Where do we stand, and what lies ahead in our pursuit of a more inclusive future?

Where do we stand, and what lies ahead in our pursuit of a more inclusive future?

Where do we stand today, and what lies ahead in our pursuit of a more inclusive future? Here are key insights from McKinsey & Company's "Diversity Matters Even More" latest Report.

Leadership Diversity Drives Business Performance

The link between diverse leadership and improved business outcomes has never been stronger. Research indicates that diversity at the top correlates with greater growth, enhanced social impact, and a more satisfied workforce.

Companies with diverse leadership teams consistently outperform financially across industries and regions

Since 2015, the likelihood of financial success for companies in the top quartile for gender diversity has increased to 39%. Similarly, companies in the top quartile for ethnic diversity also have a 39% greater likelihood of outperforming.

The Role of Diversity in Inclusive Growth

Diversity is not only linked to financial success but also to higher social and environmental impact scores. Diverse leadership teams are more adept at addressing a wide range of stakeholder concerns, particularly those related to social and environmental issues. Their varied backgrounds and perspectives enable them to craft strategies that are not only financially beneficial but also socially and environmentally responsible.

Progress Toward Equitable Representation

Although some organizations have made significant strides in representation, achieving gender parity in some cases, ethnic diversity at top levels still falls short. In McKinsey & Company's 2020 report, 61% of companies had at least one individual from a historically under-represented group in senior positions. That figure has risen slightly to 68% in 2023.

Turning Diversity Commitments into Action

The report outlines some key strategies to turn diversity pledges into tangible change:

✅ Tailor to local contexts: Adjusting DEI strategies to meet the specific cultural and societal needs of different regions.

✅ Prioritize belonging and inclusivity: Fostering a workplace culture where all employees feel they truly belong.

✅ Empower champions and allies: Supporting individuals who actively advance DEI initiatives.

✅ Seek feedback: Inviting diverse perspectives and constructive critique to improve DEI strategies.

Click here to read McKinsey & Company’s latest Diversity Matters Even More Report.

Email : sandrine.gelin@glshift.com

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