.
Taking part in diversity initiatives, future aspiring physician’s assistant