· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: McKinsey's "Diversity Matters Even More" report reveals a 39% increased likelihood of outperformance for companies in the top quartile for ethnic and gender representation, versus the bottom quartile
• Conversely, companies lacking diversity are likely to underperform by 30% compared to their peers
🔭 The context: The business case for diversity has been recognized for decades, yet progress remains slow
• Common hurdles include mistrust, fear, and lack of education in predominantly white male C-suites, along with consumer skepticism about companies' genuine commitment to diversity and inclusion (DEI)
🌍 Why it matters for the planet: Effective diversity and inclusion strategies can lead to better business outcomes, employee engagement, and customer satisfaction, contributing to a more equitable and sustainable global economy
⏭️ What's next: Organizations must move beyond superficial, one-time DEI training to continuous learning models
• These models should involve ongoing training, workshops, and resources to embed inclusive practices in daily operations
💬 One quote: "Diversity work is a long game. Centuries of inequality will not shift in days or even years. While many public companies are incentivized for short-term financial gains and instant gratification, it takes a pivot to a long-term focus with a plan, clear goals, and objectives to measure success” (Julie Kratz, founder of Next Pivot Point and Little Allies)
📈 One stat: Companies that prioritize diversity and inclusion are twelve times more likely to engage and retain employees
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