Company Diversity Helps Bottom Line
January 3, 2012 by UPI - United Press International, Inc.
TORONTO, Dec. 31 (UPI) — The more diverse a company’s workforce is, the more loyal, happy and productive its employees tend to be, researchers in Canada found.
Lead author Kristyn Scott, author of “The Diverse Organization: Finding Gold at the End of the Rainbow” and a professor with Ryerson University, Joanna Heathcote of University of Toronto at Scarborough and Jamie Gruman of the University of Guelph conducted a review of about 100 studies.
Most of the studies, conducted from 1991 to 2009, were done in the United States, with some from Canada and other countries.
The researchers evaluated the studies based on six key advantages of corporate diversity: recruitment, greater creativity, problem-solving, flexibility or better reaction to change, cost (employee turnover) and financial performance.
For the purposes of the study, diversity was defined to include ethnicity, age, gender, educational background and professional experience. The study cited Campbell Soup Co. as a shining example of a diverse organization.
“When you have an inclusive corporate culture, recruiting top talent becomes easier, group processes will be enhanced, which means employees are more likely to stay, which, in turn, increases the company’s bottom line,” Scott said.
The study was published in the journal Human Resource Management.