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Fostering Employee Diversity Improves Business Outcomes
Unlocking The Power Of Diversity, Inclusion, And Equity (d.e.i.) By Cxeinc
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Promoting The Diversity And Inclusion Within The Workplace: [essay Example], 710 Words Gradesfixer
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Other unclassified cookies are cookies that are being decoded and not yet classified. Diversity and inclusion are the focus of increased corporate and media visibility. As this study explains, strong evidence supports the positive economic impact of a diverse workforce in a company or organization, including increased revenue and market share, including the reduction of turnover and regulatory costs. This document clearly supports a clear business case for multiple employees and investment in diverse projects. Specifically, this paper focuses on the economics of diversity in the legal profession.
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II. The Impact of Workforce Diversity on Earnings (a) Studies show that increased workforce diversity is associated with higher earnings.
Research shows that diversity is associated with increased sales and revenue in organizations. A 2009 study led by Cedric Herring was one of the first studies on the impact of diversity on business performance. Research has shown that a higher level of diversity in the workforce is associated with higher sales. As the diversity of the workforce increased, sales revenue increased. As shown in the table below, the average value of a low-diversity business is $52.3 million, compared to $323.9 million for a mid-level and $808.9 million for a high-diversity business. This means that the average cost of an ethnically diverse business is more than fifteen times that of a small diverse business.
The study also found that increasing the gender diversity of the workforce increases sales revenue. As shown in the table below, low diversity businesses averaged $45.2 million, compared to $302.9 million for medium and $639.7 million for high diversity businesses. This means that a more gender diverse business can deliver fourteen times more than a less diverse business.
Table 1: Spatial Distribution and Percent of Entrepreneurship Outcomes by Levels of Ethnic and Gender Diversity.
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After excluding other potential variables, Herring found that race and gender diversity were significant predictors of sales. For example, a one-point increase in racial diversity increases sales by 9%, while a one-point increase in gender diversity is associated with a 3% increase in purchases. In particular, ethnic diversity is a stronger predictor of sales and number of customers than company size and age.
An update to a 2018 study by McKinsey & Company highlights Herring’s finding that the positive relationship between diversity and financial performance stands the test of time. Research has found a significant relationship between workplace diversity and productivity. In particular, regardless of gender, race, ethnicity, or race, companies in the top quartile tend to have higher earnings than average companies in the bottom.
The McKinsey study considered specific gender and racial differences in the Herring study. Gender and ethnic diversity data have been analyzed at the executive and board level. The study found that diversity at the top of the organization is just as important as diversity as a whole. For example, a diverse group of decision makers increases the likelihood of a company’s profitability. He also used an international data set showing that diversity increases benefit across many countries and cultures.
The study was divided into gender and ethnic diversity findings. Regarding gender, more gender equality organizations have increased productivity in all countries. Companies in the top quartile of managerial gender diversity are 21% more likely to be productive above average than those in the bottom quartile.
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Because of the diversity of the peoples it is more effective. Companies in the top quartile of ethnic diversity scores are 33% more likely to achieve national corporate median results than those in the bottom quartile. This is true, not only for the specific target, but also for the range of races represented. Board-level ethnic diversity is associated with 43% greater productivity worldwide.
A McKinsey study shows that companies can pay a price for a lack of diversity. In terms of gender and ethnic diversity, companies below are 29% more likely
How does the legal profession stand up to these studies? As of 2017, the legal profession in the United States is still struggling to meet the broader working population. It is behind many other institutions dealing with gender, race and ethnic diversity. The demographics for leadership positions in the legal profession are very disturbing. Although minority attorneys make up 16% of law firms (a record high), only 9% of law partners are people of color. In the corporate sector, only 11% of Fortune 500 CEOs are minorities. To put these numbers into perspective, minorities make up 40% of the US population and one-third of the legal profession as a whole. While the legal profession’s efforts to increase diversity have resulted in a more diverse legal profession, these efforts are failing miserably.
These numbers exclude the legal profession from research for its high level of diversity. On the one hand, these studies suggest that there is an opportunity to increase income for a law firm that decides to increase its leadership mix and continues to increase the diversity of the general legal workforce. However, as we stand, the law firm is left with unused funds and may be penalized for lack of diversification.
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It’s a great way to increase the diversity that makes sales possible. From an internal perspective, increased diversity can improve corporate decision-making. From an external point of view, it can improve the marketability of enterprises. Either of these factors, or a combination of the two, may explain the positive effect of diversity on corporate sales. Both methods emphasize the benefits of incorporating multiple perspectives into business processes.
Before discussing the possible causes, it is important to note that in reviewing the results of the studies that dating is not the cause. Just because these studies found parallels does not mean that one factor influenced the other. Without further research, it is still unlikely that diversity and sales figures have any correlation, that increased sales numbers lead companies to invest in diversity rather than the other way around. These peer-reviewed studies are aware of their limitations, and those hoping to successfully apply these methods to the real world should exercise the same caution.
Increased diversity can improve sales figures through better business decisions. When
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