As IBM’s Chairman and CEO, I recognize that promoting diversity and inclusion is a never-ending journey. committee on financial services . Diversity and inclusion, popularly known as D&I, is gaining momentum in the corporate world. Taking a closer look at diversity winners reveals what can drive real progress. Diversity Matters, a McKinsey Report. The McKinsey analysis found a statistically significant relationship between a more diverse leadership and better financial performance. The companies in the top quartile of gender diversity were 15 percent more likely to have financial returns that were above their national industry median. Women in the Workplace 2020. While IBM has been a leader in corporate diversity and inclusion for decades, we see 2020 as a reset, and look forward to 2021 and beyond with a renewed conviction and deeper commitment. The research found that companies in the top quartile for gender diversity experience outperform by 21%.. For ethnic and cultural diversity, there was a 33% likelihood of outperformance. From the launch of our supplier diversity efforts at the end of 2016, Facebook has now spent more than $1.1 billion cumulatively with US companies certified as minority, women, veteran, LGBTQ, or disabled-owned (diverse suppliers). I write to you at a time when Lastly, in 2020 we also announced an action plan to advance racial equity and inclusion, while also holding firm leaders and managers accountable for continued progress against the firm’s goals. ... according to the 2018 Delivering through Diversity Report by McKinsey. McKinsey & Company’s Diversity Wins report. May 20, 2020 - Although the business case for inclusion and diversity is stronger than ever, many companies’ progress has stalled. diversity and inclusion: holding america’s large banks accountable . Our analysis presents overall trends and averages for the industry, and we fully recognize that some PE firms have made advancements on DE&I. A new McKinsey report quantifies possible learning loss inflicted in just one year, and predicts without “immediate and sustained interventions,” the lost learning could slash average lifetime earnings by $49,000 to $61,000. This report discussed concrete steps companies should take in order to increase diversity among their talent. In response to the 2018 Mckinsey Women in the Workplace Report: In what is widely considered the primary barometer for the state of gender equity in the workforce, McKinsey’s annual report of gender parity in the workplace summarizes a stagnation in gender parity that is concerning but also raises some insight into potential solutions through inclusive culture transformation. 9. We believe in radical transparency, we advocate for diverse and equitable workplaces, and so we commit to publishing an annual update going forward. Why Diversity and Inclusion Matter: Quick Take TALENT. Companies with higher levels of gender diversity and with HR policies and practices that focus on gender diversity are linked to lower levels of employee turnover. ... INNOVATION AND GROUP PERFORMANCE. ... REPUTATION AND RESPONSIBILITY. ... FINANCIAL PERFORMANCE. ... ADDITIONAL RESOURCES. ... South African Supplier Diversity Council; EY commits to spend US$100 million with women-owned businesses around the world by 2020; EY connects women-owned businesses with supplier diversity programs, talent, financial support, and training to help them grow. Welcome to Equal Opportunity Today, we are one of the most visited news, information and diversity recruiting focused websites online today. May 19, 2020 – The business case for inclusion and diversity (I&D) is stronger than ever. Dell Technologies is actively creating a workplace that is more accessible, equitable and attractive to the diverse talent pipeline. July 29, 2021. in Events, Featured, IFA Magazine, News, Sponsored. A McKinsey report echoed this sentiment, stating that every 10 percent increase in the racial and ethnic diversity of a business’ senior-executive team leads to a 0.8 percent increase in earnings. According to a 2015 McKinsey report, companies in the top quarter for racial/ethnic diversity are 35% more likely to surpass peers, while those in the same bracket for gender diversity are 15% more likely to do the same. Diversity wins is the third report in a McKinsey series investigating the business case for diversity, following Why diversity matters (2015) and Delivering through diversity (2018). The tech giant had the most complete diversity and inclusion numbers of the companies Fortune and Refinitiv analyzed. Our latest report shows not only that the business case remains robust but also that the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time. While there is advancement on gender diversity and more inclusion in boardrooms, progress is slow. Companies in the top quartile for racial and ethnic diversity are a whopping 35% more likely to have financial returns above their respective national industry medians, according to a McKinsey report titled ‘Diversity matters’.. June 10, 2020. Welcome to Equal Opportunity Today, we are one of the most visited news, information and diversity recruiting focused websites online today. Our network of products and services has served as an indispensable resource for black and minority students as well as job seekers for more than 20 years. At the beginning of 2020, representation of women in corporate America was slowly trending in the right direction for senior management, but the “broken rung” still persists six years in a row according to McKinsey’s Women in the Workplace Report conducted with LeanIn.org. Diversity & Inclusion Report Referenced throughout the event, the 2020 US Life Sciences Diversity & Inclusion Report takes a close look at employee experiences and perceptions segmented by gender, race & ethnicity, organization size, political affiliation and much more We've defined a strategy for 2020 that uses the data we have to design new initiatives to increase diversity and inclusion in the company. PIMFA Diversity & Inclusion Awards. Between 2015 and 2019, close to 600 companies took part in the study, and more than a quarter of a million people were surveyed on their workplace experiences. “Companies that embrace diversity and inclusion in all aspects of their business statistically outperform their peers.” – Josh Bersin. Today, I want to talk about the McKinsey Report: Delivering Through Diversity.This is a study that you can think of as the follow up to the celebrated Diversity Matters report from 2015.. As discussed previously, the 2015 report is one of the most cited sources that is used to justify the business case for diversity in organisations. As I wrote to investors in IBM’s 2020 Annual Report, fostering a culture of diversity and inclusion is important to our company’s success. (#heforshe annual report 2019) ... HUNT V. & PRINCE S. (2020), “Diversity wins: How inclusion matters”, McKinsey, accessed 8th July 2021 at How Diversity & Inclusion Matter | McKinsey. Developed with input from experts in the field, the Index helps association executives simplify the process of gathering data and assessing their own efforts with regard to … The report comes eight months after McKinsey declared in July 2020 that it would devote $200 million in pro bono work to advancing racial equity and Black economic empowerment. This made a strong case for how diversity on company executive teams increases the chances of strong financial performance. McKinsey and LeanIn.org’s new report, Women in the Workplace 2020, confirms that PE lags corporate America on gender and diversity in senior ranks. A report published by McKinsey (in May) on inclusion is highly relevant right now. We’re building and attracting a diverse talent pool to drive our business forward by using diversity and inclusion as a catalyst. We know that diversity and inclusion is good for business; that business suffers when employees feel they can’t bring their whole selves to work; that employees and customers increasingly expect businesses to share their values and have a greater sense of purpose; and that people want to work for companies that support diversity. Hear their perspective. The full 2020 Priorities report includes the results and analysis of all fourteen questions, including Brexit, current and future positioning of EDI, types of training, diversity data, and more. The State of Diversity, Equity & Inclusion in Fashion report builds upon the CFDA and PVH’s co-authored 2019 industry briefing Insider/Outsider: Inclusion & Diversity in the American Fashion Industry. It was third in a series that explored the business case for diversity, inclusion, and belonging. by Peter Carey. U.S. companies have boosted the number of women in the C-suite executive level from 17% in 2015 to 21% at present time. For the full report click on this link => McKinsey Diversity Wins 2020 Report Their analysis shows that companies with more than 30 percent women on their executive teams are … The McKinsey & Company Diversity Wins Report 2020 13 found that “companies whose boards are in the top quartile of gender diversity are 28 percent more likely than their peers to outperform financially” and the correlations are statistically significant. Diversity and inclusion is rightly being scrutinized across every industry more than ever, and the life sciences are no different. McKinsey: Diversity Wins: How Inclusion Matters. Originally published by McKinsey.. Diversity wins is the third report in a McKinsey series investigating the business case for diversity. Supplier Diversity. ACCE’s Diversity, Equity and Inclusion (DEI) Division is the place for chamber of commerce professionals to network with peers, connect with industry leaders, share information and learn best practices about diversity, inclusion, and minority business development. Reveal relevant opportunities. The first step is about discovery - not setting an agenda or duplicating diversity initiatives that seemed effective in other organizations. ... Elevate equity. When discussing diversity initiatives, many professionals reference the term DEI, which stands for Diversity, Equity, and Inclusion. ... Activate diversity. ... More items... McKinsey’s research on diversity showed that companies with more diverse gender, culture and ethnicity outperform employers that don’t support diversity.. McKinsey report: 62% of workers worldwide consider mental health 'a top challenge' Published Thu, Nov 19 2020 10:30 AM EST Updated Thu, Nov 19 2020 10:30 AM EST Abigail Johnson Hess @AbigailJHess May 19, 2020 – Inclusion and diversity are at risk in the crisis—but are critical for business recovery, resilience, and reimagination. The 2020 report is the third installment in McKinsey’s series of research that has been aimed at examining the business case for diversity in executive positions. EQUITY, DIVERSITY & INCLUSION THE BUSINESS CASE FOR McKinsey & Company researched the financial impact of diversity of companies across industries. the honorable joyce beatty, chair, subcommittee on diversity and inclusion LGBT, racial minorities, veterans, etc.) The 2019 Women in the Workplace report by McKinsey & Company and LeanIn.org revealed that women make up 30% of the c-suite in healthcare companies in the US, but just 4% are women of color and 9% men of color. 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