It doesn’t matter what sector that we are speaking about; diversity needs to be thought of as more of an asset than a requirement. There are plenty of organizations that simply make diverse hires because they understand the social value of it; it doesn’t mean that they are truly embracing a diverse workplace.
In fact, many suggest that diversity programs fail, for the most part. The argument here is that bias runs deeper than simply the legal sector, and that many individuals cannot simply “turn off” their bias that simply. Regardless, diversity is absolutely important to organizations in any sector, and here are some of the reasons why.
There is certainly a reason that everyone can understand and appreciate when it comes to more diverse organizations – they might actually make more money. If an organization is attempting to gain as much market share as possible, why shouldn’t they remain open to hiring in a more diverse capacity?
After all, the saying goes that “numbers don’t lie”. A Mckinsey study from several years back concluded that ethnically diverse companies actually were 35% more likely to yield higher revenue.
There are more companies throughout the world that are exposing themselves as treating people differently based on their ethnicity. One notable example is a recent publicity scandal involving Starbucks, which boasts over 30,000 international locations.
One of the big publicity scandals with the company (which is worth billions) involved the fact that two black men were arrested in public at Starbucks for no apparent reason. The incident occurred in April of 2018. The CEO himself addressed the incident, and responded by offering anti-bias training for their employees.
New Opportunities and Perspectives
There are also new ways to tap demographics if you have a diverse workforce that might truly understand a specific perspective more than others. For example, if you are attempting to target black women with a skincare marketing campaign, wouldn’t it tremendously benefit you to hire a black woman that is credentialed, capable, and also would understand how to advertise to this particular group of people? The additional perspective might end up either perfecting a campaign or avoiding a brave mistake that went previously unnoticed.
The fact that your employees might speak other languages can also be quite the asset if you are planning on global markets. If your energy drink company is attempting to break into the Asian market; an employee with connections or at least the ability to communicate to local entrepreneurs and business owners might mean a brand new revenue stream. This is also something to consider when wondering how diversity hires can improve your overall organization or corporation.