“The benefits of diversity are really about the different experiences that individuals bring to a problem,”
“Demographically diverse groups make better decisions and produce more innovations, because they bring in different perspectives.
Studies suggests that diverse teams change how individuals think within that team, rendering them more effective decision makers at a group level, with a boost in their economic output.
Existing economic disparities could lead to a
profoundly devastating and disproportionate impact
of COVID-19 on people from ethnic minority
backgrounds. Organisations play a crucial role in
being aware of these disparities and the negative
impacts that may result.
Impact of the 2008 Recession
Ethnic minority groups fared worse as a result
of the 2008 recession than the white majority,
exacerbating pre-existing inequalities with
higher unemployment, lower earnings, lower
self-employment rates and higher housing
costs.The consequences were far reaching and long-
lasting. By 2010, BAME people were twice as likely
as white groups to have no savings, with 60% of
Black and Asian people in the UK having no
savings at all.
Black and minority ethnic groups are more likely to
be unemployed and in precarious work than their
white counterparts. A recent report from the UCL
Institute of Education (IOE), Carnegie UK Trust,
and Operation Black Vote revealed that BAME
millennials are 47% more likely to be on a zero
hours contract. They are also 4.17% less likely to
have a permanent contract than their white peer
The Parker Review releases its Final Report on the ethnic diversity of UK Boards
Within the FTSE 100, we report that UK citizens of colour represent only about 2% of the total director population. This is not good enough; we need to increase the ethnic diversity of Boards.
We propose that every FTSE 100 Board should have at least one director of colour by 2021, and every FTSE 250 Board should achieve the same goal by 2024.