Why Diverse Companies Perform Better
We all know that, from an ethical standpoint, diversity matters – but the business case is becoming stronger than ever. Recent research indicates that companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their industry average. Companies in the top quartile for gender diversity are 15% more likely to have financial returns above their industry average. In the UK, greater gender diversity on the senior-executive team makes the biggest difference; findings suggest for every 10% increase in gender diversity, operating profit rises by 3.5%.
It is for this reason that Aishia Ullah and Dom Brown have been appointed Diversity and Inclusion Ambassadors at Corecom Consulting; to champion the cause. Aishia said:
“It’s all about cultivating a diverse and inclusive working environment, both within Corecom Consulting and for our clients. There are many strategies to achieve this, ranging from rethinking company values, blind CV screening, clarity in pay and progression and inclusive team events.”
Dom adds:
“85% of employers agree that diversity is important, but only just under half have strategies in place to attract diverse talent. At Corecom Consulting we advise our clients how to make their recruitment tools effective, promote a diverse and inclusive workplace and improve employee well-being and satisfaction.”
The Covid-19 pandemic has given employers many challenges. Not only must they protect the health of their employees and customers, they must cope with far-reaching disruption to their operations, plan for recovery and adapt their business models for the new normal.
Jonathan Sanderson, Managing Director at Corecom Consulting said:
“We are partnering with our clients to raise awareness of the many benefits of diversity, from greater employee engagement, to outperforming competitors and higher profits. But it needs investment from everyone at all levels of the business. This will ensure continuous improvement both personally and professionally.”
It is easy to understand why, in the face of recent challenges, the task of fostering diversity could easily take a back seat, but at Corecom Consulting we understand just how important it really is.
I have seen the challenges that people with protected characteristics face and I’d like to be a part of the population that is fighting for change. I have personally seen benefits from growing up within a diverse friendship group and around a family from different culture backgrounds. I want to encourage people to celebrate people’s differences and to take the opportunity to learn about others and accept them for who they are just as they would like to be accepted themselves.
