Diversity Strategies

Research

QUOTES & NOTES

1. Expand your Scope

"While we work hard to retain our current consumers, the potential for adding new consumers is in the emerging markets. And diversity is key in this, whether we're trying to reach men, women of different ages, or women of different ethnicities."
-Roze, L'Oreal USA CEO

According to the U.S. Department of Commerce, the minority business community is growing at twice the rate of the general business population. In order to stay competitive, a successful business must have an effective marketing plan focused on these emerging markets.

2. Mirror your desired demographic

“For global companies, diversity is no longer simply a matter of creating a heterogeneous workforce, but using that workforce to innovate and give it a competitive advantage in the marketplace”
"At the end of the day, when you're creating an environment where people can come together and bring their own views and feel respected, competitively, your company will do so much better."
-Debbie Story, Senior Vice President of Talent Development and Chief Diversity Officer at AT&T

When looking to attract unique markets, it is key that your workforce and salesforce include individuals from those markets as a way to identify and respond effectively to changes and cultural nuances.

3. Communicate your Diversity Plan

"At Mattel, the buck stops with the CEO but it's the global diversity board's responsibility to be the driving force and determine how we go about measuring our success."
-Wilson, Diversity Board Member

While the Human Resource Departments are the most common (72%) members of a firm's diversity board or committee. Overall the implementation of Diversity and Inclusion efforts in a company lie with senior management due to the need of accountability and oversight. 

Oscar Cantu, financial adviser in the US Wealth Management division of Morgan Stanley, joined forces with the Morgan Stanley Supplier Diversity Program as a way to reach out to under-served minority and women-owned business enterprises (MWBEs). By implementing this diversity plan, they positioned themselves for the financial needs of MWBEs while expanding their market reach. 

 

SOURCES

1. 'Global Diversity and Inclusion: Fostering Innovation through a Diverse WorkforceForbes Insights published a study in association with AT&T, Mattel, and L'Oreal USA. 

2. 'The Rock Group at Morgan Stanley Smith BarneyThe Rock Group was formed within Morgan Stanley Smith Barney as a way to unite your business and life into one plan.