The Importance of a Diverse Workforce

Why Is This Important?

• Our future students will increasingly and predominantly be Hispanic/Latinx

• More over a quarter of our undergraduate students consider themselves to be diverse.

• Census projections show that by 2045, the United States will have a more ethnically diverse population, with white people no longer constituting the numerical majority.

• Companies with a wide range of races and ethnicities are 35% more likely to outperform their competitors, while those with a diverse range of genders are 15% more likely to outperform their competitors.

• Diverse talent leads to enhanced creativity, higher innovation, better decision making, and other benefits. Discover the numerous benefits of a diverse workplace.

The evidence shows that businesses that hire and retain a diverse workforce are more successful. Simultaneously, there are far too many examples of people with diverse identities feeling excluded, unwelcome, or outright frightened in the workplace. This results in disengagement, which may eventually result in turnover. Highly engaged teams are 21% more profitable, while the cost of turnover is between 10% and 30% of the annual compensation of each lost employee. These are critical realities that organizations must not ignore if they are to achieve and thrive in their mission and objectives.

It's been shown that diversity efforts can help businesses make more money and keep their employees. But there are still problems for businesses when it comes to supporting a diverse workforce well. According to this Forbes article, one strategy for overcoming those obstacles is to integrate their organizational diversity practices with their organizational goals. While we understand that each business is unique in its path, we hope that this toolkit serves as a starting point for employers interested in developing and implementing inclusive recruitment and retention policies.