The importance of diverse teams

Diversity within teams is not just a strategic advantage—it's essential for capturing the hearts and minds of a global customer base. Companies that mirror the multifaceted nature of their customers can drive innovation, improve brand loyalty, and increase revenue.

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Since 2015, McKinsey has released four reports on diversity (2015, 2018, 2020, and 2023). The most recent report ‘Diversity Matters Even More’ (2023) found that the top-quartile companies had a 39% greater likelihood of financial outperformance versus their bottom-quartile peers, a figure that’s more than doubled since 2015 (when it was 15%). 

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This article explores the multifaceted benefits of cultivating diverse teams and how it translates into greater organizational success.

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Defining Diversity

Diversity in the workplace encompasses a wide array of characteristics and experiences, including but not limited to race, gender, age, disability, sexual orientation, and cultural background. 

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It’s important not to fall into the “diversity” buzzword trap. The United Nations recognizes over thirty characteristics that represent diversity, but there are many more than that. Some are visible, some are not. The four types of diversity can be helpful in understanding how these factors play into diversity:

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Internal e.g. race, age, national origin, cultural identity, and ethnicity 

• External e.g. education, citizenship, location, religious beliefs, relationship status
• Organizational e.g. job function, place of work, management status, pay type
• Worldview e.g. political beliefs, moral compass, outlook on life, epistemology 

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For global companies, having a diverse workforce is crucial. It ensures that different viewpoints are considered in every marketing campaign and product development process, enabling organizations to better meet the needs of their international customers.

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The Business Case for Diversity

There is a strong business case for diversity within the workforce. Research consistently shows that diverse teams are more creative and innovative, and correlate with improved profitability and the ability to attract top talent. When managers and leaders leverage diverse perspectives effectively, they get better ideas, question assumptions, identify blind spots, and create better solutions. As a result, they see better innovation, performance, and growth among teams.

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A study by Gartner showed that gender-diverse and inclusive teams outperformed gender-homogeneous, less inclusive teams by 50% on average. It’s also a major factor for job seekers. Eight percent of respondents in a Deloitte study said that inclusion is important when choosing an employer, and 39% would leave their current organization for a more inclusive one. 

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Technology company, Cisco, has embraced diversity and inclusion with impressive results. It publicly committed $300m to support social justice, holds leaders accountable for supporting the next generation of diverse talent through The Multiplier Effect (TME), and digitized their D&I inclusion programs, making them accessible to all employees. It’s no coincidence, then, that Cisco was crowned “best place to work in the US” for three years running (in 2024, it came second to Hilton). In terms of revenue, this increased by 11% in 2023 compared to 2022.  

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The Importance of Inclusion

However, hiring more diversely won’t achieve these benefits on its own. Inclusion is the key to leveraging diversity. Companies must know how to draw out diverse perspectives, build on them, and be inclusive of all the perspectives available on their teams. When employees feel respected, valued, and included, they are happier, healthier, and more productive. 

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Their contributions help companies avoid groupthink and facilitate the growth of new ideas. This also offers a more comprehensive analysis of problems, which leads to better (and faster) decision-making.

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Diversity and Organizational Success

Making diversity and inclusion a priority has huge financial benefits for organizations. This is beneficial to both the organization and its customers. A diverse workforce can be a company’s competitive advantage.

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Their understanding of different cultural preferences and expectations leads to improved products, services, and experiences, and makes it easier to identify new innovations that fit the needs of emerging customer profiles. According to McKinsey & Co, companies with more than 30% women are more likely to financially outperform those with 30% or fewer. 

Diversity also strengthens an organization’s reputation internally and externally. They become more appealing to potential employees, and customers are often drawn to companies that demonstrate a commitment to diversity and inclusion. A study of 11,500 global consumers found 57% are more loyal to brands that commit to addressing social inequities in their actions.

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Implementing Effective Diversity Practices

One of the key ways that organizations formalize their commitment to diversity and inclusion is by drawing up a charter. This is a great way to drive engagement and make all employees feel personally connected to the mission. It establishes a clear framework to guide practices, recruitment policies, talent retention, and professional development initiatives. 

By displaying it publicly, it sends a strong message to a company’s teams, customers, and stakeholders that it takes diversity seriously. This helps with market differentiation and talent acquisition. 

At Wedia, our charter includes our commitment to diversity and inclusion. 

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“The Wedia Group is fully aware of its social responsibilities and wishes to encourage, promote, and disseminate values based on diversity, parity, equal treatment for equal work and experience, group cohesion, solidarity, inclusion, freedom of expression and responsibility. This includes promoting diversity and combating all forms of discrimination in recruitment, pay and career development.”

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It then goes on to outline specific objectives and KPIs, for example:

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Promoting parity between men and women, by ensuring a balance in our 

recruitment, without however practicing positive discrimination, and making sure that everyone can find their place in any type of profession within the Group

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• KPI: Breakdown of male/female headcount by business line.
• Objectives:
  • Aim for 50/50 parity between men and women.
  • Display the breakdown of the workforce in the Group's financial reports (half-yearly and annual).

You can see how the charter holds companies accountable. Setting clear objectives turns intentions into concrete actions, ensuring real progress toward fair and inclusive practices.

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The Role of Digital Asset Management in Supporting Diversity

A Digital Asset Management (DAM) system plays a crucial role in supporting Diversity, Equity, and Inclusion (DEI) initiatives, particularly by leveraging metadata. Metadata, which is the descriptive information attached to digital assets such as images, videos, and documents, can be structured in ways that promote inclusive practices across organizations.

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Here’s how a DAM system supports DEI:

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1. Inclusive Tagging and Categorization

DAM systems ensure that content uses inclusive language by standardizing neutral and non-discriminatory terms. Instead of gendered tags like "man" or "woman," assets can be categorized more broadly as “people.” Metadata also helps eliminate stereotypes, ensuring, for example, that a woman in a business photo is tagged as "professional" rather than adhering to outdated gender roles like “secretary.”

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2. Accessibility and Equity in Asset Use

Metadata can specify accessibility features such as closed captions or alt text, ensuring content is usable by people with disabilities. Tagging assets for multiple languages or regions also ensures broader inclusivity, as content can be localized for different linguistic and cultural communities.

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3. Monitoring DEI Progress

By adding metadata tags related to DEI initiatives, organizations can track how often certain types of content are used, including whether diverse and inclusive assets are being selected for marketing, internal training, or other purposes. This provides insights into whether the organization’s DEI goals are being met and can help identify areas of improvement.

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4. Reducing Bias and Ethical Oversight

DAM systems equipped with AI can automatically audit content, flagging potentially biased tags or assets for review. By creating roles and permissions within the DAM, organizations can encourage participation from diverse teams, ensuring a broad spectrum of voices is involved in content creation, curation, and approval processes.

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5. Inclusive Governance

Customizable metadata fields allow organizations to tag assets in alignment with DEI goals, including pronouns, cultural identifiers, or accessibility features. Governance rules within the DAM ensure that outdated or non-inclusive content is reviewed or archived, promoting an ongoing commitment to inclusivity.

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Implementing Effective Diversity Practices

Building diverse teams is a cornerstone of organizational success, providing a range of perspectives that drive innovation and enhance decision-making. 

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But diversity doesn’t just happen. It requires commitment, measurable KPIs, and the right tools to help companies stay accountable and foster an inclusive culture. 

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If you want to learn more about how a DAM system like Wedia can help support your diversity initiatives, book a demo now.

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