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Skeptical that diverse teams perform better? Need to convince someone you know?
Here's a handy threadful of evidence (that you didn't ask for but hopefully find somewhat useful)
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Here's a handy threadful of evidence (that you didn't ask for but hopefully find somewhat useful)
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In 2001, Nisbett & Masuda showed that people from different cultures are able to recall different elements of the same images, and have different blind spots in the information they recall.
Multi-cultural teams have fewer blind spots.
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Multi-cultural teams have fewer blind spots.
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In 2004, Hong & Page published a study that showed that diverse groups can outperform high-ability groups
https://odeo.hq.nasa.gov/documents/DiverseProblemSolvers_TAGGED.pdf
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https://odeo.hq.nasa.gov/documents/DiverseProblemSolvers_TAGGED.pdf
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In 2006, Sommers published a study showing that diverse juries performed better than white juries
https://www.apa.org/pubs/journals/releases/psp-904597.pdf
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https://www.apa.org/pubs/journals/releases/psp-904597.pdf
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In 2008, Phillips, Liljenquist & Neale published their study showing that diverse teams feel less effective but actually perform better
https://journals.sagepub.com/doi/abs/10.1177/0146167208328062
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https://journals.sagepub.com/doi/abs/10.1177/0146167208328062
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In 2012, Credit Suisse studied 2,400 companies and found that those with at least one woman on their board yielded higher returns and higher net income growth
https://www.credit-suisse.com/about-us-news/en/articles/media-releases/42035-201207.html
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https://www.credit-suisse.com/about-us-news/en/articles/media-releases/42035-201207.html
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A 2014 study from Spain showed that diverse R&D teams are more innovative
https://www.tandfonline.com/doi/abs/10.5172/impp.2013.15.2.149
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https://www.tandfonline.com/doi/abs/10.5172/impp.2013.15.2.149
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Another 2014 study, this time from Levine et al, found that diverse teams priced stocks more accurately so were less susceptible to creating bubbles
https://www.pnas.org/content/111/52/18524.abstract
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https://www.pnas.org/content/111/52/18524.abstract
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In 2015, McKinsey published a report of 366 public companies showing that the top quartile for ethnic diversity were 35% more likely to outperform their industry mean, and generated returns that were 53% higher than the bottom diversity quartile.
http://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters
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http://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters
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Not all studies found a diversity dividend however, eg. the Shehata study into UK SMEs paints a more negative picture of board diversity & performance so we should expect nuance, but studies are starting to unpick the mechanisms through which diversity can affect performance
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...for example Sujin Jang's 2017 study which exposed some out more nuanced mechanisms through which different forms of cultural difference can interact
https://pubsonline.informs.org/doi/full/10.1287/orsc.2017.1162
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https://pubsonline.informs.org/doi/full/10.1287/orsc.2017.1162
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And finally, another corporate study BCG in 2018 showed that diverse companies reported more revenue coming from innovation
https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx
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https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx
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That's all for now. I've no doubt missed a load but it's Negroni o'clock and time to sign off.
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