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Increase Economic Impact Through Cultural Diversity in the Workplace

October 7, 2021

According to "The Business Case for Racial Equity: A Strategy for Growth," the United States economy could increase by $8 trillion by 2050 if the country eliminated racial disparities in health, education, incarceration, and employment. Reducing or eliminating racial barriers is essential to driving economic growth, not only in minority communities but in our country as a whole. 

We must invest in minority businesses that are creating multi-generational wealth and opportunities within their communities. By removing barriers that hinder opportunity, minority business owners will recognize wealth, not only in the form of money but in the form of power, leadership, social mobility, ownership, and justice.

Some companies make the mistake of thinking diversity means hiring more minority employees to create a diverse workplace. But, it goes beyond that. We must educate senior-level staff about the benefits of developing a diverse and inclusive workforce. By aligning racial equity with a clear strategy for economic growth, we can form meaningful relationships with community leaders, influencers, and the minority community at large.  

5 Economic Benefits and Advantages of a Diverse Workforce

  1. Inclusive companies are 1.7 times more likely to be innovation leaders in their market. A diverse workforce combines workers from different backgrounds and experiences that together form a more creative, innovative, and productive workforce which, in turn, drives better business performance, a stronger economy, and more equitable society.
  2.  Diversifying the workplace helps businesses increase their market share by reaching a wider, more diverse audience through marketing to consumers from different racial and ethnic backgrounds, as well as women and gay or transgender consumers.
  3. Recruiting employees from a diverse pool of candidates creates a more qualified workforce. Diverse teams outperform individual decision-makers up to 87% of the time when it comes to making business decisions.  
  4. Employers with an inclusive and diverse workforce have a lower turnover rate. 67% of job seekers view a diverse workforce as important when considering job offers.
  5. Businesses need to adapt to the changing market to compete in the future. Census data shows that by 2050 there will be no racial or ethnic majority in our country. Businesses must consider the needs of diverse workers, consumers, and communities to remain competitive and prosperous in the business sector.

Change must happen across sectors to battle systemic racism in the workplace. Reducing these barriers will lead to sustainable, multigenerational economic growth for Black and communities. To move forward, we must invest in minority business leaders who are creating bold solutions that lead to opportunity and growth through diversification of the workplace which also reveals new customers, products, and markets.

Are you ready to invest into the minority community in a way that supports and improves your brand identity while increasing economic growth within the community? Thinkzilla will tailor a custom program to meet your goals and needs. Find out more: https://thinkzillaconsulting.com/

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