For years, my work at Roc Nation has been centered on the importance of building and leading a diverse workplace.
The lived experiences, backgrounds, and perspectives of our employees help to ensure our decisions represent and uplift those whose voices have too long been ignored. Those diverse views and insights have helped us use Roc Nation as a change agent
, bringing to the fore issues related to social and racial justice, equity, and opportunity.
As the CEO of Roc Nation, I believe it is essential that our company does more and is a leader in amplifying those who have faced barriers related to racism, sexism, or any of the other strucural inequalities that can hold back amazing talent.
Social justice is in our DNA at Roc Nation. Achieving our business goals, whether financial or societal, depends on having a diverse workforce. Here are 5 reasons workforce diversity should be at the heart of your company’s strategy and priorities.
1. Improved Performance
Diverse workforces have a positive impact on employee morale. Improved morale leads to improved productivity as employees feel seen and valued and are more eager to complete their assigned tasks. That positive outlook directly leads to improved performance at every level.
2. Better Problem-Solving
Imagine what it means to have people from diverse backgrounds tackling a complex problem. Employees from diverse backgrounds can provide different views and perspectives that help solve the problem. More potential solutions available mean a higher likelihood that the right solution will emerge. Experts agree. According to Harvard Business Review, “cognitively diverse” teams solve problems faster
3. Engaged Employees
With a diverse workforce, your organization is likely to see more engaged employees. That’s because employees are more likely to speak up if they believe that their unique voice will be heard and valued by others with a collective variety of opinions. As leaders, we are responsible for encouraging employees to participate in the important conversations that boost their confidence and contribute. A Deloitte survey of 1,500 employees of three top Australian companies showed that feelings of inclusion were tangible and palpable. When companies embraced inclusion and diversity, there was better business performance
reported by employees in the ability to innovate, responsiveness to changing customer needs, and team collaboration.
4. More Profits
A study by McKinsey & Co. of 180 publicly traded companies in France, Germany, the United Kingdom, and the United States showed that the companies that were the most diverse were also the most profitable
. The study looked at women and foreign nationals on senior leadership teams to score a company’s diversity. The research showed that among those companies in the top quartile of diverse leadership, the returns on equity were 53 percent higher on average than those in the bottom quartile.
5. Lower Turnover
If you want to keep great employees, workplace diversity is essential. A commitment to diversity and inclusion means that all employees feel valued and respected. Those employees are happier in the workplace and will stay longer, meaning lower turnover rates, fewer hiring costs, and more institutional memory.
An authentic commitment to workplace diversity is powerful. It can make all the difference for companies and their employees.
Desiree Perez’s Boundary-Breaking career
is the chief executive officer of Roc Nation, the global entertainment company she founded with Jay-Z. She oversees the company’s vast array of business interests, including artist and athlete representation, music recording, event promotion, and the Roc Nation School of Music, Sports, and Entertainment. The daughter of Cuban immigrants, Perez has been a visionary leader in the entertainment industry and a champion of social justice.