New research reveals: this is the formula for a successful business

“What Works”, a book by Prof. Thelma Libel from the School of Psychological Sciences at Tel Aviv University, which was published in the USA and has now been translated into Hebrew by Mater Publishing, presents a wealth of empirical evidence that gender and ethnic diversity improves the performance of companies and organizations – up to an improvement of 58 % in decision making.

“Gender and ethnic diversity in the workplace is not just a matter of morality or political correctness,” explains Prof. Libel. “Results from all over the world show that diversity actually contributes to the success of companies and organizations. For example, a report from 2008 found that among the companies included in the ‘Fortune 500’ list, companies whose boards included more women achieved better financial results. In another example, researchers from the research institute of Credit Suisse Bank surveyed 2,360 companies and found that companies whose board of directors included at least one woman performed better than those whose board consisted of only men.”

According to her, “a McKinsey report examined the impact of gender and multinational diversity on financial performance among 180 companies in France, Germany, Great Britain and the United States. The results were clear: the financial success of the companies that were characterized by diversity was significantly higher.”

Prof. Thelma Libel (Photo: Yonatan Blum)

According to Prof. Libel, these and other studies clearly show that diversity brings great benefit to companies and improves their functioning, since people from different backgrounds bring with them a variety of perspectives, points of view, and types of knowledge, and this variety contributes to innovation and creativity: “When you bring people with different opinions into a room, a process of accepting The decisions become more complex and the participants take into account more information. The more perspectives and points of view are heard, the greater the chances of reaching a more successful solution.”

The findings presented by Prof. Libel go far beyond the world of work and business. Thus, for example, a study conducted by Prof. Richard Freeman from Harvard compared 2.5 million articles published in scientific journals and found that articles whose authors came from diverse ethnic backgrounds received more mentions and citations in the scientific literature.

“You should take a look around you the next time you are working on a joint project. Do all your team members belong to the same gender and the same ethnic group as you? If this is the case, you should carefully consider all your options and avoid haste in making decisions. When you form a team, a task force or committee, try to include as many people as possible from a variety of ethnic groups, genders and backgrounds,” Prof. Libel concludes.

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