Make an Impact
Regardless of your team size, get started with our DEI Impact Guide
Why does diversity matter?
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Another UC Berkeley publication shared findings from a study of performance of diverse teams in eSporting. Results showed that “[f]or every representative from another country the team added, prize money would jump by almost 32 percent, all else being equal.”
Because people do.
And because people matter, their needs, growth, and success in the workplace also matter. Numerous articles and studies reflect that diverse work environments promote individual growth through increased creativity and problem solving, generally more thoughtful work, and increased productivity. These changes can lead to improved services and/or products for the company. According to a publication by the University of California at Berkeley, studies have shown that “on average, ‘female representation in top management leads to an increase of $42 million in firm value.’” Further, the publication found that racial diversity is similarly beneficial.
Consider this framing of the impact of diversity
This is how diversity works: by promoting hard work and creativity; by encouraging the consideration of alternatives even before any interpersonal interaction takes place.
The pain associated with diversity can be thought of as the pain of exercise. You have to push yourself to grow your muscles. The pain, as the old saw goes, produces the gain. In just the same way, we need diversity—in teams, organizations, and society as a whole—if we are to change, grow, and innovate.
How diverse is the legal field, specifically the patent bar?
Not very. According to a publication by the American Bar Association, women make up about 22% of USPTO registered attorneys and agents. Even more alarming is that only less than 6% of all USPTO registrants are racially diverse.
How do I get my organization to take on a diversity initiative?
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The benefits of diverse teams are well-understood among industry leaders. For example, the Harvard Business Review has published about how diverse teams are smarter, and Forbes talks about the ways diversity can make a difference in technology.
When pitching DEI efforts at your firm or company, try framing DEI through the lens of what your company cares about: innovation, talent retention, and, of course, the bottom line.
A recent publication by Prudential lays out five ways in which diversity impacts a company’s bottom line
An inclusive culture where everyone feels a sense of belonging will see significantly higher levels of employee engagement.
We see this at Prudential through the data we capture on our own employee sentiment. And stronger employee sentiment leads to greater employee retention.
Embedding an inclusive mindset can generate innovative approaches. As part of our company’s ongoing transformation, we asked all our employees to submit ideas to fuel our initiatives.
We are embedding inclusion and racial equity from the moment those ideas are submitted into our idea portal. This will help us meet the needs of diverse customers, which leads to higher customer satisfaction and retention, and greater product adoption. And we can enable greater financial inclusion and address systemic societal issues.
Embedding an inclusive mindset can generate innovative approaches. As part of our company’s ongoing transformation, we asked all our employees to submit ideas to fuel our initiatives.
We are embedding inclusion and racial equity from the moment those ideas are submitted into our idea portal. This will help us meet the needs of diverse customers, which leads to higher customer satisfaction and retention, and greater product adoption. And we can enable greater financial inclusion and address systemic societal issues.
Diverse teams help companies improve the quality of policies, programs and products. Individuals’ lived experiences bring unique perspectives that round out how ideas are generated.
We have connected with our business resource groups (volunteer employees who are members and allies of various diverse communities) to help inform things like the employee onboarding process and the ideation of new products and solutions.
Authentic inclusion creates brand and reputational value. Increasingly, companies are being judged on how they engage on social issues and how they are embedding diversity and inclusion into their business. In some cases, we are even being ranked against our peers on this.
To generate that brand and reputational value you must walk the talk. For example, this past year we have been embedding racial equity commitments into our talent practices and have been transparent on how we’re working to level the playing field with our hiring and promotion processes. This helps us retain top talent, who then generate innovative ideas and do great work for the company.
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How do I know which DEI initiative is right for my company or firm?
Look no further than our DEI Program and Template Database to find a program that could work for your organization.
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When reviewing each of the program offerings, be sure to check out the additional information about each program, such as suggested team size, time commitment, and budget to ensure it aligns with your organization’s goals.
Now that you’ve picked a program, it’s time to get it up and running!
If you’ve selected a direct join program, reach out to the program organization to get set up. You may want to double check that you have the team size and resources necessary to join the program.
If you’ve selected a template program, review the documents provided for the program and reach out to the program organizers to get started for your selected organization. The documents provided are to help give you a starting point for running your own internal program.
When joining or starting a program, you’ll want to ensure you have a working team that is committed to helping the program succeed. Regular planning meetings, keeping documents updated, as well as a point of contact list can help with ensuring that the program runs smoothly, even if there are personnel changes within your organization.
Let's ADAPT together!
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Team ADAPT