Gender-diverse companies are 15% more likely to outperform their national industry median, and ethnically diverse companies are 35% more likely to outperform.
This toolkit is about shifting the focus of diversity efforts from an exercise in risk mitigation to a source for growth. The first step to this transformation is the acknowledgement that diversity is only part of the challenge; when an organization is both diverse and inclusive we can unlock the full potential of your organization. The full benefits of an inclusive culture are not just for those who identify as part of a minority group; when everyone feels welcomed and accepted in their organization, less mental energy is spent trying to fit in, allowing everyone to use that effort to stand out.
The average cost for turnover is estimated to be 21% of an employee's salary. In the Greater MSP region, that translates to nearly $14,912 per employee assuming a mean salary of $71,008 .
This initiative is about unlocking the full potential of every individual, no matter their background or identity, and creating an environment where people thrive. When organizations achieve a truly inclusive culture, they achieve higher financial performance, have a more satisfied workforce, and attract the best talent. A study by McKinsey found that gender-diverse companies were 15% more likely to outperform their national industry median, and ethnically diverse companies were 35% more likely to outperform.
This work isn't easy
Addressing these issues isn’t easy. One conversation or toolkit will not be enough to change a culture. It is important that you realize this will be a long and continuous journey as we all work to improve how we relate to each other. While there is no silver bullet and no one solution, we hope that you won’t give up. The most important thing you can do is to keep trying, even after a bad conversation. Though collaboration and partnership, we hope that we can work together with all of you to keep addressing these issues. Please refer to our “Resources” section to aid you in challenges you may be facing and please feel free to reach out to us directly for assistance.