4 ways diversity is thriving in Maryland
11/07/2018 | Julie Miller
When the perspectives and experiences of a diverse group come together in the workplace, they help drive an organization forward in a big way. Research shows that diversity drives innovation, creativity, and business success. For example:
- 85% of large global enterprises surveyed by Forbes agreed or strongly agreed that diversity is crucial to fostering innovation in their workforce.
- According to McKinsey, companies with diverse executive boards enjoy significantly higher earnings and returns on equity.
- Creativity is fueled by multicultural exposure, according to Harvard Business school.
- The Harvard Business Review determined diversity in the venture capital industry significantly improves financial performance, such as profitable investments at the individual portfolio-company level and overall fund returns.
In short, when diversity thrives, so does business. Here are four reasons why Maryland is the best place to find diversity.
A concentration of minority-owned businesses
An incredibly diverse population leads to more minorities in leading positions. According to a report by PayChex, Maryland leads the states in its concentration of minority-owned businesses, with Capitol Heights being the country’s top city for diversity among business owners, with roughly 5.3 minority business owners for every 1,000 residents. Entrepreneur also recognizes diversity among entrepreneurs in the state, naming Baltimore the #5 city for minority entrepreneurs.
Incredible opportunities for women in business
In 2018, women in Maryland finished highest in the annual Bloomberg News U.S. Gender-Equality Leadership Ranking for the third year in a row. And for the second consecutive year, Baltimore was named the best city for women in ShareFile’s Businesswomen Power City Index. SmartAsset reinforces Baltimore’s assets, ranking the city third in its roundup of the best cities for women in tech.
Diverse communities translate into a diverse workforce. Four Maryland cities are among WalletHub’s list of the top 10 most ethnically diverse cities in the U.S. (Germantown, Gaithersburg, Silver Spring, and Rockville), and as a state, Maryland ranked seventh in WalletHub’s list of diverse states.
Diverse colleges and universities
Maryland colleges & universities also contribute to great diversity, with four Historically Black Colleges and Universities in the state. The University of Maryland was ranked 34th on Top 100 Minority Degree Producer by Diverse: Issues in Higher Education for conferring the most undergraduate degrees to minority students and 66th overall for graduate and professional degrees. Additionally, UMBC produces more black M.D., PhD graduates than any other school in the U.S.
Diversity is one of many reasons people love living in Maryland. Find out more on living in Maryland here.
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