Diverse Teams Produce More
Diversity is something most of us strive for, and data suggests it’s especially important for the success of businesses large and small – a recent study by the Boston Consulting Group found that diversity increases a company’s bottom line.[1]
The idea that diversity is something to strive for is nothing new; without biodiversity in nature, our planet would cease to exist. Every species, large and small, plays a role in the survival of our ecosystem. In the business world, diverse leadership teams contribute to innovation and healthier profits. The BCG study looked at 1,700 companies located in eight different countries and found that those with the most diverse management teams average revenue figures that are 19 percent higher than companies with below-average diversity, a factor attributed to increased innovation. This makes sense when you think about it: with a wide range of people looking at problems from different angles, they are bound to come up with a number of solutions. This group effort ultimately leads to a stronger final solution to a problem. New ideas are a sure way to blaze a trail through a crowded market and stand out from the competition, leading to financial growth and prosperity.
How, then, can you implement diversity into your practice?
Diversifying the Workplace
In order to achieve diversity in your office, it’s actually best to avoid looking at the big picture and instead focus on creating smaller teams of diverse individuals. The BCG study indicated the best results came from those teams with diverse national origins, industry backgrounds, gender balance and career paths. Age and education made less of an impact.
In order to promote diversity in your practice, you can focus on factors such as ensuring fair employment practices, including equal pay, encouraging different (even opposing) viewpoints, frequent and open communication, and adopting a culture of openness to new ideas. In many cases this requires doing away with outdated ideas and mixing things up a bit, especially at the organization’s top levels. But this is one type of change that should be embraced, as it will have a direct and positive impact on your long-term success.
[1] How Diverse Leadership Teams Boost Innovation. (2018). https://www.bcg.com. Retrieved 26 July 2018, from https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx