Why is diversity so important in the financial sector?
Men and women view the world from a different perspective. Younger and older employees often have a different view of things. The same is true for those who grew up in a different culture. Put all those different perspectives together and you get not only better insights but also better decisions.
The importance of gender diversity
Although 51% of the employees within the banks are women, it is more difficult for them to advance to managerial positions: only 25% of such positions are held by women. In the executive boards, this number drops further to 1 in 5.
However, more women around the table ensures that better decisions are made. That is because they see the world in a different way from men. This difference in perspective leads to better insights. Homogeneous teams make good decisions 58% of the time. Add women and that same team will make better decisions 73% of the time.
The importance of diversity in general
Ok, more women in the team results in better decision-making. But is the same true for more diversity in age or culture? The answer is yes!
A diverse approach leads to higher performance. A team consisting of men and women of different ages and cultures will make better decisions 87% of the time than a homogeneous team.