The Case for Diversity
Shawn Achor’s excellent book, “Big Potential” references a study by Alison Reynolds and David Lewis detailed in the Harvard Business Review which measured the performance of teams based on “cognitive diversity”, or the spectrum of thinking styles among the team members. It was found that more diverse teams consistently outperform their more homogenous counterparts. Achor notes that, in many cases, despite the benefits of diversity, corporate leaders instead favor like-mindedness among team members. This tendency stems from the misguided belief that diversity breeds discord, hindering the team's overall function. Herein lies a fascinating truth: diversity indeed catalyzes friction, but it's this very friction that fuels better outcomes, sparking innovation and creativity.
Diversification makes everything better, including markets. Over the past several decades, the San Francisco office market transformed into a booming technology hub. Tech companies encompassed an increasingly large share of the demand for space, and landlords preferred their tenancy because they typically moved quickly in making decisions, were often willing to pay higher rents and held the prospect of future growth. However, today the market is paying a steep price for its lack of diversity, as the tech sector has been among the first and broadest adopters of remote work. The market is in turmoil and there is no easy solution. Yet one thing seems clear, the path to future stability must emphasize diversity. A thriving future downtown will most certainly include a blend of housing, schools, green spaces, and a diverse commercial presence.
Diversity also permeates the very nature of how we work. It's important to recognize that there isn't a 'one-size-fits-all' approach to working styles anymore, which is why so many people are gravitating towards remote or hybrid working styles. It enables people to balance their professional obligations with personal responsibilities, bringing work-life balance into reach. By embracing diversity in our work arrangements, we’re not just adapting to changes brought about by contemporary living or technological advancements. We’re also upholding the importance of individual preference and work style diversity – a work environment that truly honors and maximizes our collective potential.
On our TenantSee team, we know firsthand the value of diversity. As we celebrate Asian American and Pacific Islander (AAPI) Heritage Month, we recognize the diversity within our own team and its pivotal role in defining how we think about workplace. If more people understood the positive benefits of diverse perspectives in their workplace, the impetus for seeking such diversity would shift well beyond the empty objective of better optics.
Change is inevitable. Sometimes it creeps slowly, sometimes surging rapidly, but it’s always present. As we navigate rapid changes in how and where we work, as we reassess office markets and search for pathways to reinvent urban core markets, we must intentionally favor diversity for its capacity to make us better, more sustainable. The imperative transcends corporate teams and markets; it is fundamental to the flourishing of our society.
Happy AAPI Heritage Month!