12 MAY 2019 • FOGHORN FOGHORNFOCUS: HUMAN RESOURCES 366 public companies across a range of industries in Canada, Latin America, the United Kingdom, and the United States. The findings were clear: • Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians. • Companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians. • Companies in the bottom quartile both for gender and for ethnicity and race are statistically less likely to achieve above-average financial returns than the average companies in the data set (that is, bottom- quartile companies are lagging rather than merely not leading). Why is having a more diverse workforce better for a company? According to experts, there are many reasons that explain why having diverse and inclusive employees benefits the entire organization. Kenneth Svendsen, CEO of PVA Vessel member Entertainment Cruises, is adamant that a diverse workforce is key to corporate success. “I’ve been in the hospitality industry for 35 years and worked all over the globe,” he said in a phone interview. “One thing I have learned is that, from a business point of view, the consuming public is a reflection of the world. For companies to succeed, they must employ team members who reflect their customers.” High Employee Retention Companies that have a diverse and inclusive workforce generally report less turnover. Entertainment Cruises has experienced high employee retention rates and D&I seems to be one of the reasons why. The dinner boat operation, based in Chicago and operates a fleet of 48 vessels in multiple cities in the U.S. and Canada, regularly receives feedback from its employees—nearly 2,800 full-time and part-time shipmates— Kenneth Svendsen, CEO of PVAVessel member Entertainment Cruises.