When companies begin to stagnate it is often because they have failed to embrace diversity. A lack of diversity in their workplace results in a dearth of fresh ideas and an inability to tackle problems innovatively. It is vital to encourage diversity of all kinds. Academic research has proven that it pays off. Your staff should embody diversity; this includes taking into account race, religion, gender, sexual orientation and disability. A study by the Harvard Business Review suggests businesses benefit from diversity
, especially in terms of creative problem-solving. Another research project by Morgan-Stanley determined that gender diversity in the boardroom may result in higher stock prices.
The bottom line is, the more varied the talent working in your firm, the more diverse the opinions and ideas backing your business. This in turn will lead to a more savvy, innovative and agile company. Here is how to ensure you embrace diversity and benefit from the competitive edge it will give your firm.