As highlighted in our recent post ‘Supporting excellence in supplier diversity programmes’ many corporations and business leaders are recognising the importance of supplier diversity programmes. Some studies have put the return on investment of supplier diversity as high as 133%.
Diversity and inclusiveness of suppliers can positively impact business outcomes. Similarly, from the boardroom to the workforce, diversity within companies is also good for business. One study found that companies with ethnically and culturally diverse boards are 43% more likely to experience higher profits.”
The McKinsey report Diversity wins: How inclusion matters highlights an array of remarkable performance advantages:
A substantial differential likelihood of outperformance—48 percent—separates the most from the least gender-diverse companies.
In the case of ethnic and cultural diversity, top-quartile companies outperformed those in the fourth one by 36 percent in profitability.
Diverse teams are 70% more likely to capture new markets and are 87% better at making decisions.
As an ethnic minority business, we’ve experienced the advantages of actively pursuing diversity and inclusiveness across our UK and India teams.
As Shashin Shah, Onepoint’s Founder & CEO explains:
“We’ve got people from Holland, Austria, Suriname, India, UK, Russia, Israel, Portugal, Angola. Diversity is essential to bring a really good set of ideas, which are then culturally aligned to the way we work with clients. We try to create a very different, unique consulting culture where caring, sharing, and delivering value are key parts of what we want to achieve.”
Learn about the benefits of supplier diversity and inclusiveness for yourself. Register for the MSDUK Conference and Awards 2021, Thurs 2nd and Fri 3rd Sept. Do pop by our virtual booth and say hello.