Statistics You Should Know

This week SIBA has opened registration to it's 2023 21-Day Racial Equity Challenge. The Challenge is designed to help people make issues of equity and inclusion a habitual frame of mind, rather than an occasional consideration. And while the challenge is modeled as a self-guided journey, SIBA intends it to be a professional tool for bookstores in creating successful business models.

So why take the time to do the challenge? In an industry where businesses consider a 2% year end net profit to be a highly successful year, business owners have to be deliberate in the choices they make and the things they invest in. Here are some statistics that explain why investing in DEI initiatives makes good business sense:

Companies with higher-than-average diversity had 19% higher innovation revenues.

In a survey of 1700 companies across eight countries, the Harvard Business Review determined there was a statistically significant relationship between diversity and innovation. The more diverse the workforce, the more innovative and adaptable the company.

Organizations with above-average gender diversity outperform companies by 46% to 58%.

A 2016 Gallup Report found that racial and gender diversity was integral to creating a workplace culture where employees feel valued and welcome. This translates into lower employee turnover, better employee engagement, and a better overall financial performance.

67% of job seekers consider diversity important when considering employment opportunities.

According to a survey by Glassdoor.com, three out of four people consider a diverse workforce an important factor when evaluating job offers. Your workforce is a visible demonstration of your diversity hiring policies. A lack of diversity in staffing can result in your company losing talented potential new hires.

Ultimately, according to a study by MacKinsey & Company, there is a direct correlation between racial and ethnic diversity and better financial performance

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