As companies increasingly rely on innovation to stand out in the marketplace, a diverse, inclusive work force is becoming more important, finds a new study conducted by Forbes Insights.
Eighty-five percent of respondents agree diversity is essential to encouraging innovation and creativity because it introduces new perspectives and ideas, and more than three quarters of respondents reveal that in the next three years their companies will focus on promoting diversity to attain business goals, including innovation.
“Companies have realized that diversity and inclusion are no longer separate from other parts of the business,” says Stuart Feil, editorial director of Forbes Insights. “Organizations in the survey understand that different experiences and different perspectives build the foundation necessary to compete on a global scale.”
Additionally, the Forbes Insights study examines how employers in different global regions approach diversity and inclusion, what programs fall into these efforts and what models are the most successful. Of the findings, a diverse, inclusive workforce is necessary for employers that want to attract and retain top talent. Sixty-five percent of respondents use recruiting programs for the specific purpose of attracting diverse employees. But only 53 percent of respondents support their recruiting programs with diversity-focused development programs, and 44 percent of respondents have diversity-focused retention programs in place.
Nearly every surveyed employer had a type of diversity and inclusion program, and many don’t stop at gender and race, though gender diversity programs are the most common at 81 percent. Ethnicity programs are the next most popular at 77 percent, followed by age programs at 72 percent and race programs at 70 percent. Asia-Pacific employers are more commonly concentrate on age and nationality while European companies tend to focus on disability or sexual orientation.
The study also finds not all diversity plans within one employer are equal. Of the respondents, half say their organizations have a global plan that includes various approaches to tackle regional or cultural differences, and approximately a third of respondents say their strategies allow for minimal regional deviation.
Despite many employers’ efforts toward creating a diverse workforce, there are some weaknesses. Although respondents believe have advanced gender diversity, they still say diversity in disability and age is lacking.
The study, “Fostering Innovation Through a Diverse Workforce,” which was sponsored by AT&T, L’Oréal USA and Mattel, is based on a survey of 321 executives at large worldwide enterprises that bring in at least $500 million in annual revenues. Each respondent directly oversaw or was responsible for his or her company’s diversity and inclusion programs.
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