With the emerging global wealth paradigm shift, businesses must become more diverse and globally focused to compete. The potential consumer base is rapidly evolving, as is the population of the global workforce. Studies show that diversity in management adds value not only because of their professional skills but because of their insightful outlook from relatable life experiences.
Diversity is Good for Business
Brings synergistic culture of team building that leads to greater loyalty and productivity
Different skill sets and perspectives enhance global strategy and management effectiveness
Skilled professionals with diverse life experience help overcome organizational messaging silos
Consumers, businesses, and government entities are looking to do business with companies with diversity in service providers, vendors and executives
Many times perception is reality, particularly in this social media age, building a reputation for valuing diversity is good for public relations
Intentionally providing opportunities for women and minorities not only saves money and reputational value in discrimination claims but encourages an ambitious organizational culture
Diversity correlates to financial results
Ethnic diversity in Boards of Directors
There is a statiscally significant correlation to companies with diverse executive teams as well as boards of directors. Companies with the most ethnically diverse boards are 43% more likely to outperform their peers. There is also a strong correlation to value creation at both the executive teams and the board level. [McKinsey, "Delivering through Diversity", 2018]
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