Nowadays, a diverse team is a top priority for most big companies. It shows a commitment to inclusion and social responsibility. And it means that the company will reflect society at large—as well as its customer base. But beyond these clear advantages, there’s another hidden benefit to diversity as well: it makes your company more innovative. In fact, research has shown that firms in the top quartile for gender diversity are 21% more likely to have above-average profitability than bottom-quartile firms. Furthermore, companies in the top quartile for ethnic diversity are 33% more likely to enjoy above-average profits than counterparts in the lowest quartile. In today’s fast-paced business world, only the most nimble, adaptable companies survive. And the greatest rewards go to the companies that know how to create and innovate. So how can diversity make your company more innovative and more competitive? That’s what we’ll explore in this article—by taking a look at some of the most commonly talked about ways of diversifying a team (and a couple that rarely get mentioned).
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