8 Diversity Strategies that Improve Productivity and Profits

Companies that emphasize a diverse and inclusive workforce not only create a better work environment for employees, they also perform better financially. Financial services companies that rank in the top quartile for gender diversity are 15% more likely to outperform peer institutions, according to a recent McKinsey & Co. study, while those in the top quartile for ethnic and racial diversity are 35% more likely to outperform. What's more, the study found companies without a strategy to promote diversity lag behind those that actively work toward promoting it. Here are eight ways that mortgage companies can establish and maintain a priority on diversity.

To start out, define the organization's diversity mission and set goals. One of the easiest metrics is people. For example, since hiring a chief diversity officer 22 years ago, Fannie Mae has evolved into a workforce that is 51% ethnically diverse and 49% gender diverse, Kristy Fercho, senior vice president of customer engagement and chair of Fannie's diversity council, said during a panel at a recent industry conference.

Partnerships with key affiliate organizations and community groups can help build trust and cultural competence, particularly when it comes to demographic groups that business lenders are unfamiliar with. It can also serve as fertile ground for recruiting talent and new customers.