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  3. Week 3: Success through diversity

Week 3: Success through diversity

Held 14 to 20 August.

Brought to you by the Queensland Government and Commonwealth Bank.

Evidence shows that culturally diverse workplaces reap rewards. Cultural diversity offers businesses a range of economic and social benefits including:

  • global knowledge, language and cultural skills
  • more innovation through diversity of life experience and thinking
  • higher workplace morale through acceptance and understanding
  • greater responsiveness to customer needs through increased cultural competence
  • access to a wider talent pool to help meet the challenges of a changing labour market
  • access to new markets, both here and overseas.

"When employees think their organisation is committed to, and supportive of, diversity and they feel included, employees report better business performance in terms of ability to innovate (83% uplift), responsiveness to changing customer needs (31% uplift) and team collaboration (42% uplift)". - Victorian Equal Opportunity and Human Rights Commission

The bottom line

In a world where profit and success are intricately linked, diversity pays off.

McKinsey & Co research found that companies with more diverse workforces perform better financially. Companies in the top quartile for racial and ethnic diversity are 35% more likely to deliver financial returns above their respective national industry medians1.

“Companies in the bottom quartile both for gender and for ethnicity and race are statistically less likely to achieve above-average financial returns than the average companies in the data set (that is, bottom-quartile companies are lagging rather than merely not leading).”

Bersin reports that those organisations deemed ‘highly’ inclusive (compared to less inclusive organisations) generate 2.3 times more cash flow per employee and generate 1.4 times more revenue. They are 120% more capable of meeting financial targets.

(Source: High-Impact Talent Management: The New Talent Management Maturity Model, Bersin by Deloitte / Stacia Sherman Garr and Candace Atamanik, 2015 via The Business of Cultural Diversity – A Taste of Harmony Commonwealth Bank case study)

Success now and in the future

According to Forbes Insights (PDF), as well as contributing to current success, a diverse workforce is vital to weather upcoming challenges as companies "grapple with an ageing workforce, a declining pipeline of qualified talent, and the challenges of managing a multigenerational workforce".

Queensland Multicultural Business Lunch

A highlight of our success through diversity theme was the Queensland Multicultural Month Business Lunch. This year’s theme was ‘Accessing new markets in Queensland and beyond’.

Is your feedback

Please submit your comments on the department's Compliments and Complaints section.

Please submit your comments on the Queensland Government website Contacts form.