Diversity, equity, inclusion, belonging, and justice are essential for corporate success but have been diluted by turning them into labels. Having a diverse team is crucial for success, but ensuring that the team is well managed and led is equally important. Measuring diversity can be challenging as it encompasses various characteristics like race, gender, religion, and political beliefs. Research shows that homogeneous teams may perform well initially due to shared experiences, but diverse teams with inclusive practices can achieve three to five times higher performance. Inclusive teams, as demonstrated in an ICU study, have 18% fewer deaths, highlighting the importance of valuing differences and promoting open communication. Effective management and leadership that value diversity and inclusion lead to enhanced business results far beyond what homogeneity can achieve.
Claire Hughes Johnson, the former COO of Stripe and author of “Scaling People: Tactics for Management and Company Building,” joins Scott to discuss team management, the role of DEI, and how to identify top talent. Claire is an all-star operator — follow her on X, @chughesjohnson.
Scott opens by telling us about his new book, The Algebra of Wealth, which is out now!
Algebra of Happiness: what do you want to tell your friends and family?
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