From the course: Navigating the Demographic, Economic, and Geopolitical Landscape as a Leader
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Team diversity and higher performance
From the course: Navigating the Demographic, Economic, and Geopolitical Landscape as a Leader
Team diversity and higher performance
- Teams are everything. No manager, no matter how good, how accomplished, can get anything done without a great team, and without great teams throughout the organization. There is substantial research indicating that diverse teams obtain higher levels of productivity and creativity. The late Katherine Phillips, a professor at Columbia, once said to "Forbes Magazine" that, "Diversity jolts us into cognitive action in ways that homogeneity simply does not." She explains the effect of diversity is actually very large. Companies with above average diversity produced a greater proportion of revenue from innovation, 45% of the total, than companies with below average diversity, only 26%. "This 19% innovation-related advantage translated into overall better financial performance." Another study found that companies with diverse teams throughout the organization achieved earnings before interest and taxes in the order of 10% greater. By diversity, I mean having people with different…
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