We used to expect businesses to last a lifetime, but digital transformation is a mass-extinction event for old corporations and a mass-creation event for new ones. It has changed everything. For instance, consider data from S&P, which predicts half the S&P 500 will disappear in the next decade.
What are you doing to unlock the power of inclusion in your organization? Our recent research reveals the pernicious inclusion gap between workforce diversity and inclusive decision-making in enterprises. Learn how best practices can improve outcomes and speed up innovation by measuring and closing this gap.
Is it better to have “up-and-comers” or “more seasoned” employees making decisions at your company?
It turns out the best answer is a mix of generations, and it’s a wake-up call to companies everywhere, from a tech industry enamored of young workers to global enterprises managing large aging workforces:
Tech-savvy executives have a pivotal role to play in accelerating the decision cycle. By asking the right questions, they can digitally transform decision making at their companies, leading to a future where decisions are tracked, transparent, de-biased, optimized and integrated.
Executives sixty years ago could expect their companies to last a lifetime. Executives today will see half of the S&P 500 disappear in the next decade. The business world is in a digital churn of creative destruction. As McKinsey calls it, we are in the Age of Urgency.
The decision cycle sets the speed limit for your business. Companies with decisive cultures will thrive. The rest will fade away.
The title of the recent Diginomica article says it all: "Cloverpop Shows Sales Teams How To Make Better Decisions." Industry expert Phil Wainewright's interview with Cloverpop CEO Erik Larson covers a range of topics, from the antique approach that most companies take to decision making:
Every engineering leader knows about the Mythical Man-Month -- the wishful idea that a software project can be delivered faster simply by adding more people. We’ve all tried and failed at this. Recently, Cloverpop faced this problem as our engineering team grew faster and faster with each round of funding.
The higher the headcount, the more time each person spends trying to coordinate with everyone else. More questions, more training, more politics, more documentation, more meetings. Especially more meetings. So nobody was more shocked than I was when our per person productivity actually increased after a recent round of hirings. It felt like the software equivalent of a perpetual motion machine. It was magic.
Every day there are more headlines about the challenges of workforce diversity. A focus on diversity often means a focus on hiring, and even with substantial investments of time and money, it takes years to turn the tide for companies with thousands of employees.
Get the high points of our new research with this infographic, then go deeper into the surprising results and concrete recommendations with our free white paper Hacking Diversity With Inclusive Decision Making.
We studied 588 real business decisions made by 184 teams in a wide variety of companies over 2 years. Here is what we learned:
Decision making drives 95% of business performance.* It's the most important thing managers and executives do at work.
Teams make better decisions than individuals 66% of the time. Teams bring broader perspective, identify new choices, reduce bias and improve accountability.
Diverse teams make better decisions 87% of the time. Inclusion instantly activates existing gender, age and geographic diversity for better business decision making.
Diversity can increase friction 15%, but inclusion boosts results 60%. The worst combination is an all-male team deciding what a diverse group executes. This happens half the time in companies with fewer than 30% women. The best combination is inclusive decision making and diverse execution.
Learn more at www.cloverpop.com/diversity.
Corporate leaders, diversity experts and authors, and Silicon Valley entrepreneurs today expressed their support for the findings uncovered by Cloverpop’s new study revealing the impact of inclusive decision making on business performance. The new research, published today, found that gender diverse business teams make 25 percent better decisions than all male teams, with this advantage increasing by up to 50 percent when a wide range of ages and geographic diversity are added to team compositions.
