Diverse boards are busting ‘group-thinking’ and delivering growth by embracing new ideas and approaches, research reveals.
Diversity and inclusion has shot up retail agendas and gone from a ‘nice-to-have’ to business-critical at a time when globalisation, increased travel and changing social demographics are transforming workplace attitudes, and when digital transformation requires new innovative ideas.
But can diverse teams and inclusive organisations be linked to a tangible increase in revenue or profits?
The True Value of Diversity, a new report produced by Retail Week in partnership with Google, seeks to answer this question.
“Companies in the top quartile for gender diversity on executive teams are 21% more likely to outperform on profitability”
A 2018 study by McKinsey & Company, Delivering Through Diversity, found that companies in the top quartile for gender diversity on executive teams are 21% more likely to outperform on profitability, and 27% more likely to have superior value creation.
Numerous other studies published in recent years suggest that homogenous workforces with boards of directors made up of people from the same background are likely to fall into the business trap of ‘group-thinking’.
By contrast, the same studies indicate that groups exposed to people from different backgrounds, cultures, genders and ages think differently because their brains are forced to process complicated material normally alien to them.
To find out how diversity and inclusion can improve your business performance, download The True Value of Diversity today, and discover:
- What D&I will really do for your bottom line
- Which retailers are leading the way and what the results have been
- The best way to structure your D&I programme.
Driving diversity and inclusion in business is a key focus of the Be Inspired conference 2019.
With speakers from Google, Jack Wills, Sainsbury’s Argos, Feelunique and more, the event will bring together men and women from the world of retail to tackle the big issues impacting women in the workplace.
Secure your spot today and continue the conversation around the true value of diversity.