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Could a more diverse workforce boost your bottom line?

9th Nov 2020 | Employment
Could a more diverse workforce boost your bottom line?

A recent study found that the most diverse companies are now more likely than ever to outperform non-diverse companies on profitability.

Diversity and inclusion has long been considered the right thing for employers to do, but statistics reveal that it can also boost a company’s bottom line. That’s particularly important now, with cashflows constricted by COVID-19 and a serious economic downturn looming.

So as we work to get through the pandemic and recover, our employment lawyers have been discussing the importance of inclusion and diversity in their latest employment roadshow webinar.

What’s covered?

In the 90 minute session, leading employment lawyers Lisa Kelly and Chris Maddock cover:

  • The disproportionate impact of COVID-19
  • Impact on women with caring responsibilities
  • Impact on people with disabilities
  • Impact on ethnic minorities
  • Practical tips to help employers improve diversity and inclusion

Can we build back better?

Lisa Kelly, the associate solicitor who led the employment law webinar, says: “COVID-19 continues to inflict terrible hardship on businesses and communities, but it has also given us a unique opportunity to reflect and make positive changes, particularly in the workplace.

“Businesses have had to adapt, and many have introduced different working arrangements that will have long lasting benefits for employers and employees alike. There is also an opportunity to review diversity and inclusion in our workplaces as we look to build back better.

“For example, does a particular role always need to be done on site or can all or part of the role be done remotely or more flexibly, opening up those roles to a more diverse range of people?

“Diversity and inclusion is a broad and complex area that can be daunting to tackle, however small practical changes can make a huge difference and, crucially, the evidence shows that there is a compelling business case for doing so.”

Diversity pays dividends

The ‘business case’ Lisa covers in the webinar is based on McKinsey & Company research, which found that companies in the top quartile of gender diversity on executive teams were 25% more likely to experience above-average profitability than peer companies in the fourth quartile.

For ethnic and cultural diversity, companies in the top quartile outperformed those in the fourth by 36% in terms of profitability.

Lisa’s top tip?

“Start with small changes and build up gradually,” says Lisa.

“This pandemic has shown that we trade so much on goodwill. So many of the claims we deal with in employment law arise out of situations where that goodwill and trust has been eroded. Doing the right thing when it comes to diversity and inclusion can go a long way towards building trust.”

Chris Maddock, partner and head of employment law at Muckle, added:Building a culture where all employees can bring their whole self to work helps individuals to thrive in the workplace.”

“It’s about creating an environment where employees are comfortable being themselves and how we, as employment lawyers, can support businesses in fostering a culture that promotes openness within the workplace.”

Join Muckle for more

If you’re quick, there’s still time to sign up to the final webinar in the law firm’s virtual employment roadshows – ‘The future of work and employment law post the pandemic’ – or download the previous four webinars to catch up.

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