Why should we care about Diversity & Inclusion now?
Diversity and inclusion affect not only the businesses’ people and operations internally but also their customers, suppliers, vendors, and other external stakeholders.
The most important key ingredient in this shift is:
A) The changing demographics in the US. Minorities, now roughly one-third of the US population, are expected to become the majority by 2042. Considering consumer purchasing power in 2013, Hispanics will account for 9.9 % of all US buying power; African-Americans will have an 8.8% share; and Asians will represent a 5.4% share, LGBT (Lesbian, Gay, Bi-sexual, Transgender) will reach a buying power of $835 billion by 2013 (as per some surveys)
B) Globalization, and the changing faces—in terms of language, culture, and religion—of both customers and workers will represent an even more diverse mix.
C) Generational gap: For the first time in US work history there are four generations working side by side—conservatives, baby boomers, Generation X, and Generation Y or Millennials—each with their own mind-set, work habits, technology attitudes, and customs.
D) Increasing number of dual-income families and single working mothers
E) Immigration: It has been recorded that One Million legal immigrants enter the United States every year. Some of these immigrants start learning English and the Western Culture after they arrive
F) Increased Women Leadership roles. Women have been progressing and advancing in their careers holding many (though not enough yet) executive leadership roles with different communication styles and leadership styles
G) Mergers and Acquisitions: Due to the Economic situation many organizations are either merging departments or companies and either acquiring new ones or being acquired; each with a different culture
H) Outsourcing and Virtual Call centers
Leading companies know it’s essential to consistently maintain diversity as a top business imperative over a period of, at minimum, five years before diversity can gain traction and become part of the way those companies do business. True diversity is not just about the mix that constitutes the workforce; it’s also about a company’s customers and business partners.
Diversity is not a checklist, numbers, affirmative action or compliance. It is not just the nice thing to do, but it is a crucial practice not only to increase production and revenues; but for the very survival of the organization.
Benefits of Workplace Diversity:
Businesses are recognizing the need and importance of investing in diversity and inclusion as part of their overall talent management practices and to continually challenge their organizations to make the connection between those principles and their corporate performance..
Diversity is especially crucial in today’s global marketplace, as companies interact with different cultures and clients. The payoffs touch every area of the business by potentially resulting in increased creativity, increased productivity, new attitudes, new language skills, global understanding, new processes, and new solutions to difficult problems. greater agility, better market insight, stronger customer and community loyalty, innovation, and improved employee recruitment and retention.
The businesses that fail to see the importance of Diversity and inclusion might find themselves unable to attract, recruit, and retain the kinds of customers, employees, and business partners that constitute our changing world in 5 to 10 years
Among the benefits of diversity in the workplace are:
Increased Productivity: Diversity and Inclusion brings in diverse different talents together working towards a common goal using different sets of skills that ignites their loyalty and increases their retention and productivity
Increased creativity and Problem solving: With so many different and diverse minds coming together many more solutions will arise as every individual brings in their way of thinking, operating and solving problems and decision making
Attract and Retain talent that add a competitive edge to any organization. Feeling included and appreciated increases loyalty and feeling of belonging. Language skills pool is increased and propels organization forward either to compete in the International global world or to increase its diverse customer base
Help to build synergy in teams and enhances communication skills that brings in new attitudes and processes that profit the whole team
Applying the proper diversity& inclusion management strategies does not only save money on litigation expenses generated by discrimination lawsuits but is the right thing to do for the business.
It increases market share and create a satisfied diverse customer base by relating to people from different backgrounds. It does propel the United States and its status to claim its place and success in the global business world of the 21 century
The advantages of diversity& Inclusion embracing affects the baseline revenues of any organization and can be the make or break of any business. Ignoring the effects or the existence of diversity in this global new market will only keep organizations back loosing on all the productivity and most important profitability of any business and its core of existence.
Let your differences make a difference in the world!
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Sahar Andrade, MB.BChDiversity, Inclusion, and Leadership Consultant- Certified Social Media Strategist
Sahar Consulting, LLC
I help corporations and organizations create/ increase their employee engagement through Diversity, Inclusion, effective communication & Cross- Cultural leadership practices that result in everyone feeling appreciated, valued and respected for who they are; elevating morale and harmony hence increasing their productivity which translates to more revenues.
Let me help you Invest in your number ONE asset: Your employees