Workforce diversity should matter as much as profits

October 6, 2019

No public company is required to report on the diversity of its workforce, but some local firms are doing just that.

Thank you. And by the way, it’s about time.

By sharing numbers and posting them on their websites, companies put the onus on themselves to make sure women and people of color are being hired and promoted at rates that they are either proud of — or vow to improve. According to a 2017 Fortune magazine survey, only 20 percent of the Fortune 500 companies release numbers of any kind about the gender or race of their employees.

My hope is that diversity statistics will become a new category of bragging rights — beyond profits, stock prices, and the size of CEO paychecks.

Studies have shown that companies with diverse workforces are apt to deliver above-average financial returns.

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