Celebrating differences in identity has a long list of benefits, but it also fosters an environment of cognitive diversity. We don’t often refer to the cognitive aspects of diversity, but there’s serious power in the human think-tank. Combining differing backgrounds, unique perspectives, and individual problem-solving skills is a critical thinking recipe that yields company success.
It’s no secret decision-making is both a complicated and vital process in business. Making the wrong move can cost you big, so putting the right leaders in place is imperative. Because of the multiple perspectives, cognitively diverse leadership teams are proven to yield 19% higher innovation revenue. That type of thinking leads to a yearly revenue increase of 45% over competitors. We’d call that a pretty penny.
Cognitive diversity doesn’t solely exist in leadership, though. The inclusion at your office matters, too. When your team feels like their opinions and thoughts are heard, they stay more engaged — on average, 67% more engaged. If these candidates are choosing you, the absolute least you can give them is a seat at the table.
We know word of mouth is a powerful thing but it’s even more relevant when it comes to your company. People talk and potential candidates are listening. Candidates today search for companies that celebrate diversity. 67% of active candidates imply that an inclusive workforce is important when considering a new position. If you’re missing that focus, you’ll miss out on a lot of valuable brainpower.
In addition to all these other bells and whistles, embracing this type of team gets work done faster. A recent study shows that teams contributing different perspectives reach results in less than half the time of a team with similar backgrounds. The range of voice and vast representation all funnels back into a team that actually wants to work together.
Cognitive diversity is similar to identity in that race, ethnicity, gender, orientation, or otherwise are all components. But, it is harder to see upfront. However, if you work with the same type of team, you’ll always get the same results. So, shake up your strategy and add some different perspectives. And, in return, they’ll add more money to your pocket.