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Why Diversity Matters

Everyone’s heard the data about our nation’s rapidly changing demographics.

People of color make up about 30 percent of the population. By 2050, non-whites will make up slightly more than 50 percent of the nation’s population.

It’s not just the nation’s racial and ethnic composition that’s changing. The number of people who practice faiths including Islam, Hinduism and Sikhism is rising steadily, as well.

If you are an employer or a business owner, here are a few more reasons why you should pay more attention to these trends.

It’s the Right Thing to Do

By being inclusive in your hiring practices, you are creating equal opportunities for all. Despite the signs of progress in recent years, the statistics make it abundantly clear that there’s still a long way to go.

Consider gender equality. Although women account for 60 percent of college graduates, they are grossly underrepresented in leadership positions in both the public and private sectors. Two-thirds of the world’s illiterate population are female.

It’s Good for Business

Companies that embrace diversity gain higher market share and a competitive edge in accessing new markets either domestically or abroad. In fact, 85 percent of CEOs of companies with a formal diversity and inclusiveness strategy said having such a plan in place improved their bottom line.

Don’t get Left Behind

Workplace equality is increasingly foremost on the minds of most employers, including businesses, public agencies, educational institutions and other nonprofits.

Many understand that a diverse talent pool is critical to driving their future success. Employers who overlook issues of diversity and inclusion do so at their own peril. One study showed that 86 percent of female and 74 percent of male millennials consider employers’ policies on diversity, equality and inclusion when deciding which company to work for.

Benefits for business society

Today, one of the biggest concerns for CEOs worldwide is not having the right people to
run and grow their businesses. So they’re starting to look to diversity as a way to address this issue. Workplace diversity doesn’t benefit just the businesses, but the economies in which they operate. One study showed that increasing the level of female employment could boost the GDP by 5 percent in the US and 27 percent in India.

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