Diverse small businesses are more adaptable
Diverse businesses are faring better through the pandemic.
Small businesses with higher levels of racial and ethnic diversity within the organization are at an advantage due to their willingness to adapt.
Overall 85% of businesses with high to moderate racial and ethnic diversity among employees made changes to their business during the pandemic compared to 57% of businesses with little or no racial or ethnic diversity among employees. Diverse businesses made changes like:
Diversity leads to diversity of thought; different backgrounds generate different ideas, which are then developed through robust conversations, and ultimately spark innovation. Diverse small businesses can adapt to the changing environment swiftly, and thrive. And it’s why over half of the small businesses we surveyed have made changes to improve their diversity and inclusion.
Global Head of Diversity and Inclusion
When diversity starts at the top, it flows through the organization
A majority (93%) of businesses that had high or moderate racial and ethnic diversity in managers and owners also had high diversity among employees. The trend continues for prioritizing D&I as a majority (72%) of businesses with high to moderate racial diversity say improving D&I is at least moderately important.
Small businesses are keen to increase diversity and create positive change
Over half of small businesses surveyed made changes to improve diversity and inclusion.
There are still barriers to improving diversity
While there is a desire to improve and expand upon diversity, there are still barriers to improving these efforts. Organizations are facing conflicting business priorities that demand time and resources.
Learn more about the benefits of making your small business more diverse and inclusive, and how to do so.
The Hiscox Diversity Survey was conducted by Wakefield Research among 400 US small business owners, between December 21st, 2021 and January 10th, 2022, using an email invitation and an online survey. Results of any sample are subject to sampling variation. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.9 percentage points for the main sample, and 9.8 percentage points for the oversamples, from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.