Around the world, women are underrepresented in leadership positions.
In fact, women hold less than 5% of CEO positions in Fortune 500 companies and only account for 22% of boardroom members.
Cultivating diversity in management doesn’t stop at gender demographics, but also means equality for people of different ethnic and economic backgrounds. Effectively implementing a diverse workforce can open up a world of opportunity.
In this post, we’ll tell you what diverse leadership can do for your business.
Why Diverse Leadership is So Important
When you put up barriers to diversity in your company, you stifle your progress. Here’s how opening doors to everyone can help you grow.
Spark Innovation
When you have a more diverse team, you have access to a wider range of experiences and perspectives.
This is perfect for problem solving. Bring new people from different backgrounds into the boardroom, and they’ll start to generate ideas and conversations from fresh perspectives that you’ve never heard before.
This means you can look at problems from entirely new angles and generate stronger, more well-rounded solutions.
Inspire Future Leaders
When entry-level employees see diversity in their management and upper management teams, it gives them inspiration and drive.
It lets them know that there are opportunities for everyone to progress in your company, showing them a clear pathway to promotion. That’s invaluable for someone who’s looking to climb the corporate ladder.
Those leaders can also provide mentorship to encourage and empower their teams.
Build Your Network
Diversity also comes with more opportunities for networking and communication in business.
Bring people from different backgrounds into your company, and they’ll make connections with people you’d never otherwise have access to.
Attract and Retain a Diverse Staff
Creating diversity doesn’t just mean hiring a select few staff members.
If those employees feel alone and underrepresented in your company, they may feel that they don’t have a place there. Putting in the effort into consciously build a diverse team allows you to attract and a wider range of employees and continue to foster a diverse environment in the future.
Improve Performance
Diverse teams perform more effectively and yield higher profits. In fact, companies with diverse management staff generate up to 19% more revenue every year.
Simply put, a more diverse team means more money for your business. It’s a win-win for everyone involved.
Make it Happen for Your Business
The value of diversity in business is more than just financial. It can also extend your reach and improve your brand reputation.
At Fearless in Fintech, we’re dedicated to normalizing diverse leadership in financial services technology.
At our events, we invite Fintech leaders from a range of backgrounds to talk about the importance of inclusion and how to make it happen. As well as getting inspired, you’ll also come away with strategies to implement in your own business.
To find out more about Fearless in Fintech events at fearlessinfintech.com.