Economy Facts of Diversity in Workplace

1: A diverse workforce drives economic growth. Our nation's human capital substantially grows as more women, racial and ethnic minorities, and gay and transgender individuals enter the workforce.

2: A diverse workforce can capture a greater share of the consumer market. By bringing together individuals from different backgrounds and experiences, businesses can more effectively market to consumers from different racial and ethnic backgrounds, women, and consumers who are gay or transgender. It is no surprise, then, that studies show diversifying the workplace helps business increase their market share.

3: Recruitment from a diverse pool of candidates means a more qualified workforce. When companies recruit from a diverse set of potential employees, they are more likely to hire the best and the brightest in the labor market. In an increasingly competitive economy where talent is crucial to improving the bottom line, pooling from the largest and most diverse set of candidates is increasingly necessary to succeed in the market.

4: A diverse and inclusive workforce helps businesses avoid employee turnover costs. Businesses that fail to foster inclusive workplaces see higher turnover rates than businesses that value a diverse workforce because they foster a hostile work environment that forces employees to leave. The failure to retain qualified employees results in avoidable turnover-related costs at the expense of a company's profits. Having a diverse and discrimination-free work environment helps businesses avoid these costs.

Kerby, Sophia. "The Top 10 Economic Facts of Diversity in the Workplace | Center for American Progress." Center for American Progress. N.p., n.d. Web. 5 July 2013. <http://www.americanprogress.org/issues/labor/news/2012/07/12/11900/the-top-10-economic-facts-of-diversity-in-the-workplace/>.