In today’s global marketplace, diversity and inclusion can set companies apart. Aside from simply being the right thing to do, it can also be a positive for a company’s profitability and innovation success.
According to the McKinsey report “Diversity Matters,” companies in the top percentile for racial and ethnic diversity are 35 percent more likely to have financial returns above their national industry medians, and those in the top quartile for gender diversity are 15 percent more likely to see greater financial returns.
Diversity and innovation also share a common bond. A recent Harvard Business Review study found that companies with above-average total diversity had both 19 percent higher innovation revenues, and 9 percent higher EBIT margins
To further emphasize the value diversity possesses in the workplace, a Deloitte report noted that organizations with inclusive cultures were six times more likely to be innovative and agile, eight times more likely to achieve better business outcomes, and twice as likely to meet or exceed financial targets.
Diversity and inclusion also pays off in the recruiting wars for millennials and generation Z employees who have grown up in a society where equality is valued, and a goal worth pursuing.
“There is an increasing need for economic inclusion in both society and business,” says Eddie Taylor, founder and president of Taylor Oswald, a full-service insurance brokerage that offers a minority-owned option for businesses looking to incorporate service providers in their diversity-inclusion initiatives. “As the business world continues to evolve, people are starting to think differently when it comes to inclusion and diversity.”
Taylor goes on to say that new way of thinking, followed up by dedicated, sustainable action has tangible meaning and can, when done correctly, benefit not only businesses, but communities.
How does diversity and inclusion fit into a corporate, non-profit, educational and government entity’s risk management strategy? One universal thread these aforementioned groups share is health care.
“Our clients possess diverse workforces that bring with them unique needs based on culture, geography and economic standing,” says Taylor. “But what unites them is the need for proactive health care coverages that meet the needs of both employer and employee – not always an easy task.”
By listening and being open-minded to the specific needs of a company and its employees, Taylor Oswald can design a customized health care insurance program (or property and casualty program) that results in more engaged, healthier and ultimately productive employees.
Taylor Oswald’s unique structure allows it to bring deep bench strength and expertise to the table for the benefit of its clients.
“We see the world of risk management in a panoramic way and are quite mindful of the obligation we have to secure the right outcomes for our clients and their employees,” adds Taylor.
Taylor Oswald offers customized risk management solutions in the following industries:
According to data compiled by The Business Journals, there are 11 million minority-owned firms in the U.S. that contribute $1.8 trillion in U.S. economic output, and employ more than six million people. One of the largest growing segments includes women-owned businesses, African-American women-owned businesses and Hispanic-American-owned businesses.
Is your company positioned to partner with these up and coming companies? Taylor Oswald can work with clients of all sizes to develop and implement an effective Supplier Diversity Strategy.
Having a strategy in place helps companies realize opportunities that present themselves, and provides the added value of diverse perspectives and service offerings. Through Taylor Oswald’s affiliations, they serve as a connector for like-minded clients to not only meet requirements of specific projects and initiatives, but exceed all expectations at every step of the way.
“Not only is an expanded network of partnerships good for business, but it’s also a key driver of economic development, job creation, and growth of sustainability of our communities,” says Taylor. “As a minority owned business, we understand the benefits of partnering with the full array of leaders and entrepreneurs in the field: minorities, women, veterans, people with disabilities and more.”
Taylor cites the construction industry as an example where having a diverse supplier program is often required, especially in projects that are managed or funded by government entities.
How diverse is the construction industry? According to the U.S. Bureau of Labor, 30 percent of the construction workforce identifies themselves as Hispanic or Latino, and 9 percent are female.
“Taylor Oswald is focused on ensuring that every company we partner with has the opportunity to experience an expanded world view and the potential positive financial and cultural results that come with that,” adds Taylor.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.