Companies are now well aware that there are significant advantages to diversity in the workplace. However, diversity is not relegated to hiring minorities to create an illusion of a more diverse environment; diversity needs to be seen as an integral part of the business plan, essential to successful products and increased sales.
Among the advantages of diversity in the workplace are: increased market share, competitive positioning, increased workplace productivity and innovation.
- Increased Market Share − There is no such thing as a local company. Local or international businesses must understand that commerce is no longer confined to borders and the trade of goods and services across national borders and in multiple languages is increasingly becoming the norm.
- Competitive Positioning − As the U.S. population is changing, progressive companies that understand the implications of these demographic shifts can alter their customer focus, employee base and business practices to better manage the needs of current and future customers and employees. From 1990 to 2007, minority group market share and purchasing power doubled and in some cases tripled. By 2012, that buying power will increase by another 30%.
- Increased Workplace Productivity & Innovation − Diversity is a crucial component to the efficient operation, morale and motivation of today’s diverse workforce. Organizations that foster a culture of diversity have employees and team members that have higher employee retention rates; improved individual and team performance and morale; improved workplace staffing (diversity recruitment); and, increased innovation.