Diversity is more than a buzzword. Back in 2015, McKinsey & Company called it “a competitive differentiator that shifts market share toward more diverse companies over time.” McKinsey’s research also found that companies scoring the highest for racial, ethnic and gender diversity are more likely to have financial returns above national industry medians.
There are benefits to age diversity as well, including increased productivity and reduced employee turnover, both of which can affect a company’s bottom line. Even socioeconomic status, sexual orientation, mindset and cultural background are ranges of diversity that can arm any team, including a company board, with a competitive advantage.
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