Diverse teams are smarter than homogeneous teams. Whether a group is similar in race, gender, or education, including someone who is diverse drives the group to make smarter decisions. If you’re a loyal reader of Global Diversity News, then you are familiar with the statistics. "A 2015 McKinsey report on 366 public companies found that those in the top quartile for ethnic and racial diversity in management were 35% more likely to have financial returns above their industry mean, and those in the top quartile for gender diversity were 15% more likely to have returns above the industry mean.“
According the Harvard Business Review, there are three key reasons as to why diverse groups make smarter decisions:
- Diverse groups focus more on facts
- Facts are then processed more carefully
If you want examples presented for these arguments, click on the link below.
The takeaway is that diverse groups challenge views more rigorously than groups where everyone is the same. Challenges are only accepted when facts are involved, which creates for a more productive outcome. In addition, groups with diverse members are more likely to take risk. "In a study published in Innovation: Management, Policy & Practice, the authors analyzed levels of gender diversity in research and development teams from 4,277 companies in Spain. Using statistical models, they found that companies with more women were more likely to introduce radical new innovations into the market over a two-year period.”
Diversity matters and often creates a better environment for successful. It’s not just that diverse groups are smarter, they are willing to ask more, and better questions due to their life experiences. If you want to increase productivity with employees, make sure you’re hiring and including a diversity in thought.