Black History Month Is a Time to Discover the Strength of Racial Diversity in the Workplace

February 15, 2022
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Black History month is a great opportunity to take stock in where we have been as a nation and where we are heading with regard to race, diversity, and inclusion in the workplace. Imprimis Group has always aimed to promote these values, with a staff that is over 50% diverse internally and clients and talent levels also over 50%. We aim to develop diversity in DFW workforces by hiring – and helping our clients hire – highly qualified workers from groups that are often underrepresented.

All of us at Imprimis Group closely follow to the progress we’re making as a nation, and as a major metropolitan area. Here are some important recent findings to consider:

Where we are making great gains:

Diverse and inclusive cultures are financially stronger. Through 2022, 75% of organizations with frontline decision-making teams reflecting a diverse and inclusive culture will exceed their financial targets. (Gartner)

Diverse and inclusive workplaces are attracting Millennials and Gen Z employees. 67% value diversity and inclusion when considering employment opportunities. We see this as a driving force behind accelerating diversity and inclusion statistics, nationally and in DFW.

Employee performance and retention rises with diversity. The difference in employee performance between nondiverse and diverse organizations is 12%, with similar improvements in intent to stay factors. (Gartner)

Diverse management boosts revenue. On average, diverse management groups enjoyed a 19% increase in revenue compared to less diverse counterparts. (BCG)

Companies with above-average diversity scores are winning. 45% greater average innovation revenue is reported by diverse companies. (BCG)

Where we need to improve:

Unemployment and underemployment are ongoing problems: The unemployment rates for black or African American people exceeded other races throughout 2020 and 2021. (Bureau Labor Statistics)

Representation at the top level of leadership is lacking. There are just 5 black Fortune 500 CEOs, down from the anemic peak of 6 in 2012. Furthermore, just 22 of these companies released full employment breakdowns across racial and ethnic categories. (Fortune)

Just 4% of C-Suites are made up of women of color. Of the 23% of women in the C-suite, just 4% are women of color. In nearly every category, women of color are the most underrepresented population in the workforce, compared to white women, men of color and white men. (McKinsey & Company)

Unfair treatment persists at same rate vs 2019. Women of color face similar types and relative frequencies of microaggressions as they did two years ago—and they remain far more likely than white women to be on the receiving end of disrespectful and “othering” behavior. (McKinsey & Company)

A lack of support to women of color remains an issue. More than three quarters of white employees consider themselves allies to women of color at work, but less than half take basic allyship actions such as speaking out against bias or advocating for new opportunities for women of color. (McKinsey & Company)

More and more DFW employers are highly motivated to make their workplaces centers of opportunities for all, and to this end, there are some steps we can all take to accelerate progress through 2022 and beyond:

  • Promote the values and benefits of diversity and inclusion throughout the workplace, on signage and in communications.
  • Create an open atmosphere, in which people can express their ideas about how to improve diversity and inclusion behaviors, so that more people can benefit from new opportunities.
  • Make diversity and inclusion a priority in the creation of cross-departmental collaborative teams. When professionals experience the benefits of diversity and inclusion firsthand, they become evangelists for further progress.
  • Celebrate the successes of diverse teams, and give team members a voice to express how diversity and inclusion created opportunities that would not otherwise have been possible.

Would you like to help your business advance diversity and inclusion, to create more opportunities and progress for everyone involved?  Talk to us and let’s work to make Black History Month 2022 a milestone we’ll be celebrating together in the years to come!