Diversity Markets
According to marketing studies, ethnic minorities and women are the fastest growing customer segments, not only in population but also in wealth building. These emerging segments translate into hundreds of thousands of prospects, with incomes of more than $100,000 per year and investable assets in the high six figures. According to the U.S. Department of Labor, in the near term, women and minorities will account for 80 percent of those entering the workforce for the first time. African-Americans, Asian-Americans and Hispanics represent 13.2 percent of all newly minted MBAs. These customer segments are starting businesses, buying homes and generating wealth at accelerated growth rates, thereby constituting large, affluent and largely untapped markets.
Diversity is a core business initiative advanced by far-thinking leaders and managers. The most effective initiatives are those championed by the leadership. Executive level buy-in is an essential ingredient in diversity success. When senior executives embrace diversity and allocate sufficient resources, the entire organization understands that diversity management is smart business.
Successful and effective organizations educate themselves and learn to understand, respect and consequently, attract diverse populations into the core of their business. Diversity management is not a short-term proposition; it takes creativity and commitment over time to build organizations that are truly reflective of diverse cultures, lifestyles, perspectives, and genders.
For more information, please contact Pam Faber.