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Is diversity critical to a business' financial success?

Research proves that diversity (gender, ethnic and social) can improve work place culture and productivity. Some argue that workplace diversity can increase growth or revenues, by increasing the comfort of workers and ensuring different views are represented. But does diversity really have that much of a baring on a business' success?

Diversity is critical to workplace success

Diversity allows companies to tap into different opinions and work styles that could help it navigate different geographies, market segments, as well as tap into new talent pools

Diversity in leadership leads to greater profits

Studies repeatedly indicate a more diverse senior management team directly correlates to higher profits.

Customers prefer to buy from people who represent them

Sales and customer volume is directly linked to diversity.

Diverse workforces drive profits through innovation

Diverse workforces are more innovative, and innovate companies are also more profitable. Therefore, diversity is critical to the financial growth, and success, of a business.

Diversity is not an important aspect of a company's financial success

Other aspects, like having a strong founder and qualified leadership, have a far greater impact on a company's bottom line

Diversity in the workplace is no silver bullet

Changing the upper-echelons of management can change a company's profitability overnight. Hiring a more diverse workforce can't.

Diversity is meaningless without inclusion

Diversity doesn't work without inclusion. Diversity isn't critical, inclusion is.

Diversity has no bearing on a company's financial success

Many companies have thrived with a homogenous workforce, indicating diversity is not critical to a company's profitability.

Diversity's impact varies

Increasing diversity doesn't always bring harmony. Sometimes it brings tensions.

Many companies thrive with a homogeneous workforce

There are many examples of highly successful companies with homogenous workforces. Furthermore, members of a homogeneous team will have an easier time comprehending each other's verbal and nonverbal communications, and will have more shared experiences in common.

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This page was last edited on Sunday, 13 Sep 2020 at 19:01 UTC