This study was the result of a survey among more than 1,700 companies in eight countries.
“In both developing and developed economies, companies with above-average diversity on their leadership teams report a greater payoff from innovation and higher EBIT margins.”
The more diverse the senior leadership team is in an organization, the greater its propensity to be innovative.
The study also found that implementing small changes in the makeup of the management team can make a lasting impact and boost business innovation revenues.
However just diversity is not enough. The organization has to be built on a solid management foundation and must also be receptive to diversity.