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Improved company culture
- D&I allows organizations to be more inclusive of different ideas, cultures and lifestyles, leading to improved company culture. It also puts companies in the position to hire the best employees from a diverse and often untapped candidate pool while increasing customer satisfaction with their services.
www.forbes.com/councils/forbescommunicationscouncil/2022/03/03/the-importance-of-diversity-and-inclusion-for-todays-companies/The Importance Of Diversity And Inclusion For Today’s Companies
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- Diversity Expands Innovation, Creativity and Productivity. Studies conducted by the Harvard Business Review revealed that the more diverse the team is in terms of demographics and deep-level diversity, the more creative and productive they are likely to be.
- Knowledge-Sharing Leads to More Resources at Work. Knowledge-sharing between cultures is a key component that is needed to ensure a successful, diverse and inclusive work environment.
- Cognitively Diverse Improves Problem-Solving Skills. Cognitive diversity is defined as differences in perspective or information processing styles. Harvard Business Review studies show that individuals with diverse cognitive abilities — as opposed to gender, ethnicity and age — show faster and more advanced problem-solving skills when working together in teams.
- Organizational Diversity Leads to Increased Profits. Companies with greater workplace diversity achieve greater profits. The Peterson Institute for International Economics conducted research that shows that companies with more diverse leadership teams are also top financial performers.
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Canada’s greatest resource is its people. Businesses and organizations benefit from having the right people, reflecting Canada’s full diversity, putting their talents to use. The leadership of corporate Canada and our major organizations should look like Canada—not simply because it’s fair but also because it makes good sense. Time and time again, research has shown that businesses and organizations that embrace diversity on their boards and management teams outperform their peers. Intuitively, a broader range of perspectives and talents results in better performance.
Government of Canada launches 50 – 30 Challenge, a joint initiative with the private sector to promote diversity in corporate Canada
December 10, 2020 – Ottawa, Ontario
Canada’s greatest resource is its people. Businesses and organizations benefit from having the right people, reflecting Canada’s full diversity, putting their talents to use. The leadership of corporate Canada and our major organizations should look like Canada—not simply because it’s fair but also because it makes good sense. Time and time again, research has shown that businesses and organizations that embrace diversity on their boards and management teams outperform their peers. Intuitively, a broader range of perspectives and talents results in better performance.
Yet, the reality is that women, racialized persons, people who identify as LGBTQ2 and people living with disabilities (including invisible and episodic disabilities), as well as First Nations, Inuit and Métis peoples, are under-represented in positions of economic influence and organizational leadership, including on corporate boards and in senior management.
That is why today, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, launched the 50 – 30 Challenge to advance and recognize diversity, inclusion and economic prosperity from coast to coast to coast.
“The existence of systemic discrimination is not up for debate, as we’ve witnessed with particular intensity through recent events. The status quo is neither sustainable nor beneficial for Canada. The 50 – 30 Challenge encourages companies and organizations of all sizes to embrace the full diversity and talent of their communities, and doing so will bring key insights and perspectives to their decision-making tables. It just makes sense to bring in and nurture the all the right talent, and we are helping organizations do just that. The 50 – 30 Challenge is another step forward in advancing inclusion, diversity and economic prosperity across the economy from coast to coast to coast."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
“In Canada, diversity is one of our greatest strengths – diversity of ideas, of perspectives, and of lived experiences. The successes of having truly diverse companies and organizations makes good business sense and are crucial components of innovation. As we build back even better and consciously more inclusive, we must ensure that companies and organizations from coast to coast to coast truly reflect society and the 50 – 30 Challenge will help us do that.”
– The Honourable Bardish Chagger, Minister of Diversity and Inclusion and Youth
•The 50 – 30 Challenge builds on the 2018 amendments to the Canada Business Corporations Act that require distributing companies to report on their board and senior management diversity.
The Government of Canada will partner with the Challenge’s co-creators to identify the best tools, programs and levers to encourage organizations to embrace the 50 – 30 Challenge.
50 – 30 Challenge funding of $33 million will include support for participating organizations through the development of an online toolkit; programs to assist SMEs, including through mentorship and training; and other incentives that will be linked to government programs.
Research shows that organizations that are diverse at the board and senior management levels are more likely to outperform their peers, twice as likely to meet or exceed financial targets, and eight times more likely to achieve better business outcomes.
Dec 5, 2023 · Having diverse perspectives and backgrounds may be uniquely helpful, as suggested by the relationship between ethnic and gender diversity and companies’ inclusive-growth performance. Embed your strategy in company-wide business initiatives while tailoring to local context.
Nov 15, 2021 · Company-wide DE&I policies are vital, but they alone are insufficient to foster high levels of inclusion. This blog post addresses the three key relationships, identified by our research, that shape inclusion for employees: peers/teammates, leaders, and organizational systems.
Jan 1, 2015 · Our latest research finds that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. Companies in the bottom quartile in these dimensions are statistically less likely to achieve above-average returns.
May 19, 2021 · There’s widespread agreement on the need to improve diversity and inclusion in the workplace. But it’s not easy to deliver on the promises made. It’s time to adopt a more systematic, coherent...
