Diversity is the condition of being composed of different elements and is often referred to people. The types of diversity can vary according to the age, religion, race, culture, and abilities.
Recently Credit Suisse conducted the research “The CS Gender 3000: Women in Senior Management”. Since 2012 the company’s research team has been analyzing the gender diversity and corporate management. The report shows that the companies with more women in the boardroom bring better results on stock markets.
“Why Diversity Matters”, another report on diversity prepared by Mckinsey in 2015, shows that companies committing themselves to diversity in leadership are more effective and successful. The non-homogenous staff is believed to improve their customer orientation and decision making. The report found that ethnic and racial diverse managers are 35% more likely to have financial returns above the industry mean.
Why Is Diversity Important?
Employees with diverse backgrounds may change the behavior of the whole group. This change may be different, positive and negative. In the USA even mentioning the word “diversity” may lead to conflict. It’s because a strong idea of inclusion that everyone should be able to use the same facilities, enjoy the same experiences and take part in the same activities. American companies tend to spend millions to manage workplace diversity issues, but yet they still having lawsuits on discrimination. But it is reasonable to dig into what importance of diversity is and what good it does.
If you want to create a team capable of outside-the-box thinking and innovating you should bring a diversity in it.
Diversity is considered to change the way a group of people thinks. When different people are brought together to solve the problem, they express their opinions and thoughts on the matter. And there may be the difference in these opinions as to the ways of solving the problem. Diverse teams are more objective and are constantly reexamining the facts.
Diverse teams process and analyze facts and information more accurately to make the right decision. In the study published in the Personality and Social Psychology Bulletin in Northwestern University by Katherine Phillips, a team was divided into 2 groups of members: the first one with the out-group newcomers and the second with newcomers. Both groups were to read the interviews conducted by the detective who investigated a murder and to find out who the suspect was. It turned out that the second group was more accurate of a joint decision. This research showed that diverse groups may outperform the homogeneous ones in discussing, problem-solving and decision making.
Teams with any, gender, racial or cultural diversity work harder both socially and cognitively. Diverse groups of people exchange a wider range of data, they are better at considering the facts, they assume that they need to work harder to come to a consensus.
Globalization demands more interaction among people from diverse backgrounds. Since the diversity in the workplace shows strong potential to improve collective work and yield productivity, bringing it to the companies become a key to effective management. A diverse team in your company may become the reflection of the rapidly changing marketplace and the world.
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