Why focus on diversity/inclusion?
Beyond social and moral reasons and “doing the right thing,” there are several arguments why companies and organizations should embrace and integrate diversity and inclusion into their way of doing business. Below are a few reasons why having a diverse and inclusive workforce is critical to a successful business imperative:
Diversity initiatives have proven to have a direct impact on business revenues.
Successful businesses that understand the economic impact of changing demographics have developed products to fit the needs of a changing population.
Diversity initiatives and successful results help organizations in attracting high-caliber talent with diverse skills and perspectives.
These organizations realize that high-quality talent resides in all population groups, thus, attracting this talent improves the quality of the organization’s workforce and competitive advantage increasing the (ROI) for shareholders, investors and stakeholders.
Customer bases are more diverse than workforces.
Organizations whose workforce composition reflects their customer base allows those organizations to identify and understand their needs.
Varied perspectives increase your organization’s creativity and enrich organizations’ decision making.
Diverse and inclusive workforces offer different perspectives, ideas, solutions and product offerings that may generate new opportunities for the organization. Additionally, the variety of insights expressed helps leaders make informed and responsible decisions.
Consumer buying power of diverse groups is significantly increasing and will continue to do so.
Consumer purchasing behavior is influenced by an organization’s employment practices and sensitivity to their needs.
Census projections indicate that the minority population will exceed the majority population by 2050.
Acknowledge the changing demographic landscape that is positioning minorities as the majority in six out of eight of the largest metropolitan cities in the US today.
Building Effective Global Relationships.
Recognize that cultural competence is a critical management skill. Companies must integrate ethno-cultural diversity into its marketing, sales and customer service as they compete in a global arena.
Diversity ensures survivability.
Effectively managing a diverse workforce offers training opportunities and the ability to handle change more effectively by adapting to new situations and people who are different from us.