by Ray Hayes
Why is diversity important?
Diversity is important because it can positively affect a business.
If you run a small business or large corporation, the more diverse your company is, the more funds you make. According to studies from organizations such as 1st Global, both gender and ethnic diversity can help to increase a corporations rate of return on equity.
David Knoch, president of 1st Global in Dallas gave some much needed insight on this topic. “Firms often struggle to take stock of the client market—to see beyond their own experience and that closes them off to possibility. They don’t push themselves to understand and address the underserved minority community, to recognize that female advisers could add much-needed dimension to their practices, or that young people want their help.”
Diversity is more than a numbers game, diversity is a business strategy that can provide a firm with an array of new talent and increasing wealth. In order to make diversity work, humanizing it is needed to make the recipe just right. Therefore, many firms need to reevaluate their commitments to diversity and inclusion and figure out an effective way to implement into their everyday business strategy because… diversity makes business sense!