Operating in Asia - Issues

PUBLISHED MAY 27, 2013

DIVERSITY: A COMPETITIVE EDGE

The business case for diversity

KAREN Blal, the managing director of training and consulting firm Trompenaars Hampden-Turner Asia, provides examples of how diversity can improve business performance.

• Diverse perspectives lead to innovation. Companies that drive innovation by leveraging employee ideas and knowledge meet product revenue targets 46 per cent more often and product launch dates 47 per cent more often than industry peers.
• Diverse work teams properly managed and trained produced results that were six-times higher than homogenous teams.
• Companies with high employee engagement had a 19 per cent increase in operating income and almost 28 per cent growth in earnings per share.
• It has been found that "more than half of all international joint ventures fail within two or three years, due to a lack of cultural competency versus technical or professional expertise".
• Greater diversity leads to financial growth. When individuals are valued and empowered to be their best selves, tangible results can be seen in the bottom line. In a study of 506 US-based businesses, each one per cent increase in the rate of gender diversity resulted in an approximately 3 per cent increase in sales revenues, up to the rate represented in the relevant population.
• Top-listed European companies with gender diversity in management achieved higher than average stock performance - 64 per cent versus 47 per cent.

http://www.businesstimes.com.sg/premium/focus/business-case-diversity-20130527

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