Diversity can lead to more business success

Conferences

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Employing a diverse staff in terms of ethnicity and gender can pay of, as a recent survey shows such businesses perform better, an OPEN Conference in Budapest was told, according to a press statement sent to the Budapest Business Journal.

Presenting the findings of a survey by McKinsey & Co, partner Oliver Munn said that firms that employ an ethnically diverse staff can perform 35% better than the average, while firms with a balanced male to female ratio can perform 15% better than average, according to the press statement issued by the WeAreOpen community, which is committed to encouraging openness. Munn also stressed that companies that are open can attract talent easier and are more client-centered.

Although unconscious prejudice was beneficial thousands of years ago, when the mechanism could help us make a decision between friend and foe, nowadays the notion itself is an obstacle to improvement, László Bock, former HR leader of Google, told the conference. While a decision, made in a fraction of the second, was vital back then, nowadays such unconscious thinking can mean valuable ideas get lost, if somebody feels that their peers would dismiss it as useless due to some form of prejudice. Therefore he stressed that it is worth companies acting against such thinking and encouraging openness.

In order to lead a diverse company, open and continuous dialogue is necessary, WeAreOpen emphasizes. By doing so, the best talents will be attracted to the company, and kept there, while better decisions can be made and more creative and valuable products can be offered. In the long run this leads to a more successful company, WeAreOpen says.

More than 30 presenters attended the two-day-long international OPEN Conference in Budapest, coming from dozens of countries in three continents. Participants also included decision-makers and managers.  

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