6 Benefits for Workplace Diversity
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