Diversity In The Workforce Increases Consumer Reach
Once seen as an idea of the future, diversity in the workplace is now the popular method of employment companies are implementing to sustain business for the future. The reason is because this provides a rich mix of employees to capture a snapshot of different markets and therefore build trust and a further connection with consumers. Brands that make it a point to understand deeply the differences in ethnicities, gender, sexual orientation, religion, and cultures, strengthen their marketing strategies which can result in faster growth.
Companies in the S&P 100 that received first and second ratings for including women, minorities, and people of diverse sexual orientation include Citigroup, Merck, JP Morgan Chase, and Coca Cola. Another 11 companies ranked third, including American Express, Dell, McDonald’s, and PepsiCo. What these companies also have in common, is that they are all top mega international brands. Their consumer reach is greater than most companies, which perhaps relates to their diverse workforce. Investing in a diverse workforce effectively drives innovation, increases creativity, and makes recruitment easier.