Many studies have concluded that a diverse workforce and teams boost business results. For example, ethnically diverse companies are 35% more likely to outperform the national industry median, according to a 2015 McKinsey report. The same report found that gender-diverse companies are 15% more likely to have better financial returns. When exploring the 2016 Best Workplaces for Diversity, it was found that the 50 companies on the list average 24% higher year-over-year growth than non-list winners. From this research, one can conclude that companies such as Berkshire Hathaway suffer from lack of innovation and creativity for not making diversity a primary concern while companies such as Texas Health Resources benefit from making diversity a priority.
After discussing with the group we came to the conclusion that the company with the worst plan for diversity was Berkshire Hathaway. The main problem with this company was them admittedly having no policy for diversity and not seeing its value within a company. Berkshire Hathaway received the lowest diversity score out of all Standard and Poor's …show more content…
Warren Buffett, CEO, has implied that hiring a more diverse staff would lead to the need of consultants, eliminating key employees, and decreasing quality. However, Berkshire Hathaway is really just losing the opportunity to increase creativity and innovation. In a survey, they were the only company who admitted to not considering diversity to be a valuable aspect in the boardroom. It’s hard to believe such a well known company can be lacking diversity as much as they are. While they have made some strides to better themselves such as hiring a new head of diversity and inclusion, they are nowhere close to the diversity standards of some of the other companies we researched. Which leads to what we chose as the company with the best program for diversity, Texas Health
After discussing with the group we came to the conclusion that the company with the worst plan for diversity was Berkshire Hathaway. The main problem with this company was them admittedly having no policy for diversity and not seeing its value within a company. Berkshire Hathaway received the lowest diversity score out of all Standard and Poor's …show more content…
Warren Buffett, CEO, has implied that hiring a more diverse staff would lead to the need of consultants, eliminating key employees, and decreasing quality. However, Berkshire Hathaway is really just losing the opportunity to increase creativity and innovation. In a survey, they were the only company who admitted to not considering diversity to be a valuable aspect in the boardroom. It’s hard to believe such a well known company can be lacking diversity as much as they are. While they have made some strides to better themselves such as hiring a new head of diversity and inclusion, they are nowhere close to the diversity standards of some of the other companies we researched. Which leads to what we chose as the company with the best program for diversity, Texas Health