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October 02, 2019 Wednesday 05:16:32 PM IST

Leaders Should Promote Diversity to Become Innovative

Pix by Gerd Altman for Pixabay.com

Leaders in any organisation should promote diversity in an organisation although it is challenging in the short term, according to Eileen Murray, co-CEO of Bridgewater Associates, the world's largest hedge fund. 
If top leaders don’t make it a priority, it won’t get the kind of action and traction it needs,” she says. “The leaders need to be there through innovative change, in my opinion, to basically work through the challenges and difficulties.” 
Studies have proven that diverse populations produce much more innovation and much more change. She feels top leaders in financial firms need to do more to foster diversity- or risk falling behind in the race to innovate. The New York Times reported that “less than 10% of United States portfolio managers at mutual funds and exchange-traded funds are women.” A study by Oliver Wyman said that if trends continue, women will reach 30% of executive committees in financial services…by 2048. 
People tend to focus on how things have always been done. When you bring a different group of people together, you start to create something that’s never been there before. You’re taking a risk, but if you don’t take risks I don’t know how you’re going to make money through time.

Source: https://insights.som.yale.edu/insights/why-leaders-need-to-care-about-diversity


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