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Diversity, in a business context, is hiring and promoting employees from a variety of different backgrounds and identities.Those characteristics may include various legally protected groups, such as people of different religions or races, or backgrounds that are not legally protected, such as people from different social classes or educational levels.
The benefits of diversity in teams is usually sourced from organizational behavior. [18] This is because the benefits of different team structures have been mostly studied with the discrete purpose of increasing occupational output. [18] Benefits may arise from differing perspectives of culture, age, experience or other disparate factors. [19]
Basically, their message was, do not promote diversity because it is a legal mandate, but because it is good for business. From then on, researchers started to test a number of hypotheses on the business benefits of diversity and of diversity management, known as the business case of diversity. [31]
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McKinsey says that more diverse companies earn higher profits. Academic researchers aren't so sure.
Functional diversity encapsulates the cognitive resource diversity theory, which is the idea that diversity of cognitive resources promotes creativity and innovation, problem solving capacity, and organizational flexibility. Functionally diverse teams “consist of individuals with a variety of educational and training backgrounds working ...