A Study Finds That Diverse Companies Produce 19% More Revenue

Diversity is something we all come in contact with in our daily lives. It is from this diversity that our whole world is shaped and created. This diversity is what makes our world a beautiful place. 

But what if we look at diversity from a workplace perspective - how does diversity help companies achieve their goals? A recent study by the Boston Consulting Group (BCG) has found that diversity increases the bottom line for companies. 

The study found that "increasing the diversity of leadership teams leads to more and better innovation and improved financial performance." It looked at 1700 different companies across 8 different countries, with varying industries and company sizes. They have found that increasing diversity has a direct effect on the bottom line. 

Companies that have more diverse management teams have 19% higher revenue due to innovation. This finding is huge for tech companies, start-ups, and industries where innovation is the key to growth. It shows that diversity is not just a metric to be strived for, it is actually an integral part of a successful revenue generating business. Of course, this makes sense because diversity means diversity of minds, ideas, and approaches -- which allows teams to find a solution that takes into account multiple angles the problem, thus making the solution stronger, well rounded and optimized. Therefore, diversity is key for a company's bottom line. 

The study found that instead of focusing on a specific area of diversity, focusing on creating teams that have multiple areas of diversity has more value. So how can companies structure diverse teams? Although there is no one answer, the researchers indicate that the initiatives that come from the CEO's vision coupled with policies such as equal pay, a culture of openness and inclusion help companies create a diverse and well-rounded environment.