Corporate commitment to diversity and inclusion enables companies to better serve the needs of customers, their employees and the community. Not only is it the right thing to do, but it also is the smart thing to do from a business standpoint.
Embracing diversity in your work force, through your supplier base and within your community creates a competitive advantage by broadening your perspective as well as your business opportunities.
Smart Business spoke to Leslie Sabbath of Comerica Bank about why companies should make a commitment to diversity a priority in today’s economy.
How can a commitment to diversity increase my company’s bottom line?
As a key focus of an organization and a part of the corporate culture, diversity and inclusion practices can add to a company’s bottom-line in many ways, including:
- Employee recruitment, engagement and retention
- Enhanced solutions by bringing diverse and innovative ideas to the decision-making process
- Increased market share and customer satisfaction
We live in a highly diverse nation and world. It is important that companies recognize that to thrive, they must utilize and embrace diversity in their corporate culture.
By recruiting a work force of diverse talents, your employees mirror the communities you serve and you are better able to meet the needs of those communities.
Learning from the different points of view and perspectives of employees allows companies to fully understand the wide-ranging needs of customers.
Are there benefits to having a diverse supplier base, as well?
Yes, there are many benefits of supplier diversity, which should be incorporated into a company’s regular planning.
Generally, the term ‘supplier diversity’ refers to corporate business programs and initiatives designed to increase the utilization and support of businesses that fall within certain classifications deemed as underutilized or underrepresented. Working with minority- and women-owned businesses encourages the establishment and growth of these companies, which will lead to a stronger economy.
By supporting, mentoring and using diverse suppliers, you’re not only helping them succeed and your company prosper, you’re also bringing new ideas and resources to the table.
How can a company reach out to a diverse public in a meaningful way?
Try forming market segmentation initiative teams, such as Hispanic, African-American, Asian/Pacific Islander and South Asian — which is what we have done quite successfully. Be sure to include groups of your company’s colleagues who are committed to joining one another with the primary purpose of reaching out to and building sustainable relationships in this diverse Dallas market.
It’s really crucial to a company’s survival to understand the needs of diverse markets and reach out to them in a meaningful way through sponsorship and involvement with diverse professional organizations, chambers and community organizations, support of community nonprofits and the development of relationships with centers of influence, community leaders and referral sources.
