“Better Decisions Come From Diversity”
Who would ever have thought that the title quote of this blog came from the mouth of a private equity CEO!
In an article in today’s New York Times entitled “Pursuing Gender Equality as a Competitive Advantage,” written by Leslie Picker, she notes (quite correctly) that there has been a “sluggish grind toward gender equality in all areas of finance, with perhaps none slower than private equity. Firms often blame a lack of female applicants, while women say the clubby nature of the industry has been a hurdle to their entry.”
Nothing new to those in the field.
However, one firm’s CEO promoted a female investor repeatedly – even when she announced that she was pregnant! – because it bestowed upon the firm a “competitive advantage.”
The CEO said that “Better decisions come from diversity. Realizing that over 80 percent of the purchase decisions were made by women meant that a balanced perspective in the organization could further enhance the success we had.”
His conclusion, referring to “gender balance” (and a good takeaway): “We’ll see a time in the not-too-distant future where our industry embraces it.”