Why Diverse Teams Are Smarter
Workplace diversity boosts financial success. McKinsey's 2015 report shows top quartile diversity in management correlates with higher returns. Embracing diversity enhances business outcomes, improving performance and competitiveness significantly.
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Increasing workplace diversity is not just a slogan but a smart business move. A 2015 McKinsey report revealed that companies with top quartile ethnic and racial diversity in management were 35% more likely to have financial returns above industry averages. Similarly, those with gender diversity in the top quartile were 15% more likely to surpass industry mean returns. This data underscores the benefits of diverse teams in achieving financial success. The research by David Rock and Heidi Grant emphasizes the positive impact of diversity on business outcomes, highlighting how diverse teams excel in various aspects. The findings suggest that embracing diversity and inclusion can lead to improved performance and competitiveness in the business world.
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2 comments> the top quartile for ethnic and racial diversity in management were 35% more likely to have financial returns above their industry mean
Correlation != causation.
Nor to mention that any causation could be the reverse. Finacial success leaves on freer to adopt diversity.
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