Thanks to increasingly comprehensive diversity data collection and pressure on companies to share that data, the positive correlation between fostering a diverse organization and improving corporate financial performance is finally coming into focus.

A recent analysis of diversity, equity, and inclusion (DEI) data shared by 277 large employers builds on previous studies that had indicated such a correlation exists. The study, a collaborative effort among three diversity-centric organizations—As You Sow, DiversIQ, and Whistle Stop Capital—reviewed data contained in Equal Employment Opportunity Component 1 data (EEO-1) forms that companies are required to submit to the U.S. Equal Employment Opportunity Commission (EEOC).

Previously, most companies had not shared their forms with the public. But, due largely to pressure from investors and other groups, the number of S&P 100 companies that release their forms publicly more than quadrupled between August 2020 and October 2022, the study sponsors say in a release.