Diverse Thought: Making Decisions

Goals

To have data, statistics and research surrounding and demonstrating the value of diverse thought when making decisions or doing planning at work. An ideal response would consist of 2-4 studies or research papers that have clear data on the value of diverse thought.

Early Findings

  • A study conducted by the Boston Consulting Group found that companies with more diverse management teams have 19% higher revenues due to innovation. If innovation is the key to growth, then this finding is an important one for tech companies, start-ups and industries where that very thing is the key to growth. It shows that diversity is not just a metric to strive for; it is actually an integral part of a successful revenue-generating business.
  • People with different backgrounds and experiences often see the same problem in different ways and come up with different solutions, increasing the odds that one of those solutions will be a hit. In a fast-changing business environment, such responsiveness leaves companies better positioned to adapt.
  • According to the 2018 Hays Asia Diversity and Inclusion report, improved company culture, leadership and greater innovation were the top three benefits of diversity identified by respondents. A download is required, but it is free.
  • The 2018 Deloitte Millennial Survey shows that 74% of Millennials believe their organization is more innovative when it has a culture of inclusion. If businesses are looking to hire and sustain a millennial workforce, diversity must be a key part of the company culture.
  • Despite an abundance of research confirming that companies with more women in the C-Suite are more profitable, there is still a gender gap in the vast majority of companies.
  • A survey conducted by Pew Research Centre lists several areas where women are stronger in key areas of both politics and business. Survey respondents noted that women are: 34% better at working out compromises, 34% more likely to be honest and ethical, 25% more likely to stand up for their beliefs, 30% more likely to provide fair pay and benefits, and 25% better at mentoring.
  • McKinsey’s most recent Delivering Through Diversity report found corporations that embrace gender diversity on their executive teams were more competitive and 21% more likely to experience above-average profitability. They also had a 27% likelihood of outperforming their peers on longer-term value creation. Different perspectives on customer needs, product improvements and company well-being fuel a better business.
  • Research shows that there is a direct correlation between high-skilled immigration and an increase in the level of innovation and economic performance in cities and regions.
  • According to Laura Sherbin, Managing Director at Culture@Work, Diversity and inclusion must go hand-in-hand to drive results, and Cloverpop's research bolsters the case that employers who build diverse and inclusive teams see the best outcomes." The following 3 bullet points directly reference this free downloadable study.
  • Inclusive teams make better business decisions up to 87% of the time.
  • Teams that follow an inclusive process make decisions 2X faster with 1/2 the meetings.
  • Decisions made and executed by diverse teams delivered 60% better results.

Summary Of Our Early Findings Relevant To The Goals

  • Our first hour of research uncovered 11 different studies that contain diverse statistics all pointing to the value of diverse thought when making decisions or doing planning at work. We took a global look at this, and suggest that any further research stick to that focus.
  • Please select one or more of the options provided in the proposed scoping section below.

Proposed next steps:

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