Why should 0rganizations and businesses care about Diversity & Inclusion now?
Diversity and inclusion affect not only the businesses’ people and operations internally but also their customers, suppliers, 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 gaps: The new trend the trend of people living longer and retiring later, resulted in four distinct generations working side by side—conservatives, baby boomers, Generation X, and Generation Y or Millennials—each with its own mind-set, work habits, technology attitudes, and customs.
D) Increasing number of dual-income families and single working mothers
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.
Advantages 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 and retain the kinds of customers, employees, and business partners that constitute our changing world in 5 to 10 years
Among the advantages 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 21st century
The advantages of diversity& Inclusion embracing affects the base line 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.