The terms “diversity and inclusion” have been buzzwords in the business world recently. But how does diversity impact companies?
Our latest infographic examines whether small businesses could benefit from hiring more diverse teams.
Diverse teams are more innovative.
- Companies with below-average diversity earned 26% of their revenue from innovation
- Companies with above-average diversity earned 45% of revenue from innovation
- Businesses with more diverse management teams have 19% higher revenue due to innovation.
Diversity leads to better financial performance.
- Gender-diverse companies are 21% more likely to outperform.
- Ethnically-diverse companies are 33% more likely to outperform.
- Non-diverse companies are 29% more likely to underperform.
Diverse teams make better and faster decisions.
- They make decisions 2X faster with ½ the number of meetings.
- And their decisions deliver 60% better results.
- Why? They focus more on facts.
Employees want more diversity and inclusion at work.
- 67% of job seekers said a diverse workforce is an important factor when evaluating job offers.
- 57% think their company should be doing more to increase diversity among its workforce.
- 72% would consider leaving an organization for one they think is more inclusive.
Work with a SCORE mentor to develop a diversity and inclusion plan for your small business.
Infographic designed by Easel.ly.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.