As the years progress, there is more and more focus on diversity and its importance in corporate company positions. In 2022, ISS has collected recent data that shows that though there has been progress towards increased diversity, companies still do not accurately represent their customer demographic.
There are some very important new diversity statistics that help companies to quantify and evaluate the importance for diversity in a business place. For example, corporations identifying as diverse are 35% more likely to outperform competitors. Exude Inc. published research showing that diverse management teams lead to 19% higher revenue. This research has also shown that companies with above-average diversity rankings are 45% more likely to experience higher revenue and more growth, compared to companies with below-average diversity at 26%.
Fortune 500 companies are ranked as some of the largest corporations in America and in 2021 we saw 8.1% of them run by women CEOs; recently two African-American women have also become executives at Fortune 500 companies. A study conducted by Harvard and Princeton showed that women are more likely to be hired when applying for a job anonymously.
Though there has been significant progress in the last couple of years and especially in 2022, diversity and inclusion in corporate America are still not what they should be. Only 4.1% of CEOs at Fortune 500 companies are women of color. A shocking 3.2% of Fortune 500 companies share their diversity data, this is a huge area of concern. It is extremely important that companies are transparent about their efforts to work towards diversity in the workplace.
A huge problem in corporations, across America, is that management does not take diversity seriously. Diversity programs have a failure rate of 70%, simply because they are not made an executive priority.