Inclusion and diversity are demonstrably beneficial to a company's financial health. Studies have shown that companies that embrace I&D outperform those that do not. There are many benefits to I&D, but two stand out in particular:
1. The positive impact on creativity and innovation
2. Understanding diverse markets
It's the second aspect we're focusing on in this post.
Understanding Diverse Markets
Considering the growing wealth and spending power of minority groups in the United States, as well as the increasing purchasing power of the international community beyond our borders, companies that have insight into, and understanding of, these diverse markets gain improved access to a growing pool of revenue. In 2016, U.S. Hispanic buying power was greater than the GDP of Mexico. African-American buying power is estimated to grow to $1.5 trillion by 2021. And there are one billion people—15 percent of the world population—with disabilities internationally.
In an article for Forbes, Janice Gassam listed "inclusive products" as one of the five diversity and inclusion trends she expected to see in 2019. She cited examples like the Xbox Adaptive Controller—specifically designed for people with disabilities, blockbuster movies Black Panther and Crazy Rich Asians, and Rhiana's cosmetic company Fenty Beauty, which boasts 40 different shades of foundation.
Continued Growth of Products Focused on Diversity
We're still in the first half of 2019 and Gassam's prediction on inclusive products is already playing out. Consider Barbie's announcement of dolls with wheelchairs and prosthetics, Microsoft's "inclusive design" focused on accessibility and Pinterest's launch of more inclusive beauty search results.
The global market is increasingly interconnected with products produced in the U.S. being sold in every corner of the globe. Domestically, our population is continuing to diversify; the spending power of these diverse groups is enormous. A diverse and inclusive company is best positioned to understand the needs and wants of this varied market and boost their revenue as a result.
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In Inclusion: STILL the Competitive Business Advantage, we continue our contributions to thought leadership on the importance of inclusion in an environment that has been roiled with new discussion—and new dissent—amid rapidly changing demographics, continually emerging technology and a global economy that is continually shifting to favor newly emerging market powerhouses. We're very gratified by the positive reviews already pouring in.