Many think of diversity as pertaining to race, gender, creed and ethnicity, but it goes beyond these criteria. It also entails age, background, education, function, and personality differences. By incorporating age differences you get the benefits of experience along with the fresh new ideas younger workers bring to the company.
Background can have a similar effect.
A company will get more views on a matter which can help on decision making. Another factor is education versus street smarts. Many high ups in business have no formal educational training. The idea of the school of hard knocks is used for the people who have learned from experiences, whether good or bad. By combining these aspects, along with the others, it helps to receive information from several angles which makes managing or decision making easier.