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The automotive industry is one of the largest and fastest-growing industries in the world, generating billions of dollars in revenue each year. However, to continue this growth trajectory, it is essential for companies in the industry to prioritise diversity and inclusion.
Studies have shown that companies with diverse management teams have 19% higher revenue and are 70% more likely to capture new markets. Furthermore, diverse teams have 12% higher productivity and are 45% less likely to experience turnover.
In a rapidly evolving and highly competitive market, diversity and inclusion bring a range of perspectives and experiences that can drive innovation and improve the overall performance of a company. By creating a workplace that values and respects diversity, companies can attract and retain top talent, better understand their customers, and stay ahead of the curve.
In the automotive industry, where advances in technology and shifting consumer demands are driving rapid change, embracing diversity and inclusion has never been more crucial. From improving product design to increasing market share, the benefits of diversity and inclusion are numerous and significant.
Investing in diversity and inclusion is not only the right thing to do, but it also makes good business sense. Companies in the automotive industry that prioritise diversity and inclusion are likely to see improved financial performance, stronger customer relationships, and a more innovative and adaptable workforce.
This year so far, more companies have joined forces with the Women Automotive Network to forge the agenda for diversity.
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