Diversity in the workplace is essential to success in your business. To find out why, check out our infographic.
What are the benefits of workplace diversity?
Alan G. Lafley, the CEO of Procter & Gamble, once said “A diverse organization will out-think and out-perform a homogeneous organization every single time.” According to a recent study, many business leaders share his point of view.
- 85 percent of large global enterprises believe diversity is crucial to fostering innovation.
- 79 percent of companies believe that diversity initiatives have a positive impact on company culture
- 83 percent of executives agree that a diverse workforce improves their company’s ability to capture and retain a diverse client base
These beliefs have been reinforced by business results. Companies with high rates of racial diversity generate as much as 15 times more sales revenues than their non-diverse counterparts. In addition, firms that proactively address wage discrepancies between males and females (the glass ceiling) perform 250 percent better on the stock market than those that do not. Clearly, a focus on enhancing diversity and inclusion can pay off for business leaders.
How has the workplace changed?
The workplace of today looks nothing like the workplace of yesterday. As of 2012, people of color made up 36 percent of the labor force, while women account for nearly half (47 percent) of it – a big difference from just a few years ago. There are also people of different ages and generations, with 80 million Millennials working side-by-side with Traditionalists, Baby Boomers and Gen X-ers, which is creating new management challenges.
More and more gay and transgender workers are entering the workforce as well. Of the approximately 9 million members of this community, 7 million are employed in the private sector, and another 1 million work for the federal, state or local government.
There’s still more work to be done.
While the benefits of diversity in the workplace are significant, there is still significant progress to make to create a truly diverse and inclusive workforce. Of all Fortune 500 CEOs, 95.8 percent are Caucasian, and 96.4 percent are male. The executive suite currently does not reflect the makeup of the workforce itself, which is 36 percent non-Caucasian; and it definitely doesn't reflect the changing nature of the U.S. population.
In addition, people with disabilities are not represented in the workforce today. Approximately 11 percent of Americans (27,382,000) have a disability. However, only 21 percent of these individuals are in the workforce, leaving about 22 million disabled Americans out of work.
We're leading the way to a more diverse and inclusive workforce.
All people deserve the opportunity to excel and grow at work. That’s why Adecco is committed to supporting initiatives that promote diversity and inclusion in all areas of our business. We also partner with other M/WBE companies, giving them the chance to leverage our resources while they grow their market share and fuel a more diverse, inclusive and high-performing workforce. If you'd like to partner with us on any of our initiatives, contact us today