3 Reasons Your Culture Craves Diversity
We know that diversity in your c-suite kicks it up a notch, and we’ve discussed how you can actively take steps to create a more inclusive environment to achieve diversity. So I’ll cut to the chase and answer the next question: What can diversity do for you?
We See You, and We Hear You
The importance of diversity cannot be overstated when it comes to reaching markets in foreign countries. To reach and serve a community, a leader must be able to communicate with that community and understand its needs. Understanding and communication build trust, and trust is the bedrock of relationships.
This kind of understanding can be an obstacle for companies that want to expand beyond their shores and grow. By hiring a diverse team to lead and provide vision, an organization can compete and thrive in global markets.
Talent from Left, Right, and Center Field
Nor can the importance be overstated when it comes to attracting elite talent. The traditional, centralized, workplace is vanishing. It’s as common to have a video meeting with someone on the other side of the globe as it is to have a phone chat with a coworker in the next office. When your next c-suite candidate could come from anywhere in the world, leadership diversity gives your company the ability to welcome, attract, and inspire the right candidate - wherever they may be!
Diversity Drives Financial Performance
A new paper from Tilburg University provides evidence that between 2002 and 2014, US management teams who were more diverse significantly outperformed less diverse peers in terms of risk-adjusted returns. The Tilburg researchers also found that diversity matters for stock returns. According to their findings, diverse management teams have significantly higher risk-adjusted returns than firms that are less diverse.
No Limits
People from every walk of life and every corner of the planet are now online. Being online, means being a potential customer, client, or employee. Being a leader means being prepared to harness that potential. The phrase The possibilities are endless is truer now than it has ever been. To capitalize on this widening of the field, leaders can achieve excellence by passionately pursuing diverse, and inclusive organizations. The only limit is your willingness to reach out.
Remember, you can thrive in the pursuit of your passion and excellence.
Tom Spry, Executive Recruiter & Coach
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