digital artwork of a diverse group of people

Everybody Counts

A New Report Suggests It’s Time to Diversify Diversity

There are strong moral and ethical arguments for policies that encourage diversity among employees and proactive inclusion of diverse groups across the private sector. Now, there is evidence emerging that diversity is more than the right thing to do — it also has broad implications for businesses, society and the economy, according to Everybody Counts: Diversity & Inclusion Primer, a report from BofA Global Research.

In addition to considering the outsized impacts of inequity and marginalization on vulnerable groups — including African Americans, Asian-Americans, Hispanics/Latinos, women, LGBT+ people and those with disabilities — the report outlines the lost opportunities that result from excluding these groups from full participation in the economy. For example, recent work by the San Francisco Fed shows that if there had been no gender and race gaps in education and employment between 1990 and 2019, the economy would have seen a gain of close to $70 trillionfootnotei. Diversity and inclusion practices are also becoming increasingly integral to the “S” in corporations’ environmental, social and governance (ESG) policies. Such policies will likely affect business performance and operations for decades to come.

From providing support to small businesses in Black and Latino communities during the coronavirus, to committing $1.25 billion over five years to advance racial equality and economic opportunity, learn how Bank of America is dedicated to driving progress on critical social issues.

Daly et. al. “The Economic Gains from Equity”, Uneven Outcomes in the Labor Market Conference, Atlanta Fed, February 1 2021.