As technology companies work towards bolstering their revenue, market presence and customer loyalty, thinking more broadly about the team you want to build is as important as hiring the best sales executive. According to Hult University research, companies are 35% more likely to have financial returns above the national industry median when they have diverse teams. Data has shown that a diverse team brings new ways of thinking and unique skills to the table.
According to Glassdoor survey results, 67% of job hunters indicate diversity plays a key role in their desire to join a company. Additionally, a 2016 quantitative analysis completed by Morgan Stanley determined that higher levels of gender diversity in corporate settings can lead to productivity gains, better decision-making, and better returns with lower volatility. Whether it be gender or race, a physical handicap, or sexual orientation, diversity translates into productivity within your sales organization. So, why must companies diversify and how do you achieve it?
When Salesforce.com appointed its first ever Chief Equality Officer(CEO), they stepped the competition up a notch and dove head first into racial equality. The company ultimately wants to represent all facets of society and believesthat a diverse company is a more compelling, more creative, and a more innovative company. The intention of adding a position such as CEO was to foster new perspectives at the company and ensure that no voices were marginalized.
All businesses should take note from this company and look long and hard at the composition of their team. Does everyone essentially look the same? If so, it’s time to help close the gender and racial gap and introduce diversity. Eventually, your sales team will contain cohesive, dynamic individuals who demonstrate excellent capabilities of relating to customer needs.
Put simply, diverse teams are smarter. They have enhanced creativity, a better ability to innovate, and are more likely to use consistent objectivity, while taking the time to examine and reexamine facts. According to Harvard Business School Professor Roy Y.J. Chua, “The more your network includes individuals from different cultural backgrounds, the more you will be creatively stimulated by different ideas and perspectives.” To put that into context with a sales team, this means problem solving, overcoming objections, & better storytelling.
Diversifying your company does not just affect your business, it can affect the entire community and promote cultural sensitivity. It can also work to help develop longer lasting relationships with potential clients. A recent Hult University article highlighted the impact diversity can have on your team’s local knowledge, cultural sensitivity, and ability to build lasting relationships with potential clients. When you stop and think about it, market knowledge and relationships are the foundation upon which sales are built. As diversity on your tech team grows, so does its network of influence.