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One more time: why diversity leads to better team performance

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Recent trends show a pendulum shift in attitudes towards diversity and inclusion (DEI) in the workplace
While some companies have reduced their DEI investments due to politicized pressures and backlash, studies indicate that companies with strong commitments to diversity are significantly outperforming those without

🔭 The context: The surge in corporate DEI efforts began around 2020 but faced challenges due to political and social backlashes
Despite this, the McKinsey Diversity Matters report highlights that companies in the top quartile for ethnic and gender diversity show substantial financial outperformance compared to those in the bottom quartile

🌍 Why it matters for the planet: A diverse and inclusive workforce is not only a moral imperative but also a crucial factor for sustainable business practices
Diverse teams are more innovative, better at problem-solving, and can drive ethical and socially responsible business decisions, which are vital for addressing global challenges like climate change and inequality

⏭️ What's next: The debate on the value of diversity in the workplace continues, but data suggests an increasing financial and ethical cost for companies lacking diversity
Future trends may see more businesses embracing diversity not only as a moral obligation but as a strategic necessity for success and sustainability

💬 One quote: Jamaal Wesley, author of "Authentically Authentic: It’s a Journey, Not a Destination," on diversity in the workplace: “Imposter syndrome can be such a demotivating factor when you don’t feel like you belong in the workplace. This makes you reluctant to speak up, even when you have great ideas that could help the team as a whole"

📈 One stat: Companies in the top quartile for ethnic diversity are 36% more likely to financially outperform their less diverse peers

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