I Know Inclusivity is Ethically and Morally Important...but...What about the Financial Part?
(THERE! YOU SAID IT!! Now take a breath.)
Let's get to some FACTS straight away…
including some massive missed opportunities:
McKinsey Global Institute’s 3-part series on Business Case for Diversity
- 2015 Why Diversity Matters report:
-Top quartile companies for racial and ethnic diversity= 35% more profitable
- 2018 Delivering Through Diversity:
-Companies in the bottom quartile for both gender and ethnic/cultural diversity
were 29% less likely to achieve above-average profitability
- 2020 Diversity Wins: How Inclusivity Matters:
-The most diverse companies are now more likely than ever to out-perform non-
diverse companies in terms of profitability
-Most gender diverse on executive teams = 25% increased profitability
- >30% women on exec teams; > profitability than those with 10-30%
-Most ethnically and culturally diverse companies = 36% increased profitability
The Above reports leave us with some daunting WHAT IF's....
increased inclusivity *could have* increased Global GDP $12TRILLION
more racial inclusion in companies *could have* increased US $16TRILLION
more ethnic diversity in higher education *could have* increased profits US $90-$113 BILLION
more justly paid African American workers, US Economy *could have* increased $2.7 TRILLION
banks lending more fairly to Black entrepreneurs, *could have* increased US $13TRILLION potential revenue
And this is just the tip of the iceberg as far as data on increased profitability through inclusivity goes...
(...does anyone else smell gargantuan opportunity???)
So kudos to you...thanks for asking an honest question about the "m-word"$! You’ve chosen a profession that specifically helps other humans be healthier humans....don't feel bad about getting paid to do just that! You also know that inclusivity is vital to the fabric of your business. If you’re not necessarily from a marginalized group and you live and work in a fairly homogenous community, it’s possible that you’ve never really had to consider the ins and outs of what it means for your business to be thoroughly inclusive. Or, maybe you are a person from a marginalized community, but peering from the lens of consumer experience on the other side of the fence, you're having a tough time believing that radical inclusivity could ever be good for your business (this is something I have struggled with over the years). “Yeah, but you’re a minority of the population.” “Most people probably can’t really relate to you.” “Don’t you think catering to more people ‘in your group’ might turn others away?” Or, maybe you’re a business partner or manager who WANTS to do the right thing and have proposed action-based inclusivity initiatives…but keep hearing the same thing over and over from the financial sentinels of your organization… “why reinvent the wheel”…”we cater to ‘everyone’”…”let’s just keep our customers happy,” "D&I is just too risky"... Wait, what? Didn't you see the reports above? The proof is IN the pudding!
Inclusion is part of the ethical and moral fabric of you and your business, or, at least, you want it to be (this is a prerequisite for our partnership by the way).
You want to have a profitable, full-of-potential-for-massive-growth business.
Inclusion also does that.
YES!! Your business can be ethically and morally sound...as well as PROFITABLE!
My question to you: what the heck are you waiting for??
Let's get to work!