This Is Why Diversity Is Good For Business

Dr. Steven Murphy in HuffPost Canada

Dean, Ted Rogers School of Management at Ryerson University

HI_Diversity_MattersIn the past few days, business leaders across the U.S. have spoken out against President Trump’s executive order on immigration. From Apple, Facebook, Amazon and Google to Ford, Starbucks and Goldman Sachs, CEOs have reinforced that diversity is a strength. The Canadian tech community also wrote an open letter in support of diversity.

Indeed, the business case for diversity is compelling. Having different opinions at the table is critical for innovation in the information age. Research by McKinsey shows that companies with more diverse workforces see greater financial returns. The study found that companies in the top quartile for racial and ethnic diversity and those in the top quartile for gender diversity are respectively 35 per cent and 15 per cent more likely to have financial returns above their national industry medians. This report is one of many pieces of evidence telling us what we already know: Diversity drives innovation and innovation helps drive bottom-line results.

The world is no longer white and male — and it’s time businesses woke up to this new reality. So how can businesses foster diversity?

  • Let workforce diversity reflect your clients
  • Set the tone at the top
  • Get them while they’re young

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