Can diversity bring better outcomes in business? The lazy answer is simply “yes”, given the question is so complicated. The truth is that diversity is linked to better business outcomes, particularly when the job involves innovation, creativity and the assessment of risk: think investment banking, asset management and venture capital. This article, and my wider work, focuses on diversity in these sectors and in professional services.

I see again and again that the battle that still needs to be won internally in organisations is that of eliminating favouritism. In practice, this means those with closest affinity to their manager get the biggest share of opportunities, visibility and voice. Winning the favouritism battle will close unexplained pay gaps and boost senior leadership roles for under-represented talent.

Many financial services firms are, in fact, at the leading edge of recognising and stopping favouritism. They recognise there is a business advantage to employing and promoting staff from diverse backgrounds.