Along with many other commentators, I have often made the point that diversity in the workplace is not just a social good, it’s good for business. And that’s not just wishful thinking.
In January of this year, McKinsey & Company published a report based on research which showed “that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians”. Gender-diverse companies were 15% more likely to outperform those in the bottom quartile whilst for ethnically diverse companies, the figure was 35%.
And now, for gender diversity at least, we can put an actual figure on it. According to research undertaken by Grant Thornton covering listed companies in the UK, the US and India, the opportunity cost for those with male-only boards amounted to an extraordinary US$655 billion in 2014.
If that doesn’t focus minds…