Last updated 6 days ago
Industry News

Why And How To Improve Diversity In The Workplace

The diversity of a team is more than just the diversity of its members. It also includes diversity in leadership, diversity of work styles and diversity of backgrounds. I have lived and worked in Asia, Europe and the United States. This has given me a unique understanding of how diversity can affect business performance. I have found that diversity on a team can make it stronger and help eliminate organizational biases between different types of people or backgrounds.

In 2003, Norway passed a law requiring publicly traded and public limited companies to make sure at least 40% of company board members are women. Many now see Norway as an international leader in creating equal opportunity for both genders.

Why Team Diversity Is Important

Team diversity can be an instrumental factor in a company’s success. Research from McKinsey shows that, in 2019, companies in the top quartile for ethnic and cultural representation on executive teams outperformed those in the fourth quartile by 36% in profitability. In other words, diversity can translate into diversity not only of background but also of ideas that can lead to business results for the team and its customers.

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