Issue link: http://dsnews.uberflip.com/i/1020584
71 2018 AMDC Diversity Spotlight IT'S ALL ABOUT THE CUSTOMER By Brian Daily Two keywords—diversity and inclusion— are found throughout business publications, popular online blogs, and corporate human resources' policy and procedure manuals. is topic is one of the most-discussed topics in business today. So, what's the big deal? Why is diversity and inclusion such a critical discussion? e answer is simple. As this country's overall demographics change, consumers' buying behaviors are changing as well. Ignoring these changes is simply bad for business. Staying in front of the consumer's decision-making process for buying is one of the most effective methods to influence growth and expansion of any business. e next question should be, how can a company understand consumers' buying habits and decision-making processes for goods and services? One short and simple answer is "Hire a diverse workforce that represents the markets the companies serve." A diverse and inclusive workforce brings specific cultural understanding from a variety of individuals. Regardless of age, gender, sexual orientation, nationality, etc., having a diverse and inclusive group of teammates provides many positive benefits that will directly contribute to a company's goals and objectives. Let's put it this way—if I am a mortgage company run only by one specific gender group, one specific race, or one specific nationality, how is it possible to understand the specific needs of consumers who include different genders, races, and nationalities? You can't. It is impossible to effectively and comprehensively understand the needs and wants of all individuals if the company does not have a diverse and inclusive workforce, as well as suppliers and vendors. Statistics show that companies considered diverse and inclusive reflect key favorable results when it comes to performance. Diverse and inclusive companies are more creative, more innovative, score higher on customer satisfaction surveys, and are considered more trustworthy. ey outperform their nondiverse, noninclusive competitors by a minimum of 15 percent in gross revenue per year. e proof of the buying power of diverse consumers is in the numbers. e following numbers illustrate key market segments that require our attention: Hispanic buying power went from $495 billion in 2000 to $1.4 trillion in 2016—nearly 10 percent of U.S. buying power in 2016. (Source: Selig Center for Economic Growth) » e U.S. Hispanic market is larger than the GDP of Mexico and bigger than the economies of all but 14 countries in the world. » African-American buying power is estimated at $1.2 trillion in 2016 and is expected to hit $1.58 trillion by 2021. » Asian-American buying power has grown 222 percent to $891 billion, the biggest percentage increase of any minority group. Beyond being the right thing to do, embracing diversity and inclusion helps build a sustainable business platform that will meet the needs of a company for years to come. Looking like, acting like, and being part of a society that a company serves is just common sense. Consumers want to deal with companies that understand their needs and wants. If a company has not made a decision to be diverse and inclusive, it needs to start now. Becoming diverse and inclusive is a critical, permanent, cultural paradigm shift for a company. It doesn't happen overnight, and it takes a constructive, honest internal look at what a company must do to become diverse and inclusive. When the cultural shift starts to happen, the desired positive results will begin to occur as well. Once a company embraces the diversity and inclusiveness paradigm shift, it will begin to understand and relate better to the consumers it serves. As Chief Strategy Officer for First Allegiance, Brian Daily brings more than 30 years' experience in the mortgage banking sector, covering a wide range of responsibilities. He has managed, built, and implemented strategies pertaining to risk management, default servicing, quality control, REO management, and loan origination. He is focused on building alliances and synergies with industry partners. As a proven business strategic designer, Daily provides keen, candid, and visionary insight to critical projects. He brings an innovative approach to client requests.