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Diversity improves the bottom line
According to a recent poll by Harrier Human Capital, 63% of respondents say their organisation has a strategy in place for managing an increasingly diverse workforce.
Evidence shows clear economic benefits for cultural and gender diversity; companies with strong executive and board diversity, average 53% higher ROEs and 14% EBIT than those with without.
Harrier CEO Kelly Quirk recently partnered with Rabia Siddique, a criminal and human rights lawyer awarded a Queen’s commendation for human rights work, to discuss gender diversity across the global and Australian landscapes at the Australasian Talent Conference in Sydney.
ATC spoke to Rabia and Kelly just after their presentation, to get the stats on how diversity is good for business:
A recent study of diversity in Fortune 1000 companies found diversity amongst corporate leaders to be significantly linked to revenues, net income and book-to-market equity.
Harrier’s poll result suggested that companies are finding positive ways to minimise the costs, employee impact and reputational damage associated with discrimination or harassment. 37% of poll respondents, however, indicated their organisation had no strategy in place for managing diversity.
US research has shown that when a company has a diversity complaint that goes public, their share price will drop within 24 hours. Conversely, when employers win a diversity award their share price will increase within ten days. Some 70 per cent of employees exposed to racial discrimination, violence or harassment will take time off or leave the organisation.
There’s a need for change and a need for positive, progressive strategies to engage, recruit and retain women in leadership and business, as demonstrated by Harrier’s presentation to ATC conference delegates:
Harrier will release a major white paper on gender diversity later this year.