Finally, McKinsey & Co. shared some of their findings in regards to diversity and inclusion practices and how consumers currently view these qualities in brands, as well as how it affects business.
Diversity is paramount in the eyes of consumers:
The next generation of consumers (Gen Z) cares greatly about buy phone number list diversity and inclusion, and will not only consciously choose to boycott brands that don’t value these concepts, but also share their feelings about it far and wide on social media. Gen Zer’s frequently vocalize their love for specific brands on their online platforms, and in turn they also very publicly share their distaste for companies that do not support their social values (or only pretend to).
Ethnically and gender diverse companies outperform less diverse companies:
McKinsey and Company has found that gender and ethnically diverse companies are respectively 24% and 33% more likely to outperform less diverse companies. Diversity on many levels seems to improve decision-making abilities, financial performance, while allowing companies to fulfill broader needs with their offerings. Finally, research also shows that companies should have diverse executive teams and board of directors. Companies with a diverse top quartile will financially outperform less diverse companies, as shown in the illustration below. This shows that diversity isn’t only a matter of moral obligation, it is also the right thing to do for business.
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