Furthering the diversity business case

Yesterday the Globe and Mail ran a story titled Ethnic consumer the goal for new Loblaw president, that is interesting for multiple reasons. The article speaks to the issues, challenges and solutions that Loblaw, as a major retailer faces when it come to the "ethnic" or diversity market.

Loblaw is a TalentOyster employer and was recently named as one of Canada's best diversity employers and it is not a coincidence that a retail organization would be so interested in diversity. In what is perhaps most succinct business case for adding diversity at any level to any organization the article says:

"About 70 per cent of spending growth in the next decade will come from visible minority groups, according [to] CIBC World Markets."

That's a pretty stunning number when you stop and think about it. What are your sales growth projections for the next 10 years? Are you making efforts to reach a diverse audience? If not you can cut those projections right now by two-thirds and that's only if you're lucky! The fact is that diversity isn't just a "nice to have" any more for business, it's now a "must have to survive".

This is the other, I think, compelling reason for why your diversity employment strategy must be strong. (The first reason being actually hiring good candidates which sure does seem like the kind of thing a company looking to be successful would want to do...) A more diverse workforce gives you better access to more diverse markets.

Ironically it's many of the same causes that push diverse candidates aside; comfort with "hidden" cultural references, networks of like minded people and the trust that comes in doing business with "someone like me" that will keep your business from growing in diverse markets. If you don't have representatives from the communities you are trying to reach on your payroll how can you possibly expect to build the same level of branding, trust, communication and user experience with those communities? You simply can't.

"But, this is retail", you say "this won't actually my B2B based business".

Oh really?

Yes it is retail, but let's remember that when it comes to consumer trends, in retail you're either first or dead. In other words retail may be setting the trend but that doesn't mean you shouldn't be closely following. The fact is that the size of diverse markets are growing and as retail operations reflect that it will increase the expectations for everyone about what a company should "look like". A company with a diverse, integrated workforce is clearly, demonstrably reflective of it's interest and commitment to diversity.

Diverse companies are going to seek out and prefer other diverse companies, because they clearly share some core business priorities, values and strategies. You clearly don't want to be the non-diverse company in this landscape and if, as the article shows, major retailers are diving into the diversity space then you need to make sure you are or will be soon.

And that means a real diversity strategy. Not just slapping a picture of a new immigrant and a woman in wheelchair on your website. Not just printing up your brochures in Mandarin Chinese. A real strategy starts internally and it begins with your workforce.