Diversity & Inclusion News

WHY DIVERSITY IS GOOD FOR BUSINESS.

“Diversity” is one of today's most commonly used words-both in school and in the workplace. But it means different things to different people. To some, it connotes a multi-ethnic workforce or other group – a reflection of a society in which opportunities are open to all. To others, it suggests an affirmative action type agenda, which, depending on viewpoint, could have a positive or negative connotation. In short, diversity tends to be embraced (at least in concept) by those with certain world and social views and ignored or worse by those with contrary views.

As such, like so many issues today, it is preached to the converted and gets no real traction with non-converts. This article attempts to speak to both groups: converts should supplement their pitch, and non-converts should take another look, because diversity is good for business.

The Role of Diversity and Inclusion in Today's Consumer Market

Diversity and inclusion are not only the right things to do in a world that's increasingly diverse, but they're also good business. This is most obvious in consumer markets both here and abroad where not understanding the diversity of your customer base could leave you at a serious disadvantage. And we're not just talking about market messages nicely tailored to different customer groups, but actual products and services that meet new market demand. I recently spoke with a diversity executive at a global consumer products company and she shared how the corporate diversity program sensitized the company to a new market opportunity - serving an important population - that they might have overlooked.

Dodd-Frank Act Requires Office of Minority and Women Inclusion for Covered Agencies.

What does it mean for business and colleges?

Tucked within the broad package of financial industry reforms contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173 / Public Law 111-203) is a provision that mandates that each covered governmental agency establish an Office of Minority and Women Inclusion (OMWI) to “be responsible for all agency matters relating to diversity in management, employment and business activities.” Section 342 (contained within Subtitle D) of the Act requires each OMWI to monitor the diversity efforts of the agencies, the regulated entities and agency contractors. In cases where an OMWI director determines an agency contractor has failed to make a good-faith effort to include minorities and women in their workforce, the agency head may refer the matter the OFCCP or take other appropriate action, including termination of the applicable contract. Click below for a brief synopsis regarding the implications and processes of the bill: