Did you know that employees that feel included and think their organization is committed to and supportive of diversity report an uplift in innovation, responsiveness to customers and team collaboration? According to a study recently published by the Harvard Business Review, inclusive teams outperform their peers in team-based assessments by 80 percent.
One of the goals of the Buffalo Niagara Partnership’s Diversity and Inclusion Council is to raise awareness on competitive advantages of diversity and inclusion. Diversity is an issue of fairness and, according to several studies, a driver of innovation and performance which results in financial profitability.
In How and Where Diversity Drives Financial Performance, authors Rocio Lorenzo and Martin Reeves highlight the positive link between diversity and innovation revenue.
To examine this relationship Lorenzo and Reeves surveyed 1,700 companies across eight countries, including United States. The study showed:
- Companies with above average total diversity had significantly higher innovation revenues and higher earning, on average.
- Companies with enabling conditions for diversity, including fair employment practices, participative leadership, top management support for diversity and open communication practices had better innovation performance.
The study suggests that companies can unleash the power of diversity by establishing a non-hostile work environment and an inclusive culture where diverse ideas can compete.
To help plug employers into this important conversation, the Buffalo Niagara Partnership is hosting Maximizing the Value of Diversity & Inclusion on May 8th at 8:00am. This program will help employers gain a deeper understanding of the significant impact diversity and inclusion can have on a company, including it’s bottom line.
To learn more about the event, click here.
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