When it comes to the workplace, more diversity means more money.
• While the workplace is slowly diversifying, some industries have been slow to change.
• A growing body of research is uncovering that workplaces with greater diversity actual perform better. One of the clearest examples of this effect is in venture capitalism, where nearly all venture capitalists are white, male, Harvard graduates.
• When VC firms hire more women, their effectiveness and profitability explodes.
One of the big questions that any society needs to answer is how open and diverse they wish to be. Whether you're talking about immigration, college admissions, or workplace diversity, our culture helps inform how many "others" we're willing to let in.
There's a variety of perspectives on this issue, but the data is clear in at least one aspect: When it comes to business, more diversity is objectively better. Research has shown that companies with greater gender, racial, and ethnic diversity earn more.
One recent study, publishing during the summer, demonstrates this effect particularly well. Economist Paul Gompers and research associate Silpa Kovvali examined the success of venture capital (VC) firms and the proportion of women those firms employed, adding to the growing consensus among experts that having different faces in the workplace is good for business.
www.bigthink.com
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