Diverse companies are ‘more productive and make more money’, says report
Diverse companies have higher cash flow per employee and inclusive teams are more productive, according to a new report.
The report, published by Research and Markets, says that there is also a global market for diversity and inclusion, worth US$9.3 billion in 2022 and expected to be $15.4 billion by 2026 – implying an average annual growth rate of 12.6%.
“Companies eager to establish a strong presence in a variety of emerging new markets have initiated the global gold rush for multicultural markets, diverse employees, and untapped consumer bases,” says the report.
“Success in global markets requires multicultural initiatives and a sustained effort to integrate distinct demographic and cultural diversity into an inclusive environment that fits into the broader vision of the company`s growth and advancement.”
The report, which does not specifically cover the telecoms or data centre industries, says that diverse companies earn 2.5 times higher cash flow per employee and inclusive teams are more productive by over 35%.
The survey took results from 120 companies, including Deloitte and PwC.
It says: “Companies with more diverse teams and inclusive are better able to lead change than those with a more homogeneous workforce. A strong organizational culture and robust structural foundation are critical for achieving agility that comes from internal strength.”
It notes: “Initiatives are particularly challenging to successfully implement and measure. Achieving real equality and inclusion is a challenging task and over 65% of employees are of the opinion that their managers do not foster an inclusive environment.”
In May the ITW Global Leaders Forum (GLF) – formed of leaders of the carrier industry – published its third diversity, inclusion and belonging (DIB) report. In collaboration with Delta Partner and TM Forum, that report noted that 70% of GLF members have increased their focus on inclusion and advanced inclusivity in their businesses over the last 12 months.