Diversity is an essential tool for a culture of innovation but I am often asked if it really is worth the effort. Here are a few of the reasons why.
The short answer is a resounding YES! But why?
Our perceptions of diversity in business have changed a great deal over the last 10 years and there is an acceptance that diversity is great for business. It is also absolutely tied to innovation. However, I am still regularly asked is it really worth the effort?
Wherever you live in the UK there is no denying the fact that we live in an increasingly diverse society. For businesses to thrive they need to be open to new ideas, new ways of working reflecting the societies they exist alongside. In fact, research has shown that for every 1% increase in gender diversity, company revenue increases by 3% and for higher levels of diversity the impact can be as much as 15%.
New ideas driving innovation
In a diverse business culture new ideas are heard. Ideas that might otherwise not be considered as “the way we do things” or dismissed due to not understanding other cultures. It is this culture of sharing ideas that drives innovation and that in turn powers business success through better productivity, better understanding and better contribution.
Diversity driving an Agile culture
Diversity drives an openness to approaching things differently, new ways of working are considered where they might otherwise be dismissed. The benefits to the bottom line of an Agile team that is open to working differently are not disputed. Agile teams can step change a business and really make a competitive difference and diversity is a crucial part of this.
Diversity driving an understanding of local markets
Tapping into local culture
An understanding of local markets allows products to be developed that are suitable for local needs. Innovative product developments that fill gaps in the market and create previously untapped revenue streams.
Diversity is an essential tool for innovation and success
All this means that diversity as a tool to drive a culture of innovation is invaluable to the agility, evolution and ultimate success of business in our current market making businesses more profitable than they would be otherwise.