Increasing diversity in business is not only morally right - it's the key to success

Research has found that companies whose boards were made up of at least a third by women are 42 per cent more profitable - it makes perfect sense.

A fortnight ago I stood up to deliver a key note speech at the Women’s Business Forum conference. I took up the opportunity to discuss the importance of promoting diversity in the workplace with relish, as it is a topic that has been at the forefront of my mind throughout my career.

Women and their promotion to top flight positions is an important part of the picture. Despite the notable announcement a few weeks ago that Janet Yellen will become the next Chairman of the Federal Reserve - the first woman to occupy the post - there remains a lot of work to be done if women are to have the same opportunity to acquire executive positions as their male counterparts.

A recent report by the Office for National Statistics (ONS) found that female employment rates in the UK continue to lag behind those for men, despite the recent rise in the state pension age for women pushing the figure up slightly. Furthermore the study found that women are increasingly disappearing from executive jobs - women only occupy a quarter of the highest paid top ten per cent of posts.

That there is a dearth of female talent represented at board level in the UK is a truth universally acknowledged. White papers have been drawn up to address this dilemma. In the Davies Report, published in 2011 and penned by Lord Davies of Abersoch, Lord Davies proffers a solution to redress the current gender imbalance of UK boards, calling for strong voluntary action in the shape of FTSE100 companies signing up to the voluntary target of having 25 per cent of their boards comprising women by 2015.

Recommendations such as this are laudable and achievable and I believe are a more organic way of bringing about effective change than using the blunt instrument of legislation to introduce mandatory quotas. However, it is unequivocally true that rapid change is essential.

The issue of women on boards is part of a wider debate about encouraging diversity in the workplace. This matter is more essential and greater than the need to increase the number of female CEOs and board-level executives, although this is important it leaves itself open to accusations of "tokenism". Diversity is about effecting a cultural change in organisations and industries, transforming businesses from close-minded institutions to those that embrace diversity in all formats. The reasons for bringing about change are manifold but are more complicated than mere sexual politics and political correctness.

A recent piece of research found that companies whose boards were made up of at least a third by women are 42 per cent more profitable. Diversity in the work place is not only a healthy, laudable corporate ideal to embrace, it is also profitable. The 30 Percent Club, founded by Newton Investment Management's CEO Helena Morrissey, has a strapline under its tree logo that I think is particularly important: "Growth through diversity". It is this message - growth through diversity - that is so important. Simply put, companies are more likely to thrive with a diverse workforce.

It is my sincere belief that diversity should form the backbone of a well-rounded and robust business plan. This business tenet stems from a desire to create a culture whereby the best and brightest talent can lead regardless of gender, religion, race or sexual orientation. It is this objective, this vision, that has been the principal driver of the last 35 years of my life as a business-building lawyer.  

Diversity is a source of competitive advantage; a better business is a more diverse business. Assembling diverse teams enables more innovation, greater customer awareness, and generates better results. People, cultures and states are not homogeneous, they are heterogeneous - this is particularly true in today's global society. Consequently businesses should strive to be as diverse as the countries and regions they operate in. Creating this workplace balance is part of building a successful firm, but actions, not just words, are required to bring this about. Those businesses that do not encourage diversity should start doing so now, or else face quotas or, even more likely, falling revenues as more dynamic, diverse competitors steal a march.

The all-male board of Fisons Ltd in 1960 - how much has changed in 2013? Photograph: Central Press/Getty Images.

Co-CEO of DLA Piper

Steve Garry
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The footie is back. Three weeks in and what have we learned so far?

Barcleys, boots and big names... the Prem is back.

Another season, another reason for making whoopee cushions and giving them to Spurs fans to cheer them up during the long winter afternoons ahead. What have we learned so far?

Big names are vital. Just ask the manager of the Man United shop. The arrival of Schneiderlin and Schweinsteiger has done wonders for the sale of repro tops and they’ve run out of letters. Benedict Cumberbatch, please join Carlisle United. They’re desperate for some extra income.

Beards are still in. The whole Prem is bristling with them, the skinniest, weediest player convinced he’s Andrea Pirlo. Even my young friend and neighbour Ed Miliband has grown a beard, according to his holiday snaps. Sign him.

Boots Not always had my best specs on, but here and abroad I detect a new form of bootee creeping in – slightly higher on the ankle, not heavy-plated as in the old days but very light, probably made from the bums of newborn babies.

Barclays Still driving me mad. Now it’s screaming from the perimeter boards that it’s “Championing the true Spirit of the Game”. What the hell does that mean? Thank God this is its last season as proud sponsor of the Prem.

Pitches Some groundsmen have clearly been on the weeds. How else can you explain the Stoke pitch suddenly having concentric circles, while Southampton and Portsmouth have acquired tartan stripes? Go easy on the mowers, chaps. Footballers find it hard enough to pass in straight lines.

Strips Have you seen the Everton third kit top? Like a cheap market-stall T-shirt, but the colour, my dears, the colour is gorgeous – it’s Thames green. Yes, the very same we painted our front door back in the Seventies. The whole street copied, then le toot middle classes everywhere.

Scott Spedding Which international team do you think he plays for? I switched on the telly to find it was rugby, heard his name and thought, goodo, must be Scotland, come on, Scotland. Turned out to be the England-France game. Hmm, must be a member of that famous Cumbrian family, the Speddings from Mirehouse, where Tennyson imagined King Arthur’s Excalibur coming out the lake. Blow me, Scott Spedding turns out to be a Frenchman. Though he only acquired French citizenship last year, having been born and bred in South Africa. What’s in a name, eh?

Footballers are just so last season. Wayne Rooney and Harry Kane can’t score. The really good ones won’t come here – all we get is the crocks, the elderly, the bench-warmers, yet still we look to them to be our saviour. Oh my God, let’s hope we sign Falcao, he’s a genius, will make all the difference, so prayed all the Man United fans. Hold on: Chelsea fans. I’ve forgotten now where he went. They seek him here, they seek him there, is he alive or on the stairs, who feckin’ cares?

John Stones of Everton – brilliant season so far, now he is a genius, the solution to all of Chelsea’s problems, the heir to John Terry, captain of England for decades. Once he gets out of short trousers and learns to tie his own laces . . .

Managers are the real interest. So refreshing to have three young British managers in the Prem – Alex Neil at Norwich (34), Eddie Howe at Bournemouth (37) and that old hand at Swansea, Garry Monk, (36). Young Master Howe looks like a ball boy. Or a tea boy.

Mourinho is, of course, the main attraction. He has given us the best start to any of his seasons on this planet. Can you ever take your eyes off him? That handsome hooded look, that sarcastic sneer, the imperious hand in the air – and in his hair – all those languages, he’s so clearly brilliant, and yet, like many clever people, often lacking in common sense. How could he come down so heavily on Eva Carneiro, his Chelsea doctor? Just because you’re losing? Yes, José has been the best fun so far – plus Chelsea’s poor start. God, please don’t let him fall out with Abramovich. José, we need you.

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 27 August 2015 issue of the New Statesman, Isis and the new barbarism