Creative solutions, improved decision-making, stronger performance and better problem-solving skills - these are effects of diversity in the company. Put an end to white male homogeneity on the management floors!
Once you take a closer look at the impact, diverse teams bring a number of benefits. We're talking about greater innovation, better decision-making, a more inclusive workplace culture and, as a result, a decisive competitive advantage for companies. Those who still rely solely on old white men in management and leadership positions will not remain competitive for long, for better or worse. And before the big outcry comes: Of course, old white men are also part of diversity - just not them alone!
In order to mature into a high-performer team, the storming phase must be overcome. According to Tuckmann's phase model, this is the phase in which conflicts arise and, at best, are resolved. Since conflicts arise more quickly in a diverse team due to different points of view, the storming phase is often reached earlier than in homogeneous teams and can also be somewhat more stormy. However, as soon as the conflicts have been successfully resolved, the performing phase starts all the stronger. In this phase, the team performs at its best. Diversity leads to the (faster) emergence of high-performing teams.
Diverse teams are more likely to lead to higher financial success. This is shown, among other things, in the 2017 study "Is Diversity still a good thing" by C. Herring, which found that diversity of origin and gender is positively related to business results. Diversity thus has a positive influence on sales revenues, the number of customers and the relative profits of companies.
Another study also found improved financial performance and better valuation through diversity. The study examined 34,543 company years with 5,057 companies and also found a positive correlation between gender diversity and the financial performance of companies (Singal, 2014).
If that is not enough: McKinsey surveyed in 2020 that ethnically diverse teams are 36% more likely to perform better financially than their competitors. (McKinsey&Company: Diversity Wins - How Inclusion Matters, 2020)