Finding the right people with the right skills to complement your existing team structure and grow your business is an ongoing challenge for many business owners. Diversity has been shown to be a key factor in long term success. But given the talent gap, a diverse and highly skilled team is even more of a challenge to build. As a result, many companies are actively looking to hire technical candidates from a broader spectrum of backgrounds and experiences. Having a broad range of experiences and worldviews on your team will help you better connect with your customers or clients, and achieve real results. Diversity in the workforce has quickly become a priority for many industries over the past few years, but here are two considerations to keep in mind when mapping out your growth plan for 2019.
Gender Diverse Teams Are Radically More Innovative Over A Two-Year Period
In a study published in Innovation: Management, Policy & Practice, the authors analyzed levels of gender diversity in research and development teams from 4,277 companies in Spain. Using statistical models, they found that companies with more women were more likely to introduce radical new innovations into the market over a two-year period. More innovation means more progress, particularly in a disruptive technology market. Consider your investment in diversity an investment in the development and sustainability of your business. The numbers are there to back up that decision.
Diverse Team Members Bring In More Diverse Team Members
The story goes that Stacy Brown-Philpot, the current CEO of TaskRabbit, spoke about the problem of not recruiting early for diversity at Google. When she joined Google they had about 1,000 employees. “It took me two and a half years to look around and realize there weren’t a lot of people like me. So [my colleague] David Drummond and I…put together a group. It was really late. I think that’s part of the challenge [at Google].” Brown-Philpot’s story is backed up by a study that shows the cumulative effects of having the same people interact with each other over time. By investing in a few diverse hires, they will actively help you identify and recruit additional hires that come from a broader set of backgrounds and experiences.
But keep in mind that diversity alone may not be enough to build a truly dynamic team. You need a breadth of experiences, skills, and backgrounds to create the well-rounded group of minds that will help your business get ahead. It also all depends on how those people talk and work with each other. Collaboration, when supported by highly diverse employees who work well together can really help kick your company into the next gear.
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