Description: Embracing diversity in the workplace boosts creativity, improves leadership, and enhances understanding of consumers. According to a McKinsey report (Dixon-Fyle et al. 2020), firms with gender-diverse executive teams were 25% more likely to have above-average profitability, and firms in the top quartile of ethnically and culturally diverse leadership outperformed those in the fourth quartile by 36% in profitability. Leadership teams that are not diverse can lead to higher polarization and performance penalty. And although gender and race participation is robust in the creative arts—especially in the film industry, where the structure is modular and work is largely entrepreneurial—evidence suggests that the number of movies directed by women and people of color has been declining since 1995 and was less than 5% in 2016.
Date: Mar 29, 2023
Questions for discussion:
- Summarize the highlights of the research and the interpretations presented in the report.
- What do you think of the report and explanations?
- Do you agree with the conclusions presented by the researchers?
- What should the industry do with this information, in your opinion?