Discriminatory pay practices cost the UK a staggering £127 billion every single year, a new report claims.
According to research experts INVOLVE, gender discrimination against women alone costs the UK £123 billion a year in lost productivity, while a further £2.6 billion is lost each year as a result of racial discrimination.
On top of those figures, an additional £2 billion is lost as a result of discrimination on grounds of sexual orientation, INVOLVE’s report adds.
When piecing together their findings, researchers from the organisation quizzed more than 500 British businesses and working environments.
The research found that businesses that had embraced diversity in the workplace had a tendency to be more productive.
In fact, it found that the most diverse businesses in the survey were 12 per cent more likely to outperform other organisations operating within the same industry as them.
Suki Sandhu, Founder and CEO of INVOLVE, said that businesses should view the landmark report as “a timely reminder of the crucial role a diverse workforce plays in business success.”
He said: “In the current climate, where the fight for equality and balanced representation is being fought on many fronts every day, we need businesses to stand up and work to drive change in our society and our workplaces; to ensure that everyone, no matter their gender, heritage or sexuality, is given an equal opportunity to thrive and reach their full potential.”
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