The business case for diversity has been made and validated in the United States for several years now. The data are clear and rounded, so it is worth remembering them.
McKinsey has been conducting research under the banner “ Diversity wins ” at different points in time: 2015, 2018 and most recently in 2020. Their latest report shows that the correlation between positive team diversity and better business results is not only robust, but getting stronger over time. Companies in the top quartile of executive team gender diversity are 25% more likely to achieve above-average results than companies in the lowest quartile and this has increased from 21% and 15% in previous measurements.
Therefore, the case for diversity becomes stronger as society and companies mature.
However, and this is another interesting fact, a polarity is emerging among companies in that while most are making little progress or are stagnating, a small number of companies have made great strides. These are companies that take a systemic and business-oriented approach to diversity.
This is an important paradox because although the business case for diversity is strong and pays good dividends to companies that know how to do it, progress in the aggregate is slow for most of them, both in the US and elsewhere.
The danger and the warning is not to fall into the gregariousness of the discourse or the complacency that we think we are making progress and only a few are doing so.
Diversity of teams means diversity of perspectives, which in an environment of complexity and rapid change becomes a requirement of adaptability for any company. One may not have that diversity, not realise it, and yet practice a diverse discourse.
In one of the best TED talks, writer Ngozi Adichie warned of the “danger of a single story”. This Nigerian woman, who spends her adult life in the United States, had to fight against many stereotypes and was aware of how she herself applied them when she went to places like Mexico. She warns that the problem with stereotypes is that they become the only story and that she has seen how the people she has met in life can be enriched by integrating other stories, which you can only discover from people who are different from you.
Now that we see that it is easy to stagnate, we must learn from companies that are financially outpacing others with systemic approaches to inclusion, ensuring representation of diverse talent, strengthening the leadership role or breaking down existing but invisible barriers with greater equity and transparency.
There are also many stories to be heard in inclusion and diversity initiatives.
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