Read the latest research: Importance of diversity in the workplace

Check out the latest research on why your organization needs a diversity, equity, and inclusion policy.

4 minutes

October 20, 2022 Adecco

One person is shaking hands with another person. They're surrounded by a group of workers diverse in age, gender, and ethnicity.

Employers are increasingly recognizing the importance of diversity in the workplace. A focus on diversity and inclusion can lead to higher profits, new ideas, and a future-proof workforce. Explore the latest data showing how diversity is positively impacting businesses.

What is diversity and inclusion?

Diversity, equity, and inclusion recognizes the similarities and differences that individuals bring to the workplace. Effective diversity programs can include sensitivity training, inclusive hiring practices, and goals to build a diverse workforce. Diversity initiatives aim to include all groups regardless of national origin, gender, race, color, disability, language, ethnicity, age, Veteran status, religion, and sexual orientation in the workforce.

Young workers do value DE&I 

Gen Z is the most diverse generation in US history, and they see diverse organizations as highly-attractive places to work. A significant 83% of Gen Z candidates value a company’s commitment to DE&I when looking for work, and 79% of new college graduates now consider a company’s diverse workforce to be very important.

Gen Z will soon make up the largest part of the labor market, representing 37% of global workers. If organizations are serious about attracting upcoming talent and growing their future workforce, diversity needs to be a central part of recruitment and retention strategies.

Diversity benefits innovation

In today’s fast-paced economy, fostering innovation is a priority for many companies. Diversity initiatives can help organizations boost innovation and gain a competitive edge. Research indicates that diverse workforces produce 19% more revenue as a result of innovation compared to companies with less-than-average diversity. Other data shows that companies that adopt diversity are 1.7 times more innovative than their competitors, delivering fresh marketing approaches that connect with consumers.

Business leaders report that diverse teams innovate and adapt to change thanks to a variety of perspectives and proposed solutions coming together. They also say that diverse teams are more creative and willing to challenge the status quo when developing new ideas.

Leaders are pushing for more investment in diversity

The latest data on how CEOs are approaching diversity shows that leadership is looking to promote DE&I as part of their organization’s strategy and culture. 92% of leaders say they’re incorporating DEI into their company’s strategic priorities, and 72% are being transparent with employees about organizational diversity metrics.

Despite this, over 1 in 4 CEOs say there still needs to be more focus on diversity at their company. We’ll likely continue to see diversity grow, as over a third of employers have increased their investment in DEI over the last year and another 36% have hired more staff to work on initiatives and programs.

Yes, a diversity, equity, and inclusion policy is more profitable

The connection between investing in diversity initiatives and increased profits is becoming clearer by the day. Diverse recruitment strategies could increase your organization’s earnings by 33%, while diverse companies are up to twice as likely to reach their financial goals.

Couple that with the fact that the leading 20% of Fortune 500 companies have more diverse leadership boards than the other companies on the list, and the case for more investment in DE&I is hard to deny.

The bottom line

Diversity is a critical tool for any company looking to grow in an increasingly complex economy. Employers need to invest in DE&I programs and create a workplace that welcomes everyone as candidates and employees become more diverse than ever. The data is clear: Diversity benefits your bottom line, recruitment success, and competitiveness.

If you’re unsure how to implement DE&I programs at your organization, Adecco can help. Our experienced team of staffing and workforce experts can aid you in transforming your approach to recruitment and retention in a changing world. Contact us today to learn how we can help you.