07 Sep Meet Your Workplace Diversity Goals with The Marketing Posse
Raise a glass to the sky and cheers with us! The Marketing Posse is officially recognized as a WBENC certified women owned business. Diversity is something we celebrate every day – and we’re excited to tell you why.
What is Workplace Diversity? How do Diverse Teams Impact the Bottom Line?
The word “diversity” means a lot of different things to different people. Some may think of it in terms of gender or ethnicity and culture, while others define it as race, religion, and sexual orientation. No matter how you define it, every piece is part of the finished puzzle!
So, how do we think about diversity? We’re glad you asked. Our Founder, Danielle Vona, knows it’s valuable to recruit and develop teams of marketers with diverse backgrounds and talents. The result is a team built on the foundation of collective perspectives and expertise, which leads to conquering any and all of our partners’ marketing challenges (in true Posse style!).
Financial Benefits of Workplace Diversity and Diverse Teams
Workplace diversity is beneficial across the board, including in leadership teams. There’s a strong correlation between eclectic leadership teams and companies’ financial success, and this claim is backed by many university and consulting firm studies.
According to McKinsey & Company and Credit Suisse Research Institute, companies with diverse teams (gender and ethnicity were accounted for in this case) experienced higher return on equity, operating profit, and stock prices. Companies lacking diverse teams (of leaders) were much more likely to achieve lower than average returns. [i],[ii]
If you take a second to look at the “big picture” business benefits of diversity, it makes natural sense that diversity impacts profit. Diversity leads to better understanding of markets and target audiences, better decisions, innovation, and growth. It’s the elixir for success!
Workplace Diversity Leads to Well-Rounded Decision Making
Wake Forest University proved that diversity in terms of gender, race, age experience, tenure and expertise gives companies a better understanding of markets and trends, which prevents them from taking unnecessary risks. In this scenario, the diverse teams were corporate boards. Companies with homogenous boards were more likely to develop blind spots, because they lacked diverse perspective. Blind spots led to excessive risk-taking.[iii]
Risk-taking aside, diverse teams lead to a more thoughtful decision-making process. The best decisions are the product of many minds trying to solve the same problem. Wouldn’t you agree? Diverse groups also catch potential threats, opportunities, and perspectives that homogenous groups overlook.
Workplace Diversity Leads to Innovation and Business Growth.
Good decision making and information processing will keep a company afloat today…but what helps a company stay relevant in the future? Innovation and growth! Forbes shows that workplace diversity drives those too.[iv] After all, it’s tough to innovate under the guidance of one perspective, and without innovation growth is nearly impossible.
How The Marketing Posse’s Diverse Teams can Help You
The Marketing Posse is your go-to for outsourced marketing needs. We take on your challenges as our own with flexible strategic marketing, innovation, brand management and talent solutions. Whether your company is large or small, we drive results that drive you.
Our team members excel from the creative to the analytical ends of the marketing spectrum, and everywhere in between. We are a team of thinkers, doers, artsy minds, scientific minds, number lovers, word lovers, innovators, and relationship builders. We use these skills to fill gaps on your team (permanently or temporarily), and help you meet your business and marketing objectives. Let us know how, when, and where – The Marketing Posse has your back!
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Diversity Studies
[i] McKinsey (http://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters)
[ii] Credit Suisse – (https://-www.credit-suisse.com/us/en/news-and-expertise/research/credit-suisse-research-institute/news-and-videos.article.html/article/pwp/news-and-expertise/2014/09/en/womens-impact-on-corporate-performance-letting-the-data-speak.html)
[iii] Wake Forest University – (http://business.wfu.edu/newsroom/study-finds-diverse-corporate-bords-rein-risk-good-shareholders/)
[iv] Forbes – (http://www.forbes.com/sites/ekaterinawalter/2014/01/14/reaping-the-benefits-of-diversity-for-modern-business-innovation/#67d9e9776476)
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