A diverse workplace means bigger profits

A diverse team is among the most important predictors of a business' revenue, customer numbers, and profitability, according to research published in the April issue of the American Sociological Review. Researchers found that a workforce composed of employees of both genders and with varying racial backgrounds resulted in positive business outcomes.

Businesses that reported the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity. Gender diversity also accounted for high levels of revenue-a difference of about $645 million compared to $45 million for less gender-diverse organizations. In addition, diverse companies had higher customer numbers than those with less diversity among staff: 35,000 average customers compared to 22,700.