In an industry sector primarily made up of small businesses facing tight profit margins, it is critical that companies streamline inefficiencies and constantly look for ways to be doing things better. Of course, sometimes that means you have to look at the numbers to see where you can shave costs and boost revenue. Sometimes you evaluate individual employee performance and make adjustments. But increasingly, it means you should be taking a look at the makeup and composition of your team.
Research shows that emphasizing workplace diversity can have significant impacts on your business. According to Business Insider, problem solving is considerably more effective in diverse teams. For instance, there is a positive correlation between women holding corporate leadership positions and company performance. But despite the positive results that diverse teams can generate, only one percent of Fortune 500 CEOs are black and only four percent are women.
You may not be a Fortune 500 company, but there are still steps you can take that bring more diversity to your team to ensure that your decision-making processes are regularly injected with fresh ideas that can improve your bottom line.
Diversity of ideas and experiences is a key component of what makes teams effective. By taking the time to think critically about how you compose and manage your teams, you can ensure your business is successful for years to come.