Businesses Say Diversity Is Key To Future Success

New research shows that top execs back diversity as good for business.

Businesses in London and the UK can benefit and prosper if they adapt and address an increasingly diverse social mix, according to findings released today.

The research with top executives at thirty leading London-based companies was announced to an audience of business leaders this morning.

Diversity Works for London undertook the research to see how leaders of large businesses view diversity as a factor in the success of their organisations. The results present a compelling business case for diversity. They show:

• Over three quarters (77%) of business leaders surveyed said that the future success of business lies in having a diverse workforce
• Almost two-thirds (63%) felt that without a diverse workforce, business in London can't survive
• 97% said that diversity practices are good for business and 87% said that workforce diversity makes financial sense because it increases opportunities for business with new, diverse customers
• 80% agreed that businesses in London should have a diverse workforce to reflect the capital's diverse population.

The survey also found that:

• 80% of business leaders felt that it was difficult to implement diversity policies
• 70% said that they do not have a programme to open up their supply chain to diverse suppliers.

The research was unveiled by Diversity Works for London at the launch of its new diversity "Gold Standard" - a benchmark for companies to ensure that they meet and exceed best practice. Diversity Works for London also launched a new online toolkit that will help large companies implement and profit from diversity.

Caroline Gooding, Programme Director for Diversity Works for London, said: "Our research shows there are clear benefits for companies to promote diversity in their organisations. We welcome the fact that so many businesses see diversity as vital to their future success. Those that respond to diversity can thrive. But there is still a long way to go."

"Business leaders clearly feel that responding to diversity issues is a tough challenge. At Diversity Works for London we are committed to supporting businesses and encouraging best practice. Our 'Gold Standard' and toolkit provide a clear benchmark for companies’ diversity initiatives, and shows them how to meet these standards and maintain their competitiveness."

Deputy Mayor of London Richard Barnes said: "Any organisation that does not have a diverse work force or a diverse supply chain, or is not working towards having them is committing slow economic suicide. It is simply a matter of good management and any organisation that does not enjoy good management will not survive. The Mayor and I are committed to the 'Gold Standard' across London and will be heavily promoting the diversity tool kit. We want all of London to prosper and thrive."

Diversity Works for London's 'Gold Standard' and online toolkit can be found at Diversity Works for London website.