In the U.S. workforce, just five percent of Fortune 500 CEOs are women, and only six companies in the 500 have three top female executives, which should ring a bell in the companies for not representing the better half of the society well in their companies. But, research proves that companies which are non-homogenous tend to outsmart the homogenous groups and teams. According to a McKinsey survey, companies which are non-homogenous and representative by women in senior positions are 21 percent likely to experience above-average profitability and 27 percent more likely to create long term value, in contrast to non-gender-diverse teams.
A global analysis conducted by Credit Suisse of 2,400 companies reveals that organizations that were represented by at least one female board member yielded a higher return on equity and higher net growth than those that did not have any women on the board.
In recent years, research from industry and academia has revealed benefits of workplace diversity: non-homogeneous teams are just smarter. Working with people who are different from you may challenge a person’s brain to overcome a person’s old ways of thinking and sharpen its performance. Here’s why companies with diverse teams tend to be smarter. First, gender different companies raise more facts related case than homogeneous panels. Second, if an error occurs, several boards are more likely to be corrected. Third, a gender diverse workforce is more likely to reexamine facts and remain objective continually. Fourth, by breaking workplace homogeneity, employees are aware of their potential biases safe ways of thinking that can otherwise blind them to crucial information and even lead employees to make errors in the decision-making process.
Enriching employee pool with representatives of different genders, races, and nationalities are the key for companies boosting joint intellectual potential. Creating a more diverse workplace will help to keep the team members in check and make them question their assumptions. At the same time, organizations need to make sure that they have inclusive practices. All these initiatives can make teams smarter and ultimately make organizations more successful, whatever be the company goals.