Monday, March 6, 2017

If Business Was Color Blind On Race, U.K. Economy Could Be Boosted By $29B A Year - FORBES

by Dina Medland 
Originally published: March 3, 2017

There is a strange propensity to deafness when it comes to the issue of race in the United Kingdom. Now the government is spelling it out: people who are not white are being held back in the workplace because of the color of their skin, and it is costing the U.K. economy the equivalent of 1.3% in GDP a year.

There has been a lot of talk about the importance of gender diversity for business resilience. There have also been many reports for years about the shocking state, by contrast, of ethnic diversity and representation in U.K. boardrooms. A government review recently called for an end to non-white boardrooms. (All these links are to coverage here on Forbes.)  Now an independent, government-backed review by Baroness McGregor-Smith has found that the U.K. economy could benefit from a £24 billion-($29 billion)-a-year boost if black and minority ethnic (BME) people progressed in work at the same rate as their white counterparts.