How diverse is your organisation? Diversity refers to the Quality of being different. Well, when talking of diversity, what comes to mind is gender and ethnic affiliations. However there are so many other forms of being diverse in an organization such as diversity by:
Statistics from a research done by McKinsey reveals that: Gender-diverse companies are 15% more likely to perform better than those that are not. Ethnically-diverse companies are 35% more likely to perform better than those that are not. E .g in UK for every 10% increase in racial and ethnic diversity, the EBIT rose by 3.5%. A statistically significant relationship between companies with women and minorities at the top management and better financial performance has been established based on the Earnings before Interest and Tax (EBIT). So, you might ask, why is it that diversity is so important?
Challenges encountered in achieving diversity:
In conclusion, most companies today are operating within a diverse globalized market. Hence the need for companies to ensure they have a comparative edge through diversity. Despite the challenges associated with trying to achieve diversity, in the long run, your company is sure to achieve a greater level of innovation , market share, broader service range, more effective execution and an overall high financial performance.