Why does diversity matter? What is the point of creating a diverse organization?
A diverse organization benefits everyone. Having a diverse team enables better decision-making. Diversity also creates new opportunities and fosters creativity and innovation.
In fact, diversity has been proven to benefit both businesses and individuals. Diverse organizations are more successful and drive business growth. And in the wealth management industry, there are prime opportunities to serve those in underrepresented communities – ones that have historically been neglected. This article will touch on just a few reasons why diversity matters, and how having a diverse organization can supercharge your growth.
Enhanced decision-making
Diversity affects the decision-making of an organization and its members. With a workforce that represents a multitude of different cultures, religious groups and economic classes, your business can provide advice to a more diverse group of people. Companies with strong diversity, equity and inclusion policies make better decisions almost 90% of the time and they do it twice as fast.
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Diversity results in broader thinking and leads to better decisions. Research shows that when someone from a minority group delivers their perspective on a topic, it is considered more heavily than if it was delivered by someone in the majority group.
Personal growth and group IQ
Fostering diversity enables positive intergroup attitudes and behavior. It instills open-mindedness in us and opens the door for more culturally comprehensive business practices.
According to Daniel Goleman, a psychologist, science journalist and author of Emotional Intelligence and Focus, building a diverse team of people will create a high group IQ. Goleman also states that “the more diverse the members of a team, the better its potential performance will be.” As a group of individuals becomes more diverse, each person in the group will be exposed to a new way of thinking, resulting in personal growth and a higher group IQ.
Preserving the future of our industry.
According to Zippia’s data science team, 69% of all wealth management professionals are men, and about 77% of all wealth management advisors are white. Despite recent attempts to diversify the industry, there’s still a lot of work to be done.
Because of a lack of diversity in the wealth management industry, it can be difficult for minority groups to receive financial advice. Especially with the impending wealth transfer, there is a huge opportunity for women, people of color, and the LGBTQ+ community to start a career in the wealth management industry and make a difference for others.
Diversity makes us all smarter
At the end of the day, diversity makes us smarter. It exposes us to new ideas and challenges our way of thinking. It allows us to conquer obstacles through personal growth and teamwork. Diversity in our organizations will not only benefit the business but the greater industry.
If you’re interested in attracting more diverse talent to your organization, check out this article for five tips. If you’re looking for a career in the financial services industry, please check out our careers page for job openings.
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