The U.S. Dept. of Labor filed a pay discrimination lawsuit against software company, Oracle, for paying white male employees more than women, African American and Asian employees in similar roles.1
Additionally, the Oracle allegedly gave Asians a "leg-up" when it came to hiring for tech jobs within the company.1
New studies have found that the cost of this type of discrimination can run companies up to $200,000 in lawsuits alone – in addition to tarnished reputations, companies experience, lowered morale and abandoned trust.2
Bill Proudman, co-founder of White Men As Full Diversity Partners (WMFDP) a leading diversity process consulting firm to Fortune 500 companies, says the new economy is forcing companies to come to grips with old biases if they want to protect their bottom line.
"Systemic bias in the workplace will inevitably reach deep into the pockets of the employer, while its ripple effect undermines the principles of good business. There is simply too much at stake to ignore the warning signals."- Proudman
47% of millennial generation said they consider diversity and inclusion to be an important criterion when considering potential employers.
2+ million workers quit their jobs each year due to discrimination – costing the US economy more than $64 billion annually.
Per Proudman, diversity and inclusion not only breed innovation, creativity but also a greater market share.
The Dept. of Labor also filed a lawsuit against Google earlier this month asking for records of their compensation to employees – a step which Proudman says could signal the beginning of a new equality standard.1
"Hopefully this sets a strong message to employers everywhere. No one is exempt from treating their employees fairly or unbiasedly."
Proudman explains that full diversity has the potential of propelling this new economy further by:
Creating more jobs,
Reducing lost production time due to having to train new hires,
Less discrimination lawsuits, and
Increased innovation that will be produced by diverse teams working together.