Research proves that diversity (gender, ethnic and social) can improve work place culture and productivity. Some argue that workplace diversity can increase growth or revenues, by increasing the comfort of workers and ensuring different views are represented. But diversity really have that much of a baring on a business' success?
Diversity is not an important aspect of a company's financial successShow moreShow less
Other aspects, like having a strong founder and qualified leadership, have a far greater impact on a company's bottom line
Adding a more diverse workforce does not make an unprofitable company become a profitable company overnight. Therefore, there must be other aspects that are far more critical to a company's financial success.
While a diverse workforce undoubtedly reaps benefits over time, it does not instantly spur innovation, nor can it rapidly resuscitate a failing business. This indicates that there are other aspects of the business that have a far greater role in dictating the company's financial success.
Entrepreneurs frequently cite leadership, strong decisionmakers, efficiency, and customer service as the factors which play the greatest part in a business's success. Diversity is important, but because it isn't a silver bullet in the same way effective management and leadership is, it is not an integral part of financial success.
[P1] Diversity alone cannot save a failing company.
[P2] Other factors can.
[P3] Therefore, diversity is not essential for a business's success.