Inclusion, Inc.. Sara Sanford

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DEI is now more than a “nice to have” or a compliance requirement to be minimally satisfied. Getting DEI right means getting access to the next generation of talent.

      It's not surprising that investors are following consumers. In 2014, Google released its first workforce diversity report, pressuring other companies to do the same. As more and more businesses followed Google's lead and released their own reports, researchers had a chance to answer a long-debated question: Do investors actually care if a company is diverse?

      Margaret Neale, an organizational psychology professor at Stanford's School of Business, studied shareholder reactions to nearly 60 diversity announcements made by publicly traded firms between 2014 and 2018. The study was largely comprised of firms from the financial and tech sectors, including companies such as JPMorgan, BlackRock, eBay, and Facebook. The researchers measured each firm's stock returns on the day of their diversity announcements and found that stock prices increased more when higher levels of diversity were reported. In the tech sector specifically, investor support was even more positive when diversity numbers were higher than Google's.

      When companies delivered reports in subsequent years that did not show any increase in diversity numbers, stock prices did not rise.

      Nia has also leveraged its assets to achieve progress elsewhere. In a celebrated decision, IBM accepted a Nia-led proposal to increase transparency around the company's workplace practices and report publicly on the effectiveness of its diversity, equity, and inclusion programs. The fund also succeeded in advocating for cybersecurity giant Fortinet to compile and release annual diversity reports.

      As the workforce has changed, most companies' approaches still haven't, and this comes at a great cost.

      The full expenses of exclusion extend far beyond litigation and attrition, though. Our most costly mistakes are the ones we're convinced we're not making.

      There was one important catch: This trend only applied if women kept their gender a secret.

      When female developers publicly displayed their gender, their code acceptance rate was lower than men's. While women may have been producing more competent code than men, their contributions were less likely to be accepted if their gender was known.

      Even

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