Perhaps the reason why diversity is a priority in your mind has to do with Josh Bersin’s Forbes article Why Diversity And Inclusion Will Be A Top Priority For 2016. Perhaps diversity is a priority to you because of the potential paybacks that come from diverse inclusion. In either case, I invite you to indulge in my list of five ways in which diversity and inclusion pays:
- Money: McKinsey’s research states that “$28 trillion, or 26 percent, could be added to global annual GDP by 2025," if labor markets are diversity inclusive.
- An Expanded Market: Deloitte states that, “satisfying an increasingly diverse customer base is critical to growing market share […] over the next decade and beyond.” On that note, keep in mind that women hold 85% of purchasing power (that’s $4.3 Trillion out of $5.3 Trillion in consumer spending). That’s a nice market to tap into!
- Top Talent: It’s a fact that companies need diverse talent to keep the lights-on, to manage, and to expand business.
- Innovators and Innovation: Forbes Insights research shows that diversity is a key driver of innovation. Companies need innovation to stay relevant and competitive.
- Staying competitive in the emerging demographic shifts: Demographics are changing and companies need to stay on top of it. With an inclusive and diverse workforce you gain inside knowledge of new prospects and client demographics. Keep this in mind: Pew’s Research states that by 2065, our population will be made up of 46% White (down from 62%), 24% Hispanic (up from 18%), 14% Asian (up from 6%), and 13% Black (up from 12%).
Bottom line: diversity pays. Market demographics are changing and expanding. An innovative diverse talent pool is a requirement to succeed in business. Take advantage of this new and expanding piece of pie: a piece of pie made up of a global and diverse population who need to be serviced; a diverse population who want to buy your products and services.
This is the decade of diversity and inclusion.
About the author: Lolita Taub is a UN Women’s Empower Women Global Champion for Women’s Economic Empowerment. For her term, Taub has committed to raise awareness on the topic of diversity & inclusion through a special 6 post blog series.