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</html>";s:4:"text";s:27181:"Diverse teams and perspectives According to McKinsey, companies in the top quartile for diversity are 35% more likely to outperform companies with less diversity. Today, the words diversity and inclusion go hand in hand. <a href="https://insights.grcglobalgroup.com/the-history-and-growth-of-the-diversity-equity-and-inclusion-profession/">The History and Growth of the Diversity, Equity, and ...</a> Note: Data Source: McKinsey diversity & financial performance data 2017 . <a href="https://www.businessbecause.com/news/insights/7504/millennial-gen-z-diversity-and-inclusion">How Millennials & Gen Z Are Pushing Brands On Diversity ...</a> <a href="https://www.forbes.com/sites/janicegassam/2020/05/19/mckinseys-new-report-finds-that-diversity-does-not-equal-inclusion/">McKinsey's New Report Finds That Diversity Does Not Equal ...</a> <a href="https://us.aicpa.org/career/diversityinitiatives/dibusinesscase">The Business Case for Diversity and Inclusion</a> <a href="https://www.planadviser.com/exclusives/differentiating-diversity-inclusion-helps-address/">Differentiating 'Diversity' and 'Inclusion' Helps Address ...</a> in the C-suite grew from 17 to 21 per cent'.6 Similarly, according to the 2020 McKinsey study Diversity Wins: How Inclusion Matters, the representation of ethnic minorities on UK and US executive teams grew from 7 to 13 per cent from 2014 to 2019.7 Thus, despite signs of progress, <a href="https://diversityuk.org/mckinsey-report-delivering-diversity/">McKinsey report 'Delivering through diversity' - Diversity UK</a> A Strategy Template with KPIs for Diversity and Inclusion. An analysis published earlier this year by a trio of experts at McKinsey and Co. argues that, in order for a diverse workforce to flourish, companies must also enhance inclusion.. As the experts explain, research overwhelmingly supports the conclusion that successful companies benefit from a diverse workforce. 31% diversity, equity, and inclusion efforts; 31% improving employee engagement/satisfaction; For those companies who are lagging behind their peers to make DEI progress, the outlook is getting more polarized. Diversity — a buzzword that has taken the nation by storm. McKinsey conducted anonymous interviews with more than 50 Black and non-Black industry participants including studio executives, producers, writers, directors and agents. McKinsey's latest study of diversity in the workplace, Delivering through diversity, reaffirms the global relevance of the link between diversity—defined as a greater proportion of women and a more mixed ethnic and cultural composition in the leadership of large companies—and company financial outperformance. Early last year, the House Committee on Financial Services held a hearing on diversity and inclusion at America's largest banks 42, including a review of a report issued by the Committee titled Diversity and Inclusion: Holding America's Largest Banks Accountable. — Social Equality. Another McKinsey study found that the national GDP would add $25 billion if just 1% more disabled people were hired. As such, investing in DEI programs is within the business' best interests. A study by global management consulting firm McKinsey & Company indicates that businesses with gender and ethnic diversity outperform others. According to a McKinsey & Company report, "Companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability. Sodexo, Sodexo's Gender Balance Study 2018: Expanded Outcomes Over 5 Years (2019). While there is advancement on gender diversity and more inclusion in boardrooms, progress is slow. After applying to McKinsey, I received an email aking me to update my interests regarding becoming a diversity and inclusion ally. Those companies even created more value in the long term. The Model - or Framework - is two-fold in purpose. And diversity, equity and inclusion is one of those business strategies." DEI initiatives, to put it simply, make business better. Diversity is a competitive differentiator一McKinsey found that for every 10 percent increase in gender diversity, EBIT rose by 3.5 percent. McKinsey report 'Delivering through diversity' February 12, 2018 Black, Asian and Minority Ethnic, Women The latest research by McKinsey & Co. reinforces the link between diversity and company financial performance and suggests how organizations can craft better inclusion strategies for a competitive edge. . is about equalising opportunities of all regardless of their historic social class or educational background. Research from McKinsey found that diverse companies are 35% more likely to financially outperform more homogeneous ones. Our custom compliance audits can be completed online in a secure environment or downloaded and completed in hard copy. Let's discuss a strategy to improve Diversity and Inclusion in an organization. . McKinsey found that the growing rift between high performers and low performers increases the chance of a performance penalty. This collection examines the barriers that prevent companies from addressing gender and racial equality and identifies solutions for building a stronger, more inclusive workforce. Our Inclusion Networks are open to all, including allies. During this virtual discussion, we took a closer look at "diversity winners", which signals that a systematic business-led approach and bold, concerted action on inclusion are needed to make progress. McKinsey & Company has made the intentional decision to reverse the typical order of "Diversity and Inclusion" and instead say "Inclusion and Diversity." Beth Chandler asked Sara about this during their discussion and she responded, "We started out saying DE&I (Diversity, Equity, and Inclusion) like most organizations. In 2014, they established their stance with their Why Diversity Matters report and then followed up in 2017 with Delivering Through Diversity , which suggested top quartile companies with gender diverse boards were 21% more likely to achieve higher . Donnebra McClendon believes that "organizations change when behaviors change". Without an inclusive culture it's impossible to maintain diversity within any business operation. McKinsey's New Report Finds That Diversity Does Not Equal Inclusion May 22, 2020 Diversity & Inclusion Earlier today consulting behemoth McKinsey released a 2020 report entitled Diversity Wins: How inclusion matters. That's particularly important for the trucking industry, . According to " Diversity Wins: How Inclusion Matters ," a report released in May by McKinsey & Company, 27 percent of D&I leaders say their organizations have put all or most D&I initiatives on hold because of the pandemic. Do you need information to help you make the Business Case for Diversity and Inclusion at your organization? An exhaustive 2015 article by McKinsey & Company found that businesses who rank in the top quartile for racial and ethnic diversity are more likely to have financial returns above industry medians. promote diversity, inclusion, and engagement in collaboration with all our partners and stakeholders across VA. We do so under the guiding principles of our I CARE values: Integrity, Commitment, Advocacy, Respect, and Excellence. The researchers questioned 366 public companies from across the western world. It said this was a supplementary piece, not required. Increased profitability. Stokes pointed to a 2019 McKinsey & Company report which . And attracting diverse talent can positively affect your firm's bottom line and market competitiveness. . Benefits of diversity and inclusion training. Companies that lead on diversity have taken bold steps to strengthen inclusion. Diversity is a necessary, but not sufficient, condition for creating inclusion in the workplace. This is why prioritizing diversity and inclusion (D&I) is a key imperative for all organizations and even more so for global organizations like HCL, that have the ability to make a global impact. Using "social listening" techniques, McKinsey examined employee reviews of their employers in U.S.-based online platforms in three industries: financial services, technology and healthcare. McKinsey & Company's global study of more than 1,000 companies in 15 countries found that organizations in the top quartile of gender diversity were more likely to outperform on profitability—25% more likely for gender diverse executive teams and 28% more likely for gender-diverse boards. In 2015, the company released pivotal data that demonstrated clear linkages between greater profitability and racial/ethnic and gender diversity within organizations. Accelerate business growth and financial performance. McKinsey, well-known for its D&I studies spanning several decades, 3 found that "the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time." And Forbes found that "companies that feature ethnic and racial diversity perform far better in almost every category." 4 The latest report from consulting giant McKinsey titled Diversity Wins: How inclusion matters shows that diversity in companies generate more profitability, and higher diversity in executive teams strengthens the likelihood of financial outperformance over time.. Companies with over 30% women executives, for instance, were more likely to perform companies with a smaller percentage. This growing polarization between high and low performers is reµected in an increased likelihood of a performance penalty. employees, CEOs ranked Diversity & Inclusion near the bottom of a 13-choice list. Our Diversity, Equity, and Inclusion Commitment Strategy and Focus Areas In our efforts to better understand our workforce and customers, we take an active, strategic approach, factoring in our individual and collective experiences, different ways of thinking, and diverse communication styles. To learn more about the D EI Division, contact contact Amy Shields. Sundiatu Dixon-Fyle, Kevin Dolan, Vivian Hunt, and Sara Prince, Diversity Wins: How Inclusion Matters (McKinsey & Company, May 19, 2020). The study examined the impact . ACCE's Diversity, Equity and Inclusion (DEI) Division is the place for chamber of commerce professionals to network with peers, connect with industry leaders, share information and learn best practices about diversity, inclusion, and minority business development. According to 'Diversity wins: How inclusion matters', a 2019 report conducted by McKinsey & Company, "The most diverse companies are now more likely than ever to outperform less diverse peers on profitability".In fact, a study of over 500 companies found that every 1% increase in just gender and racial diversity correlates with a 3% to 9% increase in sales revenue. These differences could be self-evident, such as national origin, age, race and ethnicity, religion/belief, gender, marital status and socioeconomic status or they could be . McKinsey has quickly become reliable source for empirical diversity, equity, and . Things are different today - not only about race anymore. . This is a critical moment where we all must do better. McKinsey's research on diversity showed that companies with more diverse gender, culture and ethnicity outperform employers that don't support diversity.. Millennial and Generation Z consumers are starting to push brands to act on diversity and inclusion. The business case for gender equality, diversity, and inclusion is strong and growing stronger. A 2020 Mckinsey study found that companies with more diverse executives . background. They note how, both inspired and compelled by stronger norms on social justice, more . McKinsey found that the growing rift between high performers and low performers increases the chance of a performance penalty. A McKinsey & Company report states that "companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability. Diversity and Inclusion or Inclusion and Diversity. That this relationship continues to be strong suggests that inclusion of highly diverse individuals - and the myriad ways in which diversity exists beyond . Diversity and inclusion (D&I) is not a feel-good initiative, but a business imperative." And the data proves this. Article. Earlier today consulting behemoth McKinsey released a 2020 report entitled Diversity Wins: How inclusion matters. Katherine W. Phillips, "How Diversity Makes Us Smarter," Scientific American, October 1, 2014. A McKinsey Global Institute (MGI) study, "DIVERSITY MATTERS", says employee diversity is associated with better business results. The business case for Diversity, Equity, and Inclusion (DEI) is growing stronger than ever. James McKim Studies show, by providing an inclusive environment for employees and managers who have diverse internal, external and organizational characteristics, companies set the stage for innovation and business growth. Diversity and inclusion efforts do make a difference. . Inclusion and Diversity. At McKinsey, diversity, equity, and inclusion are not just moral imperatives, they are integral to our dual mission—to help our clients make substantial, lasting performance improvements and to build a firm that attracts, develops, excites, and retains exceptional people. McKinsey, however, also found significant gaps in how employees view their companies' diversity and inclusion commitments. McKinsey & Company's January 2018 research reinforces the link between diversity and company financial performance—and suggests how organizations can craft better inclusion strategies for a competitive edge. How to promote diversity and inclusion in the workplace. A recent report by Forrester found that "workplace belonging" leads to a 56% increase in job performance and a 50% reduction in turnover risk (Blaise Radley, What is Diversity, Equity & Inclusion in the Workplace?, Peakon Post, 2020).A series of studies in 2014, 2017, and 2019 by McKinsey evaluated the gender diversity of executive teams, finding that companies in the top quartile for . McKinsey & Company's January 2018 report . Companies with significantly more racial and ethnic diversity are 35 percent more likely to outperform competitors. Diversity, Equity and Inclusion (DEI), long a common topic among human resource managers, has now moved to the forefront of the public administration field. The business case for diversity and inclusion is strong. We define an ally as someone willing to use their power and privilege to advocate for and support people in less advantaged positions. In May 2020, McKinsey & Company published a 52-page report titled, "Diversity wins: How inclusion matters." It was third in a series that explored the business case for diversity, inclusion . According to McKinsey & Company research, . The benefits of diversity and inclusion training are paradoxically both measurable and immeasurable. The American economy stands to gain $8 trillion by 2050 simply by closing the racial equity gap. Early signs suggest that the COVID-19 crisis could deepen these trends. Companies with significantly more racial and ethnic diversity are 35 percent more likely to outperform competitors. At McKinsey, diversity, equity, and inclusion are critical to achieving our dual mission—to help our clients make substantial, lasting performance improvements and to build a firm that attracts, develops, excites, and retains exceptional people. Diversity and inclusion is a big tent. But most have made little or no progress, and some have even gone backward. cKinsey & Company, Women in the Workplace 2019M employees need to feel and perceive equality and fairness of opportunity in their workplace. The proof is here. Increasing diversity and inclusion can deliver measurable value when financial performance and innovation are the outcome. McKinsey reports that the more diverse companies were 43% more likely to experience an increase in profits. Employees are expecting our leaders to step up to shape a more inclusive, diverse, and equitable workforce. Leaders in government, nonprofit and other public service organizations are making it a priority to include consideration of DEI in all major decisions. That this relationship continues to be strong suggests that inclusion of highly diverse individuals — and the myriad ways in which diversity exists beyond gender . Inclusion Networks are open to all, including allies not only about race.... 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