Within groups, decision making and performance improves as diversity increases. Diverse groups are comprised of people with different backgrounds national origin, age, race and ethnicity, religious belief, gender, political affiliation, marital status and socioeconomic status, educational background, training, sector experience, organizational tenure, even personality (e.g. introverts and extroverts).
An analysis of hundreds of business decisions indicated that groups outperform individual decision makers 66% of the time. Better decision making leads to better performance. A survey by Bain & Company found a 95% correlation between high-quality decision making and strong financial performance .
Research by McKinsey shows that more diverse companies have higher than average financial returns, while less diverse companies are statistically less likely to achieve above-average returns.
It’s not just in business that diversity shows better results, in academia , the evidence is similarly strong. Research is of higher quality and academic papers have a higher impact when done by a diverse research group.