Diverse teams outperform non-diverse ones by 35%. Choosing diversity helps break down stereotypes and encourages individuals to be themselves. A diverse workforce prepares companies to solve complex problems. Diversity also helps companies avoid groupthink and other problems that can occur when everyone shares the same background, experiences, and perspectives. Incredible sources of conflict can dilute diversity while fostering fearful reservations. With immense pressure from stakeholders to remain relevant while staving off the competition, strategic innovation empowers modern businesses to reinvigorate their corporate strategy to fuel business growth, generate value, and establish a competitive advantage. The top five largest U.S. corporations by revenue were assessed using the Human Rights Campaign’s Corporate Equality Index metric for diversity and inclusion based on a 10-year period. The HRC CEI scores help business leaders measure whether corporations adopt equitable workplace policies, practices, and benefits for LGBTQ+ employees. Systems theory provided theoretical scaffolding for interrelated processes contributing to revenue generation. A Pearson correlational analysis revealed a positive correlation between HRC CEI scores and revenue by ascending year in three of the five largest U.S corporations by revenue while a linear regression confirmed statistically significant relationships for three corporations. No correlation was revealed between the number of women or minorities and revenue by ascending year in the top five U.S. corporations by revenue. Future implications of this study signal the need for further research regarding diversity, equity, and inclusion in corporate hierarchy, strategic resource management, and wider population considerations.
Keywords: Corporate Social Responsibility, Diversity, Equity, Inclusion, Strategic Management
