Diversity matters because we increasingly live in a deeply interconnected, global world. New (Feb 2015), extensive statistical business research by McKinsey & Co makes it clear that companies with a more diverse workforce perform better financially than those without. Companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. This adds support to the research carried out by Prof Scott E Page, which claims that ‘diversity trumps ability’ under certain reasonable conditions – which are themselves fostered through Inclusive Leadership. As the bar for competitive differentiation continues to rise, leaders able to manage, and bring out the benefits of, diversity are key to business success.
Source: McKinsey & Co 2015 Why Diversity Matters