Diversity: A Good Business Model

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We are very proud to announce that an article written by our CEO Dominic Parsons, 'Why diversity is good for business' has been published by Business Chief.

 

Diversity isn’t just something that matters to us intuitively – we know it plays into business success just as powerfully. That is, if you look facts and figures, there is a solid case for diversity to become part of your business model. Australia is the most culturally diverse country on the planet, yet when we peer inside our businesses, we don’t often see the same picture.

Drives Business Growth

When you’re looking for a new staff member to fill your ranks you want the best available - when you proactively attract a diverse pool to choose from, you’re more likely to find it. In today’s digital world, innovation is critical to success. Companies that adapt to change will be leaders in their field. Allowing innovation to thrive by bringing diverse thinking to the table is crucial and will drive the growth of your business.

Boosts Productivity

All CFO's want to be able to run their businesses as efficiently as possible while maximising productivity. The benefit of diversity is that it supercharges your performance. McKinsey found that global companies in the top quartile on gender diversity are 21 per cent more likely to outperform on profitability and 27 per cent more likely to add value. Further, ethnically diverse companies are shown to have 43 per cent better profits. The correlation between diversity and profitability is no coincidence.

Mirrors Your Customers

Connecting with your customers is more important than ever. Digital makes it easier for consumers to access rival products and services from anywhere if you don’t hit the mark. A diverse workforce is more likely to reflect the makeup of your customer base, addressing their wants and needs.

There are so many quantifiable reasons for ensuring diversity policies are in your business and simply not enough to put up with the status quo. But at the end of the day, it’s the intangible drivers that matter most. If we want to live the very idea of a ‘fair go’ that underpins Australian culture, it has to start in our businesses first.

Read the full article here.

Learn more about budgeting, planning and forecasting for your business here.