Diversity Is Important For Businesses’ Bottom Line And America’s Competitiveness

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The recently created Subcommittee on Diversity and Inclusion of the House Financial Services Committee held a hearing today to examine data and research about the social and economic benefits that can be achieved when organizations implement robust diversity and inclusion strategies. “Diversity and inclusion isn’t just the right thing to do—it’s good for business and our economy!” exclaimed Representative Joyce Beatty, the chair of the subcommittee.

The subcommittee’s memo pointed out that “Although the United States is becoming more demographically diverse, the financial services industry, especially at leadership levels, remains mostly white and male.” According to McKinsey “Women in the Workplace 2018,” progress on gender diversity at work has stalled. “To achieve equality, companies must turn good intentions into concrete action.”  Unfortunately, the consulting firm’s research found that “Since 2015, the first year of the company’s study, corporate America has made almost no progress improving women’s representation. Women are underrepresented at every level, and women of color are the most underrepresented group of all, lagging behind white men, men of color, and white women.” (read more)

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