Diversity, equity, and inclusion (DEI) efforts have become crucial in shaping the cultures of companies around the world. With DEI considered to be a part of the broader environmental, social, and governance (ESG) criteria that a multitude of global firms now make an effort to adhere to, many job seekers today cite diversity as being critical in how and where they look for work.

According to a recent report published by Bank of America (BAC) Global Research, a lack of diversity within American companies comes with a hefty price tag.

“Is it $70 trillion in foregone economic output? Or $23 trillion in USD GDP? Or $172 trillion in lifetime earnings? No matter how you measure it, lack of diversity, equity and inclusion (DEI) limits national economies and reduces GDP,” the report reads.

For companies, BofA said that a lack of diversity leads to less innovation, weaker revenue and cash flows, and lower employee retention. As for individuals, a lack of diversity causes detriments to educational outcomes, physical and mental health, lifetime achievement and earnings, and wealth passed down across generations.

“DEI needs to be a strategic priority across a company, with leadership buy-in and participation,” BofA Head of ESG for Global Fixed Income Kay C. Hope told Yahoo Finance. “There are a lot of things that U.S. companies can do to improve: recruiting from a wider range of institutions/sources, reviewing pay and promotion practices, and using mentoring initiatives.”….