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Diversity in leadership increases chances of success by 39%

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By illuminem briefings

· 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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