Classic Diversity Opportunities and Challenges

By Joanne Zitek

Many companies we talk to see diversity as a business imperative. They have many reasons, depending on their own unique business model, but most of their reasons fall into three categories: Market Opportunity, Productivity and Cost Reduction.

Expanding Market

Companies who are not marketing to diverse markets are missing significant large, profitable markets. In addition, diverse populations are growing, especially ethnic and racial markets, such as the Latino/Hispanic and the Asian American markets. Other segments may be stable in numbers, but lucrative, such as the gay and lesbian market. Global markets need global, diverse strategies.

  • To tap this opportunity, CFI recommends a two-fold strategy: hire people who reflect those markets, and raise the level of diversity competence of all employees.

Maximizing Productivity

Creating an environment where all employees feel valued unleashes productivity because each person is freer to focus on work. When less time is spent trying to fit in, more time and energy can be devoted to productive output. Organizational productivity can rise when groups are diverse because those differences stimulate creativity and better problem solving.

  • To tap this opportunity CFI suggests Conducting an Organizational Assessment for Change and Optimizing Performance Through Change and Diversity (links)

Reducing Costs

An inclusive environment supports retention, thereby reducing turnover costs. Third-party exit interviews usually reveal that people leave jobs because they are looking for respect from their manager and fair opportunities to develop.

  • To tap this opportunity CFI suggests Conducting an Organizational Assessment for Change and Optimizing Performance Through Change and Diversity (links)

Whether to expand market opportunities, productivity or cost reduction – diversity makes business sense.

 
 

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