There is actually a business case for diversity. Beyond the impression that diversity in a team or a business creates value by making various points of view available and opening more markets, the results are demonstrated. In the post ‘The Business Case For Diversity In The Workplace‘, a number of studies are quoted.
“In one study, sociologist Cedric Herring found that companies with the highest levels of racial diversity had, on average, 15 times more sales revenue than those with the lowest levels of racial diversity.
Herring found that for every percentage increase in the rate of racial or gender diversity, there was an increase in sales revenues of approximately 9 and 3 percent, respectively.
A study at the Kellogg School of Management found that diverse teams outperform homogeneous ones because the presence of group members unlike yourself causes you to think differently.
In a Catalyst report called The Bottom Line: Corporate Performance and Women’s Representation on Boards, researchers found that Fortune 500 companies with the highest representation of women board directors performed better financially than those with the lowest representation of women on their board of directors.
And [..] McKinsey found that diverse companies perform at least 35% better than their homogeneous counterparts.”
The case seems to be made… even recruiting a diverse team requires us to have the discipline to overcome our natural preferences!
Hat tip to Tim Berry’s blog for the reference.
