More and more companies are making use of diversity strategies. Many tech companies such as Pinterest, Facebook, Google and Slack have been focusing on the concept in their corporate strategies for several years. But what are the financial benefits?
Slack: Making a mark
The example of Slack: The web-based instant messaging service from San Francisco has focused its recruitment policy on people who come from underrepresented population groups. They place particular emphasis on a diverse corporate culture. And that's where their success lies, said Slack programmer Kiné Camara recently at the Crunchies Awards, the Oscars for start-ups and technology. The start-up won the award as the fastest-growing company. The award was accepted not by CEO Stewart Butterfield, but by a team of four Black female programmers. A sign to the industry.
More diversity, more turnover
International studies also show that diversity pays off economically. In 2015, for example, the management consultancy McKinsey investigated the extent to which a diverse top management is linked to financial corporate success. The result: companies that are ahead in gender diversity in top management are 15 percent more likely to have a better return on investment than the national median in the respective industry sector. And those companies that have an ethnically diverse management level would even perform 35 percent better than competitors. A recent study byIntel shows similar evidence: in comparison, those companies with executives who are diverse in gender or ethnicity would always be more profitable, achieve a higher market value and generate higher sales.
Return on investment tomorrow rather than today
But it is above all the corporate culture that makes the difference - which is equally emphasised in the studies. It is not enough to hire a diverse workforce or to convene a diverse management. It is more important to recognise the personal diversity of all employees, to deal with it in an appreciative way and to encourage them to bring it in individually. Diversity training can support this. However, patience is required: the benefits of diversity management and individual diversity measures become apparent primarily in the long term. This requires staying power and quantifiable results.
Be measured by the numbers
The economic success of the Californian company Slack proves it right. But despite the increased focus on diversity, there is still work to be done in Silicon Valley. This is shown by the diversity reports of Californian tech companies: Slack, for example, employs only 11.5 per cent people from underrepresented population groups. These are made up of Hispanics, blacks and people from two or more ethnic groups. The picture is similar at Pinterest, Facebook and Google. In tech at Slack, women make up 29.8 per cent of the workforce, while at Google it's only 19 per cent. Nevertheless, the companies are transparent, publish important key figures and are active in terms of diversity. A start.
