Recent Workplace Diversity Statistics That You Need To Know

Managing diversity and inclusion in the workplace needs constant support to make it work. It is, in fact, the most discussed topic among the other workplace issues. This article will get to know some of the recent trends and facts regarding diversity and inclusion that will help you better understand its complex parts.

General Diversity

• GROUPS THAT WERE ONCE CALLED "MINORITIES" WILL REACH MAJORITY STATUS BY 2044.

Within the working lifetimes of millennials, historically underrepresented minorities will become the majority.

• ACCORDING TO PEW RESEARCH CENTRE, THE UNITED STATES WILL HAVE NO SINGLE ETHNIC OR RACIAL MAJORITY BY 2065.

There will be no single ethnic or racial majority in the United States in the not-too-distant future, as the dominant white population shrinks and underrepresented demographic populations expand.

• According to The Deloitte Millennial Survey, millennials are expected to represent 75% of the workforce by 2025.

Millennials will make up more than three-quarters of the US workforce in only a few years, the same amount of time it takes to earn a conventional bachelor's and master's degree.

• 44.2% OF MILLENNIALS IDENTIFY AS NON-CAUCASIAN.

According to one study, millennials are the most populous and diverse generation in American history, with 44.2 percent of millennials identifying as non-white.

• THE DIFFERENCE BETWEEN MILLENNIALS AND BABY BOOMERS IS 16%.

Millennials make up only 56% of the population. Furthermore, they outnumber baby boomers by 11 million people.

Various Demographics' Unemployment Rates

• THE RATE OF VETERANS OUT OF WORK REACHED AN ALL-TIME LOW IN 2018.

The unemployment rate for female veterans fell to 3%, and for male veterans to 3.5 percent, compared to an average of 5.1 percent in 2016.

• THE RATE OF UNEMPLOYMENT FOR DISABLED PEOPLE ROSE TO 8% IN 2018.

The unemployment rate for people with disabilities is more than double that of people without disabilities, which was just 3.7 percent in 2017.

• IN 2018, THE UNITED STATES' AVERAGE UNEMPLOYMENT RATE WAS 3.8 PERCENTAGE.

However, the unemployment rate in the United States differs greatly depending on race and ethnicity.

• THE RATE OF UNEMPLOYMENT FOR PEOPLE WITHOUT A HIGH SCHOOL DIPLOMA WAS 5.6%.

Race and ethnicity impact the unemployment rate for those with less than a high school diploma.

• AS OF 2018, 19.2% OF FAMILIES DO NOT HAVE A SINGLE FAMILY MEMBER WHO IS EMPLOYED. 

The numbers for families without a single family member employed vary dramatically depending on race and ethnicity.

• ONLY THE HUSBAND WAS EMPLOYED IN 19.1% OF STRAIGHT MARRIED-COUPLE FAMILIES

This means that nearly one in every five heterosexual married-couple families survive on a single income brought in only by the family's head male.

• COMPARED TO 6.8% OF HETEROSEXUAL MARRIED-COUPLE FAMILIES WITH ONLY THE WIFE WORKING. 

This underscores the ongoing disparity between mothers and fathers in the workforce, as well as how domestic tasks continue to fall more conventionally on mothers.

How do Diversity and Inclusion Affect Profits and Revenue?

• CASH FLOW PER EMPLOYEE IS 2.3 TIMES HIGHER IN DIVERSE COMPANIES.

According to one study, organizations with a broad collection of employees see a large boost in cash flow over a three-year period, not just overall, but among individual contributors.

• DIVERSE MANAGEMENT INCREASES REVENUE BY 19%.

Another study compared organizations with varied management teams to companies with less diverse management teams and found that companies with diverse management teams had a 19% average revenue gain.

• PROFITS WERE HIGHER IN 43% OF COMPANIES WITH DIVERSE BOARDS.

Not only are diverse employees and management advantageous, but companies with diverse boards of directors have seen much higher earnings.

• COMPANIES WITH VERY GENDER-DIVERSE EXECUTIVE TEAMS OUTPERFORM SIGNIFICANTLY. 

Companies with highly gender-diverse executive teams are found to be 21% more likely to outperform on profitability.

• ADDITIONALLY, GENDER-DIVERSE COMPANIES SEE EXCEPTIONAL VALUE CREATION.

Gender-diverse organizations in the top quartile for executive board gender diversity are 27 percent more likely to create superior value.

Employee Performance Boosted by Diversity and Inclusion

• COMPANIES THAT ARE RACIALLY AND ETHNICALLY DIVERSE ARE 35% MORE LIKELY TO PERFORM BETTER.

Compared to other similar companies, one with racial and cultural diversity are much more likely to outperform competitors.

• COMPANIES WITH A GENDER DIVERSITY OF ARE 15 PERCENT MORE LIKELY TO HAVE HIGHER PERFORMANCE.

Gender diversity, in addition to racial and ethnic diversity, is an important factor in improving workplace performance.

• NEW MARKETS ARE MUCH MORE LIKELY TO BE CAPTURED BY DIVERSE COMPANIES.

Diverse businesses are 70 percent more positioned to seize new market opportunities. And as the number of markets grows, so does the level of performance and the amount of money available.

• TEAMS WITH MORE DIVERSITY ARE 87% BETTER AT MAKING DECISIONS.

Diverse teams make superior decisions 87 percent of the time when compared to individual decision-makers.

Why is Workplace Inclusivity Important?

We can't stress the necessity of inclusion as a key component of any workforce diversity strategy enough. Sure, you can hire a varied group of people, but they won't share their diverse perspectives and experiences if they don’t feel included and equal. And, more than likely, they will not stay at your company for long, nor will they promote it as a good place to work.

Here are a few things to consider why workplace inclusiveness is important:

• COMPANIES THAT ARE INCLUSIVE ARE 1.7 TIMES MORE INNOVATIVE THAN COMPANIES THAT ARE EXCLUSIVE.

Organizations that are not only diverse but also inclusive are far more likely to be leaders in innovation when compared to other companies in the same industries.

• INCLUSIVITY RESULT IN SUBSTANTIALLY HIGHER CASH FLOW PER EMPLOYEE.

Companies with a highly inclusive culture see 2.3 times greater cash flow per employee in just three years.

• INCLUSIVE BUSINESSES ARE 120% MORE LIKELY TO REACH FINANCIAL OBJECTIVES.

People are better able to band together and are far more likely to reach their financial goals when they feel involved at work.

Gender Diversity

While gender inequality and diversity are among the most frequently argued topics in the HR and workplace industries, gender diversity is simply one aspect of creating a diverse and equal opportunity workplace. Here are some of the reasons why it's a vital part of diversity and inclusion:

• BY EQUALLY DIVERSIFYING THE WORKFORCE, THE GDP COULD INCREASE BY 26%.

Gender equality is not only an ethical and moral imperative, but it also offers major financial benefits. The global GDP could rise by $28 trillion if the global workforce became more gender diversified.

• BUSINESS WITH EQUAL MEN AND WOMEN EARN 41% MORE REVENUE.

Men and women do better at work when they are treated equally. In fact, they outperform organizations that continue to maintain gender disparities.

• COMPANIES WITH A GENDER DIVERSITY OF 15% ARE MORE LIKELY TO EXPERIENCE HIGHER FINANCIAL RETURNS.

Compared to other companies in the same industry, companies with high gender diversity are considerably more likely to outperform their competitors in terms of financial returns.

• A DOUBLE STANDARD AGAINST WOMEN CANDIDATES IS NOTICED BY NEARLY HALF OF THE POPULATION.

When it comes to recruiting males versus females, 40% of men and women say there is a double standard.

• MEN ARE TWICE AS LIKELY TO BE HIRED AS WOMEN, REGARDLESS OF THE GENDER OF THE HIRING MANAGER.

According to a survey, hiring managers, both men and women, are twice as likely to hire male candidates than female ones.

• A CEO WITH THE NAMES JOHN OR DAVID IS MORE LIKELY THAN A WOMAN WITH THE NAMES JOHN OR DAVID.

5.3% of Fortune 500 CEOs are named John, while 4.5% are named David. You can't help but detect a tiny prejudice when two male names account for over 10% of CEOs.