The importance of diversity in the communications industry has been a much talked about topic for the past several years. It’s something that The Royals talk a lot about also as part of our mission to be the ‘most interested agency in the world’. You may have already read the press on diversity being one of the key themes at this year’s SXSW. Those of you who were lucky enough to be there would have noticed the fantastic number of meet-ups geared towards various minority groups across a multitude of industries & skill sets. But beyond these focused sessions, the value of diversity was an omnipresent theme in several of the keynotes I went to, including:
Carmen Medina: Diversity as Critical Thinking Tool
62 year-old Peurto Rican, ex CIA agent and author of Rebels at Work stressed that actively encouraging dissonance helps ensure that you have an adequate variation in thinking styles to best solve problems. Carmen contended that dissenting opinions help free us from conformity and, more importantly, stimulate us to think more creatively. By including dissenting opinions in our collective groups, research has shown that we consider more facts and more possibilities in order to come up with better solutions.
Chris Sacca: Diversity as Profit Driver
Multi-billionaire investor and slayer of Mark Cuban on Shark Tank, was much more cut & dry in his argument for diversity saying simply “if a company doesn’t promote it, they must hate money”. A great line and one that prompted me to spend more time reviewing the actual research. Such as a 2015 McKinsey white paper that reported a linear relationship between racial and ethnic diversity and better financial performance: for every 10 percent increase in racial and ethnic diversity on the senior-executive teams of US companies, earnings before interest and taxes (EBIT) rise 0.8 percent.
Adam Grant: Diversity as Creative Catalyst
Wharton’s Top Rated Professor and best-selling author talked about creative intuition being based primarily on sub conscious pattern recognition. Adam reminded us that we’re all wired a certain way based on our experiences, all of which can lead to unproductive “Group Think”. Adams solution was to build teams comprised of a diversity of race, ethnicity, gender and sexual orientation to help culturally enrich your organization and enhance creativity.
So, thanks for getting me to think differently again this year, SXSW. I came to Austin knowing that diversity was a good thing but if I’m really honest, I didn’t know enough about why. Being exposed to such a diverse range of thinkers over the past few days not only made me smarter, it made me more determined than ever for The Royals to use diversity as a way to make our business smarter too.