McKinsey’s 2014 Diversity Matters report
Article from 2016 regarding the Peterson Institute for International Economics data regarding gender
The Department for Business Innovation & Skills’ (now Department for Business, Energy & Industrial Strategy) 2013 report into the business case for equality and diversity
A summary report from Lord Davies on the approach to increase representation of women on FTSE 100 boards to at least 25% by 2015
Launched in November 2013, the Warwick Commission on the Future of Cultural Value was “culturally led and academically informed”. It reported in February 2015 and concluded:
“It is a mistake to think that the underrepresentation of Black and Minority Ethnic (BAME) individuals, women, deaf and disabled people and low income groups in the Cultural and Creative Industries is purely a social justice issue.”
Enhanced representation is not, in other words, just a matter of fairness but something that serves the bottom line.
Given this, it is concerning that the Commission reported:
“The diversity of the creative workforce in Britain has progressively contracted over the past five years in relation to gender, ethnicity and disability, as data collected by the relevant Sector Skills Councils show.”
The evidence on the economic benefits of diversity at work is, however, strong. Some examples of this are:
McKinsey has reported that the increase in female labour participation in the US – rising from 37 per cent to 47 per cent over the past 40 years – accounts for a quarter of current US GDP.
“With the commitment of their top leadership,” Deloitte have concluded in the US, “retail and consumer products organizations will redefine the culture of their companies and genuinely reflect and embrace pluralism for the benefit of their consumers, communities, employees and shareholders.”
Research by the Centre for American Progress has found that gay and transgender employment discrimination imposes significant financial harm on businesses, introducing inefficiencies and costs that cut into profits and undermine businesses’ profitability.
Of 321 global enterprises – companies with at least $500m in annual revenue – surveyed by Forbes in 2011, 85 per cent agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace.