Rapaport Magazine - October 2019 - page 28

aving a workforce
that is more diverse
not only makes good
business sense, it
makes good economic
sense. Companies with a more inclusive
employee base — i.e., a greater
proportion of women and ethnically/
culturally diverse individuals — are
more competitive in the global market,
according to research by management
consulting firmMcKinsey &Company.
More diverse companies not only make
more money, they’re shown to attract top
talent, be more innovative, and retain
more of their staff.
After examining over 1,000 companies
in a dozen countries for its January 2018
“Delivering Through Diversity” study,
The rewards of an inclusive workplace are far-reaching,
and the diamond and jewelry world has made progress —
but there’s still a long way to go. By Deborah Yonick
McKinsey found that firms in the top
quarter for gender and ethnic diversity
were respectively 21% and 33%more likely
to see higher-than-average profits than
those at the bottom. This was especially
true on the management level: Diversity in
executive teams had the biggest impact on
financial performance.
While awareness of the correlation
between profits and inclusiveness is
growing, McKinsey says progress is slow.
Companies in all industries, including
diamonds and fine jewelry, are grappling
with how to increase representation of
diverse talent, gain an understanding
of where diversity matters most in their
businesses, and create an inclusive
organizational culture to reap the benefits.
The diamond and jewelry industry has
much work to do on this front.
“Based on traditions, trust and
handshakes, both the diamond and jewelry
industries are sectors predominantly
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