When it works, diversity increases workplace productivity and profits. A study by Forbes entitled “ Fostering Innovation Through a Diverse Workforce ” also supports the benefits of embracing an inclusive workforce. Secondly, an organization needs to open a dialogue with its respective leaders about inclusion and create simple processes with the intention to ensure all voices are heard. Workplace diversity generates higher job acceptance rate. By 2020, minorities in the United States are expected to make up to 37% of the workforce. Benefits of Cultural Diversity in the Workplace . When men and women are treated equally, they perform better, according to key statistics and revenue growth. Those types of companies have notably enjoyed a hefty increase in profits compared to their competitors. Recruiting from a diverse pool of candidates means a more qualified wor… but those scenarios are the exceptions, not the rule. Executive teams might want to invest time in addressing this issue, as. September projections for foreign-born workers unemployment rate saw a heavy decrease to 2.6%, while the native-born workers’ unemployment rate decreased to 3.5%. Racially diverse teams provide 35% better performance compared to their competitors. Many Americans celebrate the Hispanic Heritage Month from September 15 until October 15 as the month that honors the contributions of all Latin and Hispanic Americans to the history of the United States. 15. By contrast, the minority population will likely double and see an increase from 18% to 37%. Why is diversity important in the workplace? Source: A white paper from online decision-making platform Cloverpop. 14. Here are seven stats and studies illustrating the real, tangible benefits of a diverse workplace. 9. Minorities in the United States are being called up less often for interviews. However, at this moment, only 5% of all Fortune 500 companies are run by women. As the latest diversity in the workplace statistics suggest, these companies see 1.4 times more revenue than their competitors. Potential clients often feel more valued and thus give more business to these organisations. Improve employee performance: Ethnically diverse companies are 35% more likely to outperform their peers. , the workforce is going to become even more diverse within the next six years across almost all demographic categories. Identify and address any bias when it comes to the recruitment process. This may be attributed to the fact that employees are more likely to feel comfortable, happy and confident in themselves in an inclusive environment. By 2025, the workforce is expected to account for up to 75% of the millennial generation. From the Virgin Group to Disney and PricewaterhouseCoopers , organizations across industries are embracing the benefits of a … 16. Diversity in the workplace refers to an organization that intentionally employs a workforce comprised of individuals of varying gender, religion, race, age, ethnicity, sexual orientation, education, and other attributes. The report, based on a survey of 321 executives at a variety of major global corporations, found that companies that fostered workplace diversity were more innovative. African Americans are 50% less likely to receive callbacks compared to white candidates. But does the data show widespread diversity in the workplace yet? Growth-oriented companies are the ones that are most likely to carry out and embrace diversity to fuel innovation, giving them a competitive advantage. Managers or employers should take such matters into consideration and prevent bias from interfering with the hiring processes. Here are some key statistics that indicate the value and benefits of diversity and inclusion in the workplace. Every issue at the workplace could be observed from several different perspectives, for example, and the reached solution could benefit all employees. Discrimination can truly hamper an employee’s productivity and work experience. can only hamper your work and your company. Here Are Four Signs Your Company’s Culture Is Toxic, Diversity in Data Science: A Systemic Inequality. The next section gives you ten statistics that demonstrate the positive impact diversity in the workplace has on a business’s success. According to data from the U.S. Census Bureau, our nation will no longer have any single ethnic or racial majorities by the year 2065! ©2020 WhatToBecome - All Rights Reserved. As the latest. A leading provider of diversity and inclusion training tools and the top diversity calendar, Diversity Resources covers cultural diversity in the workplace in a series of articles. Economic data and statistics outline the, which will become even more diverse, as minorities are projected to make up the larger portion of the population. Prioritizing workplace diversity can lead to increased sales, profitability and a better connection with customers. Comparingly, the native-born workers’ unemployment rate in August was slightly bigger – 3.9%. As you can see, the future for US workers is bright. In today’s modern global business environment, the diversity issue has become overly important. For these reasons, it’s important to understand and value the workforce diversity statistics as they can provide the most relevant and necessary insights, especially those relevant to job seekers.