Diversity hiring for marketing strategies
Workforce Locator™ helps Talent Acquisition Teams meet diversity staffing goals.
I wasn’t pleased with the simple sentence above because I wanted to write something that would come across with more depth about the goal of diversity staffing as well as “set up”/correlate Workforce Locator to the Forbes item I’m posting here today that relates to marketing. With a bit of searching, I discovered this statement from a blog posting by DCR Workforce, a minority and women owned business, which seems fairly close to what I had in mind:
> Most leading companies strive to build a diverse business ecosystem that helps them meet their social responsibility obligations, win federal contracts, earn recognition from society for their work, and gain respect and loyalty from their communities and customers
Richard Levychin, as a Forbes contributor (and the author whose 12/04/2013 contribution I’m inspired to post) expresses another logical POV about diversity staffing and sales goals:
> both your workforce and sales force should include members from the unique markets you are looking to attract
Here’s the Forbes piece:
3 Diversity Strategies To Help Companies Thrive
Diversity is one of the core growth principals of entrepreneurship with the concept of ROI-Based Diversity following a simple proposition: the more audiences you market your services or products to, the more opportunities you create to generate revenue. Accordingly, the more diverse potential customers that you have in your pipeline, the more opportunities you have to increase your revenue.
ROI-Based Diversity acknowledges the globalization of the business world and the need for even the smallest businesses to market to multiple demographics. “One size fits all” doesn’t cut it in our rapidly changing world and different demographics respond to different cultural nuances. Regardless of the channels you’re using, your marketing messages needs to be flexible and be designed for the cultural markets you are looking to attract.
In the most basic of terms, Diversity = Revenue.
Here’s how to implement it in your company:
1. Expand Your Scope
According to the U.S. Census Bureau, the majority of people in the United States will identify as people of color within the next 40 years. And statistics from the U.S. Department of Commerce show that the minority business community is growing at twice the rate of the general business population. So it makes simple mathematical sense that to be a successful business you need to have an effective marketing plan in place that focuses attention on these emerging markets.
2. Mirror your Desired Demographic
Decision makers at global companies and minority-owned businesses often want to engage and buy from companies that look like them; and they want to see this diversity at senior-level positions. Therefore, both your workforce and sales force should include members from the unique markets you are looking to attract, and these employees need to be able to identify and respond to the cultural nuances that shape global business meetings. “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,” a 2011 Forbes survey on diversity states. “Competition for talent is fierce in today’s global economy, so companies need to have plans in place to recruit, develop, and retain a diverse workforce.”
3. Communicate Your Diversity Plan
Finally, once you’ve put your diversity plan in place, you need to communicate it to your desired marketplace. For example, my company has a strategic partnership with Morgan Stanley that brings this idea of diversity to life. The Rock Group, a wealth-management group within Morgan Stanley, focuses on the financial needs of small- and middle-market businesses. This group recently decided to market its services to minority and women-owned business enterprises (MWBEs) using culturally-specific networking events. Oscar Cantu, who heads the group’s efforts in this area, teamed up with the Morgan Stanley Supplier Diversity Program, which seeks to identify qualified minority-owned companies that could potentially become suppliers to Morgan Stanley. Cantu believed that by reaching out to the under-served MWBE community, he and his team could make a difference in the future of these companies. By putting this diversity plan in place, the group was able to position themselves as the team of choice for MWBEs financial needs, while expanding their marketing reach.
How is your company embracing diversity? Have you found new ways to reach out to alternative markets? If not, try asking your employees about their thoughts on ROI-Diversity Growth; you may be surprised by the creativity that’s already flourishing in your ranks.