Diversity Is All About Success
By: Cristina Allen
A culturally diverse workforce enhances and allows for a diverse customer.
Cultural diversity is no longer about political correctness or window dressing; it’s about business survival, employment, pure profit and bottom-line business.
Diversity sales is one of the hottest topics in corporate America today. The latest census results firmly established that the ethnic make-up of the U.S. is changing at a rate faster than anyone has anticipated. The bottom-line results have not been measured in dollars, but rather in the demographics of women and minority sales, recruitment, retention and supplier diversity.
Diversity is profitable:
According to the Society for Human Resource Management (SHRM):
- Diversity initiatives can improve the quality of an organization’s workforce and be the catalyst for a better ROI in human capital.
- Customer bases are becoming more diverse than the workforce.
- Minorities are the majority in six of the eight largest metropolitan areas of the U.S.
- The combined Black, Hispanic and Asian buying power is more than $750 billion.
- Women are the primary investors in more than half of the U.S. households.
The financial rewards of appealing to a more-culturally diversified customer base are significant. Women purchase 70 to 80 percent of all products; African Americans spend nearly $500 billion each year on goods and services; and Hispanics are the fastest growing consumer groups in the United States. A reputation for fair treatment is one of the primary reasons women and minority consumers say they remain loyal to a company.
How to achieve a culturally diverse workforce and attract diverse customers:
- Cultural Connectivity with the customer: The needs of diverse customers need to be understood whether with language skills or with cultural importance. Hiring a diverse workforce translates into sales.
- Employee recruitment and retention: A workplace that emphasizes interest and concern for its employees as people first can attract a higher-quality workforce. A diverse workforce attracts a diverse customer.
- Acquisitions (1)
- Banking Relationship (1)
- Business Advice (3)
- Business Ethics (1)
- Business Operations (4)
- Business Values (3)
- Change Management (2)
- Compass Executives (2)
- Diversity in Workplace (1)
- Entrepreneurs (2)
- Executive and Team Coaching (4)
- Family Business (3)
- Financial Services (1)
- Growth (3)
- Managing Processes (1)
- Marketing (3)
- Strategic Planning (2)
- Succession Planning (2)
- Women in Business (1)